Gold price to rise in 2013

25/01/2013 11:03 AST

The value of physical gold rose for the 12th consecutive year in 2012 – but gold-related equities did not do so well.

Gold funds littered the worst performers’ chart – BlackRock Gold & General lost 11.5pc, Investec Global Gold lost 12.9pc and Smith & Williamson Global Gold & Resources 13.5pc.

Evy Hambro, manager of the BlackRock fund, blames the management teams at the mining companies for this lag.

“Not all gold company assets and management teams are equal, and the market has taken an increasingly discerning view of those companies that deliver financially and operationally and those that fall short,” he said.

Mr Hambro said that some companies were serving themselves rather than shareholders – and as a result, share prices fell.

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