Investment Review – July 2020

Market Indicators

  • JSE All Share (ALSI) 55,721.80
  • Rand/Euro R 20.10
  • Rand/Pound R 22.33
  • Rand/US Dollar R 17.01
  • Rand/Aus Dollar R 12.17

My Precious: Gold makes a comeback

An interesting trend has emerged out of the depths of the current crisis: Gold has made a stunning comeback. Recently it surpassed $2000 for the first time in history after languishing for much of the past decade. Right now, gold is the consensus trade in portfolios. Linked to this trend we have a new phrase entering our vocabulary: “Dollar Debasement”. Has the huge debt issuance in the US caused a longer term devaluation of the dollar, and will it lose its status as the world’s safe haven reserve currency?

This month we explore the relationship between gold and the US Dollar and how this impacts investment opportunities.

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The Allan Gray-Orbis Global Equity Feeder Fund remains fully invested in global equities. The objective of the Fund is to outperform the FTSE World Index at no greater-than average risk of loss in its sector.