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Commodities in 2013 As we turn our attention to 2013 we thought it would be useful to provide you with our top commodity picks for the year ahead. • We expect gold prices to rise in 2013 as global central bank policy favours the continued devaluing of currencies in the face of prolonged economic stagnation. • Given the growing risk that grain production disappoints again in 2013, we expect new-crop prices to remain high by historical standards until at least next spring. • The global oil market should continue to remain cyclically tight with global inventories low in the 2013-2014 period despite the fact that we have seen a resurgence in oil production from Iraq and the United States. • US natural gas prices should continue to recover in 2013 as the cheaper coal-to-gas switching is reduced while shale gas production will need to start growing again. • Copper is our preferred base metal as we move into 2013.	28/12/2012	Download Report
A Golden Decade Since its inception, The Aliquot Gold Bullion Fund has seen returns of +14.60% per annum. The macro environment has been key for gold prices trading higher in recent years, but there are four main elements that will continue to provide support to gold over the next decade, we believe: 1. Inflation risk and the devaluation of money, 2. Negative real interest rates, 3. Net official sector gold purchases and 4. Increased demand from emerging market economies. Gold remains a positive investment choice .	31/10/2012	Download Report
Gold Markets Update Bullish Official Gold Reserve Figures published by the World Gold Council support the metal as Europe looks like it could spiral out of control and contagion from a possible Greek exit or Spanish government bail may trigger a global economic slowdown	30/05/2012	Download Report
Rebalancing in Price Provides Golden Opportunity The gold price has moved in unison with the broader market as euro weakness and dollar strength pulled the complex lower. Coupled by seasonal demand outages for gold in Asia we believe that the recent correction in prices is a good opportunity to place length. With the monetary base growing in Europe and in the United States we see gold prices in the second half of 2012 above $1800, over 12% from where we are today.	11/05/2012	Download Report
Q1 Next Eleven Review Strong economic performances from emerging markets countries in the first quarter and continuing positive news regarding the global economy add weight to our belief that emerging markets are a positive investment choice. The Next 11 Emerging Markets Fund was up approximately 11% at the end of the first quarter and we remain very positive going forward.	16/04/2012	Download Report
Performance of the Next 11 Emerging Markets An overview of how the Next 11 have preformed in 2011 Economic outlook for 2012 with country-by-country insights	30/01/2012	Download Report
Increasing diversification through the Next 11 Emerging markets funds, i.e. Global Emerging Market (GEM) funds have similar geographical exposure as BRIC (Brazil, Russia, India, China) funds, meaning they are strongly correlated.	04/01/2011	Download Report

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