Ecclesiastical investment chief sells out of gold

Gold 450

Ecclesiastical Investment Management chief investment officer Robin Hepworth has sold all his gold holdings within the £192.3m Ecclesiastical Amity International fund.

Hepworth says the move has realised a profit of 28 per cent on the original purchase made in October 2010.
He explains: “I’ve made this call on the back of the recent Monetary Policy Committee meeting, where it was decided not to support a further round of Quantitative Easing.

“I believe the effectiveness of QE has been, and will increasingly be questioned. The recent strength of the US dollar shows that the forex markets are also not convinced the Fed will fulfil its pledge to maintain QE through to 2015.”

Hepworth adds: “QE has been a major support to the gold price and without the additional printing of money this could have a negative impact on price of gold, so I believe now is the right time to exit the holding and take the profits.”