As US already has 79% of its reserves in bullion a boom is in its interests
Momentum Global Investments certainly believes in the power of specialisation. At its annual conference, which was virtual this year, it had managers with mandates as diverse as precious metals and US small caps.
The predominantly SA audience would have been thrilled with the message from Ned Naylor-Leyland, who runs the Merian Gold & Silver Fund. Merian did not last more than a couple of years as an independent manager after a management and private-equity buyout from Old Mutual, and the fund will soon be renamed Jupiter after its new parent. But no doubt it will retain a cult following among some SA investors.