Trium Capital's Tom Roderick: The bull case for yellow metal miners

Investor concerns 'misplaced'

In recent years, Western investors have been replaced by emerging market central banks as the key drivers of the price of gold, changing the relationship between gold and interest rates.

Much of the buying by central banks is secretive. While the increase in officially declared purchases has been relatively modest, there are fingerprints to suggest that EM central banks have been mopping up supply in other channels. In particular, Chinese buying outside of the central bank has stepped up significantly as other state institutions have tapped the market. Mine of opportunity Our current positioning is via gold miners rather than physical gold. First Eagle Investments' Max Belmont: Gold as a strategic portfolio asset Investor concerns about the miners are misplace...