Globe says Andean, others good for the long term

2009-12-11 06:05 PT - In the News

See In the News (C-AND) Andean Resources Ltd

The Globe and Mail reports in its Friday, Dec. 11, edition that it is always good to know what the so-called investing pros are buying for their mutual funds to get fresh ideas and stock buying tips. The Globe's Shirley Won writes in the Number Cruncher column that Paul Wong manages National Bank of Canada's $60.7-million Altamira Precious and Strategic Metal Fund. The fund is up 93.8 per cent for the year ended Nov. 30. The fund has posted an average annual return of 11.3 per cent over five years. Mr. Wong is bullish on gold for the long term despite a recent retreat in its price from more than $1,200 (U.S.) per ounce. U.S. gold futures for February delivery on the New York Mercantile Exchange closed Thursday at $1,126.20 (U.S.). Mr. Wong says, "Gold is under pressure until the U.S. dollar resumes its down trend." Mr. Wong believes gold could each $2,000 (U.S.) an ounce over the next two years. Mr. Wong says that since the world financial crisis began in 2008 central banks have "been essentially printing money" which will boost the value of gold. Mr. Wong's fund is invested in Andean Resources, Romarco Minerals, San Gold, Allied Nevada Gold, Silver Wheaton and Lake Shore Gold.