Pictet Funds, part of Pictet & Cie, the Swiss private bank, said it will launch a precious metals fund on 1 October, a move that comes as gold continues to trade at high levels amid continued concerns about the global economy.
Pictet Funds, part of Pictet & Cie, the Swiss private bank, said it will launch a precious metals fund on 1 October, a move that comes as gold continues to trade at high levels amid continued concerns about the global economy.
The fund will be called the Pictet (CH) Precious Metals Fund – Physical Gold. The fund aims invest predominantly in standard gold bars of 12.5 kilos with a fineness of 995/1,000 or greater. It will be managed by Philippe Pol, a senior investment manager with Pictet Asset Management, the institutional investment management arm of Pictet & Cie.
Earlier in September, gold rose above $1,000 an ounce, fuelled by concerns about issues such as possible resurgent global inflation due to massive increases in the money supply by central banks; the weak dollar, continued growth from gold-hungry emerging markets, and speculative investment.
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