Fidelity International said it intends to increase its gold holdings again when the timing is right, after trimming its position earlier this year, as it still sees strong long-term support for the metal. Ian Samson, a multi-asset portfolio manager at the firm, said the question is not whether Fidelity will add back to gold, but when. He said he cut the allocation to a neutral level between January and February this year, when a multi-year bull run in gold came to an abrupt end. Samson expects the gold market to enter a bull phase again at some point in 2027. He added that the case for a renewed bull market would only be undermined if governments returned to fiscal discipline and central banks were genuinely committed to pushing inflation back down, a scenario he said does not reflect the current environment. Samson also said continued gold purchases by central banks, which helped drive the previous bull market, should keep supporting prices.
Asset manager Fidelity International said it plans to add back to the gold position it reduced earlier this year when market conditions are appropriate, while keeping its long-term constructive view on the metal.
Ian Samson, a multi-asset portfolio manager at Fidelity International, said recently, "We plan to rebuild our gold position. The only question is timing."
Samson said he cut the firm's gold allocation to a neutral level between January and February this year, at a time when gold's multi-year bull market had come to a sudden end.
He said he expects the gold market to re-enter a bull market at some point in 2027.
According to Samson, the thesis for a renewed bull run would only be challenged if governments returned to fiscal discipline and central banks were truly committed to bringing inflation back down. "But I don't think that's the world we're in right now," he said.
Samson also said continued gold buying by central banks, a key driver behind the previous gold bull market, will keep supporting prices.
The report was cited by Jin10.
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