Die besten Gold & Edelmetall Aktienfonds - Seite 2

 
Silver behaves similarly to gold, being a durable real asset which reacts well to investment demand as investors diversify away from assets with no real yield and into a real asset which is no-one’s liability and can offer inflation-hedge benefits."

Evy Hambro, Manager des "BGF World Gold Fund A2 USD" (09.12.2010): "Gold has hit the headlines throughout the year with the price of bullion repeatedly breaking record highs. There has been much discussion about the sustainability of the current gold price and a wide spread of forecasts for the peak. At the Denver Gold Forum, a meeting of industry figures in September, the overriding view was that the gold price had further to appreciate from current levels. We should note that a strengthening US dollar, higher real interest rates or an above consensus global recovery could negatively impact this view.

If we look more closely at the factors which have supported the gold rally so far, it is difficult to see them dissipating next year. While major currencies look weak and uncertainty remains about the strength and durability of the global economic recovery, investors continue to see gold as a ‘safe haven asset.’

Traditionally, the official sector has been a supplier of the precious metal; however, it will probably be a net buyer this year. Emerging market governments, such as India, are adding to demand in their drive to diversify reserves from the US dollar alongside many other countries such as Russia, Saudi Arabia, Mauritius and Sri Lanka, who have all announced increases to their gold holdings in foreign exchange reserves this year. As emerging markets reserves are increasing and sales from European banks are falling, the alterations to the supply-demand matrix are supportive of a higher gold price. Gold ETFs and jewelry demand, especially from China’s emerging middle classes have also supported the price rise. Combined with the mining industry’s inability to incrementally increase supply (mining production peaked in 2001) and a lack of supply from central banks, we expect these factors to be supportive of a higher gold price over the long term."