DJE - Gold & Ressourcen PA (EUR)

DJE - Gold & Ressourcen PA (EUR) Header Image
ISIN:
LU0159550077
As at:
13/11/2019
Bid:
139.26 EUR
Offer:
146.22 EUR

Monthly Commentary

In October the DJE - Gold & Ressourcen fell -0.56%. Its benchmark index (60% Philadelphia Stock Exchange Gold and Silver Index, 20% Reuters/Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR)) rose 3.47%. Gold mining stocks performed well in October. The XAU gold mining index rose 8.23% in US dollar terms and 5.87% in euro terms due to the depreciation of the US dollar against the euro in October. Gold mining stocks thus performed better than the gold price itself. The price recovered from previous month's declines and rose 2.75% in US dollars and from USD 1,472 to USD 1,512.99 per ounce. Calculated in euros the price increase was lower (0.42%/ 1,356.62 EUR/ounce) due to the depreciation of the US dollar. Further support for gold is likely to come from the weak Chicago Purchasing Managers' Index published at the end of October. This could contribute to economic pessimism and new interest rate lowering fantasies which in turn should further support gold. The continued Brexit uncertainty should also continue to support gold. As long as real interest rates are falling or remain at current levels the gold price should be able to continue its upward trend. The uncertainty of investors, the investment crisis and a depreciation of the most important currencies supported by the central banks continue to speak for the alternative currency gold. The highest performance contributions in October came mainly from positions in the gold mining segment. The South African gold producers Gold Fields, Anglogold Ashanti and Sibanye Gold delivered particularly strong results. On the other hand, positions at the Australian gold producers Northern Star Resources (Australia), Evolution Mining and Newcrest Mining had a negative impact. The weighting of gold mining stocks at the end of October was unchanged at approx. 63% (previous month 63%). The focus continues to be on solidly financed producers that generate positive free cash flows even at lower gold prices and also have a certain growth perspective. Broader commodities/chemistry stocks closed generally worse than gold mining stocks in October: MSCI World Materials (+0.11% in €); (CRB commodities index -0.52%) - both in euro terms. At the end of the month values denominated in US dollars were partly hedged.

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Figures subject to revision by the auditors on the reporting dates. The published information does not constitute investment advice or a recommendation, but only provides a brief summary of the key features of the fund. The current sales documents (Key Investor Information Document, prospectus, annual report and – if the annual report is older than eight months – the semi-annual report) for the respective investment funds form the sole basis for the purchase of securities. The sales documents are available at no charge at the respective fund company, the distribution company or at www.dje.de. All data and estimates are indicative and may change at any time. This information is based on our assessment of current legal and tax regulations. The data were carefully compiled, but no guarantee can be given for the accuracy of such information. All data are subject to change. The performance is calculated using the BVI (Bundesverband Investment und Asset Management e.V.) method, i.e. without taking into account the subscription fee. Individual expenses such as fees, commissions and other charges are not taken into account in the data and would have a detrimental effect on the performance if they were. The subscription fees payable reduce the invested capital as well as the performance depicted. Data on past performance are not a reliable indicator of future performance. The tax treatment depends on the individual circumstances of the investor and may be subject to change. Please see the prospectus for more detailed tax information. In connection with brokering fund units, the Dr. Jens Ehrhardt Group and its distribution partners may receive reimbursements from costs charged to the funds by the investment companies in accordance with the respective prospectuses. The units of this fund that are issued may only be sold or offered for sale in jurisdictions in which such offer or sale is permitted. Therefore the units of this fund may not be offered for sale or sold in the USA, or offered for sale or sold to or for the account of US citizens or US persons resident in the USA. This document and the information it contains may not be distributed in the USA. The distribution and publication of this document and the offer or sale of units may also be subject to restrictions in other jurisdictions.

*) © 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.