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Golden period for Golden Prospect

Golden Prospect Precious Metal’s interim results, covering the six months ended 30 June, reflect the strength of the gold price and the weakness of the pound during that period. The NAV rose by 130% over the year. This performance is ahead of comparable indices and in line with the GDXJ ETF.

The manager says that UK listed gold miners have appreciated in value faster than their international counterparts. They sold Fresnillo, for example, and reinvested the proceeds in its parent company, Industrias Penoles. In addition to the fund’s gold mining investments, it also has significant exposure to silver mining companies. These are benefitting from currency moves and a stronger silver price. The manager took profits in stocks such as Silver Lake and Beadell. They have been reinvesting the money into exploration companies and low cost development companies.

There’s not much more information on which stocks drove the fund’s performance unfortunately.

GPM : Golden period for Golden Prospect

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