DJE - Gold & Ressourcen PA (EUR)

DJE - Gold & Ressourcen PA (EUR) Header Image
ISIN:
LU0159550077
As at:
16/01/2020
Bid:
145.07 EUR
Offer:
152.32 EUR

Monthly Commentary

In December the DJE - Gold & Ressourcen rose 5.39%. Its benchmark index (60% Philadelphia Stock Exchange Gold and Silver Index, 20% Reuters/Jeffries CRB Index, 20% MSCI World Materials Sector Index (EUR)) increased 7.33%. Gold mining stocks performed well in December. The XAU Gold Mine Index rose 12.28% in US dollar terms and 10.33% in euro terms due to the depreciation of the US dollar against the euro in December. This means that gold mine stocks outperformed the gold price itself. The price rose 3.64% in US dollar terms to USD 1,517.27 per ounce. Calculated in Euro the profit was lower at 2.54% and EUR 1,353.22 per ounce due to the depreciation of the US dollar. In December the gold price developed positively after a previously weak November. Gold was once again in demand as a "safe haven" and benefited in its capacity as a stable investment primarily from the ultra-loose monetary policy of many central banks and the associated low or negative interest rate environment. Most recently the revival of bond purchases by the European Central Bank last September suddenly dashed the hopes of many investors for a foreseeable turnaround in interest rates which had a positive effect on the price of gold. Even though the "Phase One" agreement between the USA and China has been concluded, fears of trade conflicts, uncertainty about the further global economic development and concerns about the consequences of the breakout remain. Gold ETFs saw renewed inflows at the end of the month. Risks have eased somewhat of late but both the trading dispute and the Brexit are still a long way from a final solution. Negative surprises are always possible, which in turn would support gold prices. As long as real interest rates are falling or remain at current levels the gold price should be able to continue its upward trend. Investor uncertainty the investment crisis and a decline in the value of the major currencies supported by the central banks continue support gold as an alternative currency. The highest performance contributions in December came from positions in the mining companies Newmont Goldcorp (USA), Gold Fields (South Africa) and Northern Star Resources (Australia) as well as the German copper producer Aurubis. Negative performed the positions of the mining companies Endeavour Mining (West Africa), Cia de Minas Buenaventura (Peru) and Regis Resources (Australia) as well as the German chemical company BASF. The weighting of gold mining shares was approx. 59% at the end of December compared to 57% previous month. The focus remains on solidly financed producers that generate positive free cash flows even at lower gold prices that have some growth prospects. Broader commodities/chemicals stocks generally underperformed gold mining stocks in December: MSCI World Materials (1.97%) and CRB Commodities Index (+3.93%) - both in euro terms. The fund is currently not invested in bonds. At the end of the month stocks denominated in US dollars were partly currency-hedged.

Legal Information / Disclaimer:

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.