Jupiter's Gibbs sells down gold as prices plummet

Philip Gibbs effectively sold out of his gold positions within the Jupiter Absolute Return fund in September, a month which saw the precious metal lose 15% of its value.

Having more than doubled his gold holdings to 11% of the £651m portfolio in August, Gibbs reduced his exposure to just 0.94% last month amid a heavy sell-off for the precious metal. Having reached a high of $1,920 an ounce on 6 September, the price of gold had fallen to $1,623 by the end of the month, the drop being punctuated by wild intra-day price movements and speculation investors were being forced to sell gold to cover liquidity issues elsewhere. Gibbs held 8% of his £656m portfolio in ETF Securities' Physical Gold ETF in August before cutting the weighting to 0.8% by the end of...