In July 2021, we wrote about the gold position that was held across many of Coronation’s client portfolios. A year later, we sold down the bulk of this position to increase our exposure to well-priced global equities. Up until the beginning of November 2022, this proved to be the right decision. However, soon after, gold shares rallied, indicating that we had sold too early. Nonetheless, we think that the rally has been meaningfully overdone and we don’t see value in JSE-listed gold equities at these levels.

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