Precious Metal Fund
Invests in companies engaged in mining and processing precious metals primarily gold.More about this fund
Market Comment - Gold & Miners
This is a follow up to our recently published marketcomment. We add some further content with regard to the current macro environment, which you will find in Part I.
Part II takes a deeper dive into the current dynamics of the metals markets, comments on the correlations between gold and the US dollar and gives further consideration on the situation in global futures markets. Are the aggressive shorts in the goldmarket the missing link for a price recovery?
Part III - Metals prices are under pressure: how do the miners fare in this environment? How does it impact margins, cash flows and their balance sheets? We look at valuations as well.
In addition to the marketcomment you will find a chart pack as a separate document. Pictures often tell more than many words and they will hopefully add additional colour to our comments and to underlying market dynamics.
We hope you will find these comments and charts useful in navigating through the current environment. (View as PDF: Market Comment | Chartbook)
The Dollar, Emerging Markets, China and Gold
Financial markets are facing deep disruptions that have emerged since mid-April 2018. These developments have the potential to unsettle many asset classes. Therefore, we would like to take the opportunity to connect a few dots that we hope will help our readers to orientate themselves in this very fast changing environment. Part of the content is not new to the informed reader, but nevertheless we hope to add some aspects, in particular also in relation to metals and miners. Gold has not really been a part of the conversation in the recent market turmoil, other than it has been caught in the cross fire between dollar strength, trade war tensions and emerging markets disruptions. Hence the focus in this market comment will be mostly non-gold related. We will give the metals and miners center stage in further market comments that will be available shortly.
Two Gold Medals for high quality fund management
German research company Sauren Fonds Research has once again hosted the annual award ceremony and presented awards to fund managers in various categories.