On August 29, 2008, the RBC Global Precious Metals Fund posted its 2008 interim management report of fund performance for the period ending June 30, 2008 on SEDAR.com
The following are a few excerpts from the report:
"In March, the price of gold bullion exceeded its 25-year-old nominal record price of US$850, and the price soared above US$1,000 per ounce at the peak of concern about the credit crisis. Gold bullion prices have since pulled back as credit-cycle concerns recede.
The current credit crunch began in August 2007, and while the severity of the situation has eased somewhat, stock and bond markets are by no means out of the woods. Historically, gold functions as an alternative currency in times of crisis, and the portfolio manager believes that the outlook for precious metals remains strong. While gold has almost quadrupled from its low in 2001, it has generally lagged other commodities. The portfolio manager believes that the outlook is also improving for gold equities, which have underperformed relative to bullion the past two years due to concern about extraction costs as fuel prices rise. However, with sustained gold prices in the US$800 to US$900 per ounce range, the portfolio manager believes more companies will begin to see revenue gains reflected in their bottom lines.
Mergers and acquisitions in the mining sector have been strong over the last few years especially among large-cap companies. The portfolio manager expects to see more acquisitions of small- and mid-cap companies in the Precious Metals sector.”
The RBC Global Precious Metals Fund is managed by Chris Beer and Brahm Spilfogel. 
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Last update : 30-11-2008 06:15
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