Gold fever hits local shores

The asset managers have targeted the BSE-listed NewGold ETF, an instrument that tracks the price of gold and is backed by physical gold assets. The NewGold ETF has been hitting record highs throughout the year, buoyed by historic prices of gold that have risen by more than 50 percent this year.

At the last count in May, Bank of Botswana (BoB) statistics showed that P103.4 million of the local pension funds' assets were invested in the NewGold ETF. That BoB has created a separate classification to track the investment in the gold commodity is also another sign for analysts that gold fever has reached local shores.