Current price is "a very good entry point" because firm is forecasting "a very strong rebound"
Oil and gold
prices are likely to hit record highs later this year due to instability in the Middle East and recurring sovereign debt problems, said Angelos Damaskos, the chief executive of Sector Investment Managers.
Sector Investment's other fund, Junior Gold, has about 30 million pounds under management, with a weighting of about 20 percent in silver
was trading just above $1,600 an ounce on Thursday, far below its record high above $1,900 last year.
"It is a very good entry point. We think for the rest of the year we will see a very strong rebound," Damaskos said.
He expected gold
prices to rise to $2,000 per ounce due partly to slow economic growth in industrialized countries and to a return in investors' focus to the eurozone's sovereign debt problems later this year. But it is unlikely to see a new peak for silver
, he said.
"That is not very positive for the market but positive for gold
. We still see gold
keeping a fairly strong level at just under $1,700. Despite all this highlighted volatility and uncertainty, we still think gold
is a preferred save-haven asset," he added.Read Article