Troy's Lyon hits out at gold doomsayers

Troy Asset Management's Sebastian Lyon continues to back gold despite a sharp correction in the asset class in September.

The manager of the £1.4bn Trojan fund said the sudden downward movement was not a surprise but "exacerbated by those wishing to call the top". Gold fell from a peak of $1,921 per troy ounce at the beginning of the month to as low as $1,532. The metal ended the month at $1,652. Lyon said: "Such corrections should not be a surprise. We warned in the January that: 'In the short term the actions of myopic traders may cause sharp movements in the gold price...