Jefferies’ Christopher Wood notes gold’s consolidation above $3,000. He maintains high gold allocation in his pension fund. Western gold ETF flows are light despite gold’s outperformance since 2022. Total ETF holdings are below 2020 peak. Gold prices have significantly outpaced the MSCI AC World Index since 2022. China’s gold imports surged in April.
Paul Black’s 3 thumb rules for identifying great wealth creators
Veteran portfolio manager Paul Black’s investment framework focuses on identifying businesses with competitive advantages that strengthen over time. His three key rules emphasise widening moats,