On August 29, 2008, the Sprott Gold and Precious Minerals 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:
“The prices of gold and silver bullion rose in the first half of 2008 due to factors such as massive US twin deficits, further rate cuts from the Fed, global inflationary pressures and a declining US dollar. However, with a global banking crisis and a US recession triggering forced asset liquidations and a preference for highly liquid larger cap names, the Fund’s portfolio of primarily small cap mining and precious metals equities experienced some challenges.
With this backdrop in mind, the bullion weight within the portfolio increased to 12% as at June 30, 2008, relative to its December 31, 2007, level of 6.5%. At times of such uncertainty, we consider it prudent to maintain such a position and may be increasing it further moving forward. We remain confident in the Fund’s selection of equities, which we believe are undervalued and positioned to respond to stimulants such as an anticipated increase in M&A activity and, in our view, higher gold and silver prices in future quarters.”
The Sprott Gold and Precious Minerals Fund Fund is managed by John Embry, Charles Oliver and Jamie Horvat. 
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Last update : 28-11-2008 15:33
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