LONDON (HedgeWorld.com)–EFG Private Bank Ltd. and David Tice will offer a new gold stock hedge fund, the Prudent Global Gold Fund.
The fund will be sold outside of the United States by EFG Private Bank, an arm of EFG Bank Group, Geneva, and in the United States by Mr. Tice’s Dallas-based firm David W. Tice & Associates LLC.
EFG executives believe that now is a good time to be introducing a gold-focused fund, from both an investment and business standpoint. A lack of leadership in global currencies is giving gold more cachet in the investment community. “Our feeling is that gold … is the default currency” right now, drawing demand from investors globally, said Mozamil Afzal, head of investment management for EFG Private Bank.
Some agree, a gold analyst for Rosenthal/Collins, Chicago, recently said that gold could hit US$400 an ounce Previous HedgeWorld Story.
Teaming with Mr. Tice is part of EFG’s effort to give its clients access to leading investors. (The firm recently shifted US$250 million to GAM as part of that Previous HedgeWorld Story.