swapna
09-04-2008, 08:22 AM
Gold prices are poised for an upside once the markets get consolidated and will adjust for a higher price by the year-end, said Joseph M Foster, portfolio manager of Van ECK International, a feeder fund from AIG Equity Fund Gold.
He was speaking at the launch of the American International Group (AIG) Mutual Fund’s open-ended gold fund on Monday.
“Our expectation is that gold would trade in the range of $850-950. For 6-12 months, we will be a phase of consolidation,” he said.
The AIG World Gold Fund is aimed at providing long-term capital appreciation by investing 80-100 per cent of the corpus in the units of AIG PB Equity Fund Gold and/or other similar overseas mutual fund schemes and 0-20 per cent in debt and money market securities and in the units of debt/liquid schemes of domestic mutual funds.
The new fund offer of the gold fund would be open from April 15 to May 14 and would re-open for ongoing purchase/redemption on June 12.
“There seems to be more interest and liquidity coming into these gold mining stocks with increased interest in the gold shares,” he said.
He was speaking at the launch of the American International Group (AIG) Mutual Fund’s open-ended gold fund on Monday.
“Our expectation is that gold would trade in the range of $850-950. For 6-12 months, we will be a phase of consolidation,” he said.
The AIG World Gold Fund is aimed at providing long-term capital appreciation by investing 80-100 per cent of the corpus in the units of AIG PB Equity Fund Gold and/or other similar overseas mutual fund schemes and 0-20 per cent in debt and money market securities and in the units of debt/liquid schemes of domestic mutual funds.
The new fund offer of the gold fund would be open from April 15 to May 14 and would re-open for ongoing purchase/redemption on June 12.
“There seems to be more interest and liquidity coming into these gold mining stocks with increased interest in the gold shares,” he said.