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Wednesday, December 30, 2009

Fund managers tip Gold Investment as top for 2010

The Gold Investment rush of 2009 is likely to continue into the new year, according to the Association of Investment Companies (AIC).

Annabel Brodie-Smith, the organization's communications director, said that the ongoing economic recovery means that resources are expected to be the best performing sector over the next year.

"Interestingly this year's 'gold rush' is tipped to continue with over a quarter of managers predicting that gold will be the top-performing asset," she added.

Ms Brodie-Smith was commenting on a poll for AIC which revealed 28 percent of investment fund managers think gold will be top in 2010.

The study also found that five percent of fund managers think all asset classes will perform well over the year, while none backed bonds and residential property to perform best.

Gold has enjoyed a strong year in 2009, with prices hitting a high of $1226.10 an ounce in early December.

While prices have fallen back slightly, Barclays Capital precious metal analyst Suki Cooper told the Telegraph recently that Gold Investment should be viewed over the long term.

"It wouldn't surprise me if we had a little correction in the gold price but our position remains stay long," she told the newspaper. "In terms of technical trends the prospects for gold look strong."

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Goldbug, 30 Dec '09

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