The gold market is looking ‘buoyant,’ this according to Tocqueville portfolio manager Doug Groh, who called the recent rally in gold back in March of this year. ‘We got through the summer downturn, and it has now become a constructive gold market,’ Groh said.
Groh, who manages Tocqueville’s $1.25-billion gold fund, said it was important for gold to break through the $1,300 - $1,303 level, which it managed to do earlier this week. Groh said that the conversation now becomes focused around the debt ceiling, “[I] nvestors will look at their equity portfolio and want to make sure they are finishing off the year in good form – [they are saying], I'm going to take some money off the table and hedge my position, gold is a perfect diversifier for that.”
He also commented on the rise of cryptocurrencies, which he called ‘faddish.’ ‘The thing about cryptocurrencies is that there is risk
- Source, Kitco News
