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Investment commentary Q4 2012
2012 marked the 12th consecutive year of annual gains. Despite a weak fourth quarter, gold in US dollars ended 2012 up 8.3% at US $1,657.50 /oz on the London PM fix, marking the 12th year of annual gains.
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Investment commentary Q3 2012
Gold (US$/oz) returned 11.1% in the third quarter as investors responded to further central bank measures aimed at stimulating the economy. Volatility decreased during the period, with gold prices experiencing little movement in the first half of the quarter; correlations to other assets, generally low, remained similar to those seen in Q2.
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Investment commentary Q2 2012
Gold prices declined in most currencies during the second quarter with the exception of the euro, Swiss franc and Indian rupee, in part due to a strong US dollar. Despite a 3.8% decline in Q2 to US$1,598.50/oz on the London PM fix, gold was up 4.4% during the first half of the year. Volatility remained elevated amidst a busy event-risk period. However, gold generally outperformed risk assets.
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Investment commentary Q1 2012
Rising price in all major currencies with yen investors benefiting most: Gold prices climbed 8.6% QoQ in US$/oz on the London PM fix, despite a number of headwinds. Though the quarterly return was almost twice the ten-year average of 4.5%, similar gains in gold were seen across all major currencies with yen investors seeing a gain of 16.1% in local currency terms.
