Alex Borer

“Risk asset markets have resumed their uptrend after the brief correction into February. As we expected, the debate regarding monetary exit strategies – quantitative easing and/or interest rate hikes – did not disturb equity markets for long. The level of short-term rates is simply too low to be worried about now. We sold the remaining 3 per cent position in the convertible fund after the spectacular performance of the asset class, and invested the proceeds in the Market Vectors Gold Miners ETF. Gold and goldmines should benefit from concerns regarding public finances and currency devaluations.”