Editor’s Note
This article highlights gold’s remarkable 27% surge in 2024, its strongest annual gain since 2010. Driven by inflation, geopolitical tensions, and sustained central bank purchases, the performance underscores gold’s enduring role as a strategic safe-haven asset.
In 2024, the gold market delivered exceptional performance, recording a gain of 27%, its best performance since 2010. This rise was fueled by persistent inflation and a tense geopolitical context, reinforcing gold’s appeal as a safe-haven asset. Central banks also played a key role by increasing their gold reserves, thereby contributing to global demand.
1. IXIOS Gold I USD (IXIOS Asset Management) : 39.51% (volatility 33.40%)
2. Jupiter Gold & Silver Fund L USD Acc (Jupiter) : 30.59% (volatility 26.83%)
3. EdR Goldsphere A USD (Edmond de Rothschild) : 31.23% (volatility 26.45%)
4. Franklin Gold & Precious Metal A Acc USD (Franklin Templeton) : 32.23% (volatility 23.75%)
5. DWS Gold and Precious Metals Eq USD LC (DWS Group) : 30.74% (volatility 22.09%)
6. LCL Actions Or Monde C (Amundi) : 29.91% (volatility 21.88%)
7. Amundi Actions Or P-C (Amundi) : 29.91% (volatility 21.85%)
8. Stratégie Indice Or (Apicil AM) : 29.26% (volatility 21.15%)
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9. SG Actions Or C (Société Générale Gestion) : 29.92% (volatility 21.14%)
10. Amundi NYSE Arca Gold Bugs ETF USD (Amundi) : 30.93% (volatility 21.03%)
11. Bakersteel GLB Precious Metals A2 EUR (IPConcept Luxembourg) : 35.27% (volatility 20.97%)
12. CPR Invest Global Gold Mines A USD Acc (CPR AM) : 30.12% (volatility 20.93%)
13. BlackRock World Gold Fund A2 USD (BlackRock) : 30.10% (volatility 20.81%)
14. R-co Gold Mining C EUR (Rothschild & Co) : 26.99% (volatility 19.29%)
15. iShares Gold Producers ETF USD Acc (BlackRock) : 28.36% (volatility 18.57%)
Quantalys Averages:
Average Performance: 22.62%
Average Volatility: 27.10%
This is an international equity fund that aims to capture growth opportunities in a constantly evolving gold market. It invests in international gold mining companies, and its investment universe consists of companies of heterogeneous sizes but primarily small and mid-caps. The fund is largely exposed to the North American market and the US dollar.
For 2025, beyond geopolitical risks, which are always difficult to anticipate, the evolution of the Fed’s monetary policy will remain key for the gold market. The activity of emerging central banks in this market will also be worth monitoring. Meanwhile, on the side of gold miners, 12-month earnings have been revised upwards by 85% since the beginning of the year, and by 145% since their low point in November 2022, but the consensus remains very conservative given the level of gold prices.
Experts nevertheless predict that demand for gold will continue to increase, particularly as a safe haven against persistent inflation. The resumption of gold purchases on the Chinese side in December after a 6-month pause also supports this trend.
This is a thematic international equity fund linked to the rare and precious metals sector. Companies interested in the discovery, extraction, or processing of precious metals are primarily selected from North American markets. The portfolio is mainly based on large international mining operations, complemented by exposure to junior and exploration stocks.
R-co Gold Mining remains primarily invested in gold miners and offers significant exposure to variations in gold prices. Indeed, this fund allows for broader benefit from operational leverage, i.e., the ability of mining companies to increase their margins in an environment where gold prices are rising. The fund also stands out for its ability to identify and select the most promising exploration projects that will become the mines of tomorrow. This positioning allows us to benefit from the consolidation movement in the sector and the strategic investments of major players.
Sources: Rothschild & Co Asset Management, 31/12/2024.
