South African investors favour gold ETFs over gold stocks
South African gold mining stocks underperformed the world's largest gold ETF by 10% in 2011, boosting demand for gold exchange-traded funds
The search for a cost-effective and liquid means of accessing gold is driving South African investors to favour exchange-traded funds (ETFs) over gold stocks, industry participants say.
“Investors are attracted by the fact that gold performs strongly in more extreme scenarios with high inflation, a weak US dollar and elevated financial stress,” says Carl Isernhinke, chief investment officer at Sasfin Bank in Johannesburg. “Gold performs well even during deflation, where very high levels of
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