China's Zijin Mining opens gold and copper stock fund to Hong Kong investors
Gold Mountain Asset Management, an overseas unit of China's Zijin Mining Group, has opened its gold and copper-focused fund to professional investors in Hong Kong seeking to tap into the upbeat sentiment for these metals.
The wholly owned unit of one of China's largest gold and copper miners previously sourced investments from within the group's companies and its employees.
'We are bullish on gold, because the price will be supported by ongoing geopolitical uncertainties and unresolved trade frictions,' Lisa Liu Sha, managing director and portfolio manager of Hong Kong-based Gold Mountain, said in an interview last week.
Gold could hit US$4,000 an ounce this year due to a weakening US dollar and rising demand from investors and central banks for the precious metal, she said.
Zijin Mining Group's copper mine in Shanghang county in south China's Fujian province. Photo: AP
The price of the precious metal rose 0.7 per cent to US$3,223.55 on Monday after Moody's Ratings on Friday downgraded the US government's credit rating to Aa1 from Aaa, citing successive administrations' inability to cut the budget deficit. The dollar also fell.
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