Managers call top of the market for gold

A raft of fund managers are taking profits in gold ahead of interest rate rises, while others argue the asset still offers long-term upside.

Jupiter's John Chatfeild-Roberts is sticking with gold as an inflation hedge, but others including Bill McQuaker, William Littlewood, and James Hanbury have cut the asset. Hanbury, manager of the £128m Odey UK Absolute Return fund, has completely sold out of the precious metal in the belief it has become a crowded trade. "The fund has completely exited its gold position. This investment has served us well since launch, but now we feel the likelihood of a ‘normal' recovery reduces the attractions of holding gold, particularly given what a crowded trade it has become," he says. Hende...