CIBC Precious Metals FundI recently received my copy of CIBC's interim management report of fund performance for the Precious Metals Fund. The $111 million fund returned an impressive 32.53% of the last sixth months, but cautioned that "demand for precious metals stocks would likely fall if there were to be a significant increase in global interest rates and a dramatically cooling economy." Now this will not likely going to happen in respect to the former, as commented on by CIBC chief economist Jeffrey Rubin, but the latter is becoming more and more evident as the fall days progress.
Top positions of the CIBC Precious Metals Fund include Goldcorp, Cumberland, Northern Orion, Northern Orion, Barrick, Guyana Goldfields, Capstone Gold, Silver Wheaton and Eldorado. What is interesting to me, a uranium specialist, is that the only uranium stock bought by the Precious Metals Fund is sxr Uranium One.
Score one for the South African boys =P
Spelunca, uranium writer