Interview With A Gold Fund Manager

The manager in question is Margot Naudie, who manages the TD Precious Metals Fund. Although it's returned 101% over the past 12 months, and has an average annual gain of 16.6% over the past five years, it only holds C$226 million. Her reflections on gold have been webbed by the Globe and Mail.

Two points of note: she says that she averages up when a gold company works out, and also says that gold miners haven't had a great record when it comes to free cash flow and dividends. As it turns out, a lot of the supposed gold-stock leverage has been eaten up by rising costs (particularly, high energy costs.)