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Gold is one wealth fund's escape from geopolitics, credit risk
By Zulfugar Agayev
Bloomberg News
Sunday, February 3, 2019
For Azerbaijan's sovereign wealth fund, nothing beats the safety of gold in a world gripped by trade disputes and geopolitical risk.
Known as Sofaz, the fund is looking to almost double its holdings of the precious metal in 2019 to 100 tons after resuming purchases in 2018 following a five-year break. By contrast, it's steering clear of larger bets on bonds and especially equities, an approach that Executive Director Shahmar Movsumov says allowed the fund to avoid losses last year.
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"We would want to have something that is not someone else's credit risk," Movsumov said in an interview in the capital, Baku, on Friday. "In a world where you see the changes in geopolitics, changes in reserve currencies, changes in the dynamics between superpowers and their imminent impact on the financial sector, you want to be on the safe side." ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2019-02-03/gold-is-one-wealth-fu...
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