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Chatfeild-Roberts still favours gold

Jupiter head of independent funds John Chatfeild-Roberts is bullish on gold after adding the metal to the four funds in his range earlier this year.

He bought into gold in February through an exchange traded fund which represents 4 per cent across all his multi-manager funds. It has now risen to $932.5 an ounce from $910.45 in February, having touched $1,000 in March.

Chatfeild Roberts says: “At the time, we bought it as an insurance policy. If the global economy is fine, we will sell the position but if not, gold could prove to be a very worthwhile investment for a while yet.

“The gold price is nowhere near its all-time high in real terms and so whether you think we are in a deflationary bust or an inflationary spiral, it seems sensible to have a holding in a non-paper currency.”

Jupiter recently bolstered the cash weighting in its multi-manager funds from 17.8 to 23.8 per cent in the balanced fund, 16.1 to 17.9 per cent in the income fund and -1 to 3.2 per cent in the worldwide fund.

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