Gold could be 'asset class of choice' in 2013

Gold could be the best asset class to own in 2013 if inflation starts to pick up following major stimulus programmes from central banks, Fidelity's global strategist Andrew Wells has said.

Wells, global CIO of fixed income at the asset manager, said the precious metal could be "the asset class of choice" in 2013 if inflation returns as expected. "Gold has been exceptionally stable recently," he said. "In a low inflationary environment it does not have the same volume of people buying it, but if we get some inflation coming through it could be the asset class of choice in 2013." The gold spot price has been much less volatile over the last three months despite the ongoing eurozone crisis, with those investors buying it as a safe haven matched by those avoiding it in favo...