The term "collective investment vehicles" includes mutual funds open-ended investment companies (OEICs), closed-end funds, unit trusts, and any similar structures. A number of these vehicles specialise in the shares of gold mining companies and operate in various countries.

These funds are regulated financial products and therefore it is impossible to provide details on any specific funds here.

Funds usually differ in their structure. Some invest in shares of gold mining companies, others seek value in companies mining other minerals. Many funds will opt for a diverse approach, perhaps investing in futures and mining equities. Other funds may opt for a combination of gold mining equities as well as holdings of the underlying metal.

There are significant differences between an investment in a gold mining equity and a direct investment in gold bullion.

The appreciation potential of a gold mining company share depends on a number of factors. These include market expectations of the future price of gold, the costs of mining it, the likelihood of additional gold discoveries and other factors. To a degree, the success of this type of investment depends on the future earnings and growth potential of the company.

Most gold mining equities tend to be more volatile than the gold price itself. In addition to being subject to the same risk factors as most other equities, there are additional risks linked to the mining industry in general - and to individual mining companies specifically.

Please ask your financial advisor or stockbroker for advice on this sector.