Ruffer Radio: Gold Matters

Episode 3

Ruffer Radio
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Jenny Renton
Investment Director
John Wong
Research Analyst
Rory McIvor
Senior Associate

John Wong, co-manager of the LF Ruffer Gold Fund, and Jenny Renton, Investment Director and co-manager of the Charity Assets Trust, assess the case for gold and share their thoughts on its role in investors’ portfolios. 

With interest rates close to zero and volatility on the up, investors have sought refuge in safe haven assets. Gold today commands a price as high it has ever been.

Gold mining stocks have surged with a rising bullion, but there is still value to be found in pockets of the market – if you know where to look.

The precious metal will be a key player in the new market regime – a regime characterised by higher volatility and higher inflation. “But gold can be a fickle friend and so it’s a position to keep a close eye on.”



The Bitcoin Standard: The Decentralized Alternative to Central Banking, Saifedean Ammous
The Ascent of Money: A Financial History of the World, Niall Ferguson
World Gold Council
Royal Mint’s history of gold
Warren Buffet hates gold

August 2020: The US internet shares have been roaring ahead, particularly in recent months. The coronavirus crisis has accelerated the shift toward online retail and smart communications, and these are the most obvious winners. It has been a giddy ride.
Blowing up the box
Across many developed economies, the prevailing economic and financial policy framework – what we’ll call the Box – is failing to deliver for much of the adult population. The mood is ripe for a policy revolution, a new monetary settlement. When the Box is blown up, inflation objectives will lose their privileged position. Fiscal orthodoxy will be abandoned. This will demolish the pillars on which so many investment strategies are built.
2020 Q2 Investment Review
June 2020: This review touches briefly on what has gone before, then sets out what we expect for the coming months and years.

Past performance is not a guide to future performance. The value of investments and the income derived therefrom can decrease as well as increase and you may not get back the full amount originally invested. Ruffer performance is shown after deduction of all fees and management charges, and on the basis of income being reinvested. The value of overseas investments will be influenced by the rate of exchange.

The views expressed in this podcast are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument, including interests in any of Ruffer’s funds. The information contained in the article is fact based and does not constitute investment research, investment advice or a personal recommendation, and should not be used as the basis for any investment decision. This document does not take account of any potential investor’s investment objectives, particular needs or financial situation. This document reflects Ruffer’s opinions at the date of publication only, the opinions are subject to change without notice and Ruffer shall bear no responsibility for the opinions offered. Read the full disclaimer.

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