View more on these topics

Aberdeen multi-manager team sells out of gold

Scott Spencer

Aberdeen’s multi-manager team has sold all of its gold exposure within its £800m fund range.

The team has phased out its position in the BlackRock gold and general equity fund as well as a physical gold exchange traded fund. The BlackRock position represented a 2-3 per cent holding across the majority of the range while the ETF stood at 2 per cent.

Aberdeen multi-manager Scott Spencer (pictured) says the majority of the assets taken out are currently being held in cash.

He says: “Longer term, we can still see a case for gold and I can imagine us going back into it but the current run led to us moving out of the asset. We may look at it again if it goes towards the $1,300 an ounce mark.”

The price of gold has been rising steadily in recent months, reaching $1,518.10 an ounce on Monday.

Chelsea Financial Services managing director Darius McDermott says: “Gold is not at a record high if you add any form of inflation indexing to it, which is why some people are still really keen on gold. In the last two months, the gold price has gone up and gold equities have lagged.Gold equities are 30 per centundervalued.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com