Jupiter's Bezalel buys gold miner bonds ahead of 'spot price surge'

Ariel Bezalel has been adding gold mining debt to the £1.5bn Jupiter Strategic Bond fund, in expectation the gold spot price could hit as much as $3,000 per troy ounce in the next 12-24 months.

Gold has recently dropped below the $1,600 mark for the first time in six months as stabilising macro risks caused asset allocators to sell down gold holdings for the first time in years. However, Bezalel is taking a contrarian stance: “When everyone else is capitulating, it is the perfect time to start sticking a bit of gold in your portfolio,” he said. “The price of gold is not really moving much at the moment, as people are concerned the Federal Reserve is going to stop QE, but I do not think it will.” He does not plan to rush into gold, but expects to scale up his position from...