AAA-rated manager buys gold for first time in seven years
By GCRU Gold News on Saturday, September 23 2017, 01:27 - Permalink
Citywire AAA-rated David Coombs has added gold to his multi-asset funds for the first time in seven years.
The manager of the £312.09 million (€352.16 million) Rathbone Multi-Asset Strategic Growth Portfolio had held a cash position of around 15%.
However, the multi-asset manager has this week used around 1.5% of this allocation to make a significant move into the precious metal.
'In each of the funds we are slowly building a position to about 5%. Gold is always a very difficult purchase and, while I have bought it before, it was some years ago,’ Coombs told Citywire Selector.