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Johannesburg - While the gold price has an
anticipated upside of 5% to 10%, the upside for gold equities is much
higher, Investec Asset Management said on Wednesday.
Head of global commodities and resources Bradley George told those
listening in on a commodities conference call that Investec Asset Management
was investing in gold companies provided their costs remained stable.
He said the asset managers preferred companies with strong balance
sheets and growing production profiles.
"Both in an inflationary and deflationary environment, we are bullish on
gold," said George.
He said as a currency, gold was the only currency where production was
on the decline.
Production is declining across the world, particularly in South Africa
and while China and Russia are the two bright spots in this declining
profile, George said China was unlikely to selling its gold into the market.
Gold rallied to a fresh all-time record high of US$1 070.40 an ounce, on
a London PM fix of US$1 059.50, in mid-October.
- I-Net Bridge