ES Baker Steel Gold and Precious Metals Fund B Class Factsheets December 2021

Metals Fund Factsheets

The Fund fell -1.2% during the month (B Class), compared with the EMIX Global Mining Gold Index which rose +0.6% (in Sterling terms).


At the end of a challenging year for precious metals, the sector remains subdued. However, with a macroeconomic sea-change underway we believe a turning point is near:


  • Inflation is positive for real assets and commodities. Precious metals are the ultimate real financial asset.


  • The US rate hike cycle is a potential catalyst for precious metals’ recovery particularly as it is becoming clearer that hikes will be limited and real rates are set to remain low.


  • The appeal of the safe havens is growing – Risks abound, from tense geopolitics and social issues to new COVID-19 variants.


  • Gold miners remain in healthy shape for recovery:
    • Producers’ margins are strong
    • Dividends are increasing
    • Valuations are very attractive
    • ESG has become a core focus for miners


To hear more on our latest views and outlook for the year ahead, please view our latest webinar recording here.

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