Yousefian expects gold price to rise further 11%

OPM's Tony Yousefian has increased exposure to gold within his multi-manager portfolios in the expectation that the gold price will rise a further 11% this year.

Yousefian, the chief investment officer, has taken the weighting to gold in his Balanced Managed fund to 5% to benefit from his predicted rise in the price of the physical asset from $1213 (£794) per ounce. The manager used the slide in the price of bullion to $1,193 earlier this month to invest 2.5% of the £17m Balanced Managed fund in ETFS Physical Gold, managed by ETF Securities. “We saw gold pull back from all-time highs and traditionally July and August have been quiet months for gold, but we do not think any pull back in the short term will be substantial, because of the current...