Bullion's buoyant performance leads McLean to up gold miners weighting

SVM Asset Management's Colin McLean believes the case for investing in gold miners has gained impetus from bullion's recent performance in sterling terms.

As a result, SVM has about 6% of its UK Absolute Alpha fund in gold miners. Its hedge and long-only funds each have about 9% in miners, including Centamin Egypt, Rand Gold and Petropavlovsk. McLean, SVM’s managing director and founder, says he was invested as bullion jumped 32% in dollar terms from lows last year. “The price has moved up in sterling terms to new highs now, and also in many other non-dollar currencies. “The market sold off initially on concerns the dollar was strengthening, but now there is a growing concern over other countries and people need to find a stable stor...