Keith Watson and Robert Crayfourd, co-portfolios managers at Golden Prospect Precious Metals, share insights into the gold and precious metals market. They discuss the factors driving up gold prices, including central bank buying and inflation concerns. The duo highlights the current rally in mining stocks and how producers can generate cash flows even at lower gold prices. They contrast silver's volatility with gold's stability and reveal their ambitious plans to grow their trust while navigating currency exposure challenges.
37:30
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
insights INSIGHT
Focused, Flexible Precious-Metals Mandate
Golden Prospect Precious Metals focuses mainly on precious metals with a 90% gold weighting and flexibility across geography and capital structure.
The trust prioritises value in smaller, less liquid mid-cap miners and holds a concentrated top-ten portfolio.
insights INSIGHT
Miners Still Offer Re-Rating Potential
Miners lagged gold because operating leverage and sentiment were slow to re-rate the sector despite rising gold prices.
Recent strong equity moves still leave valuations attractive, especially in mid-tier and smaller producers.
insights INSIGHT
Central Banks Drove The Rally
Central bank buying has been the primary driver of the gold rally and is viewed as sticky demand.
The next leg higher likely needs broader financial and retail allocation into gold beyond central banks.
Get the Snipd Podcast app to discover more snips from this episode
In this edition of the Money Makers Investment Trusts Podcast, Jonathan Davis, editor of the Investment Trusts Handbook and winner of the AIC Best Broadcast Journalist Award for two years running (2024 and 2025), is joined by Keith Watson and Robert Crayfourd, co-portfolio managers for Golden Prospect Precious Metals.
This discussion was recorded on 25 September 2025.
*** Out now: The 2025 Investment Trusts Handbook ***
The Investment Trusts Handbook is an independent educational publication designed to provide investors with a handy annual reference book that summarises all you need to know about investment trusts. Now in its eighth year, the Handbook is a high-quality, full-colour hardback of more than 340 pages, the largest yet, with reviews of the past year, extensive interviews and commentary, plus nearly 80 pages of “how to” information and performance data. Available to order from Harriman House (https://harriman-house.com/ithb2025) or Amazon. There is also a free e-book version you can read on a PC, tablet or smartphone, plus an audiobook version.
***
Section Timestamps:
0:00:24 - Introduction
0:01:17 - A synopsis of Goldren Prospect Precious Metals (GPM)
0:03:53 - Price of miners vs price of gold
0:06:45 - Factors driving up the gold price
0:10:43 - The rally in mining stocks
0:20:09 - Managing currency exposure
0:21:52 - A short break
0:22:59 - The price of miners
0:27:03 - Silver
0:29:19 - Ambitions for the trust
0:32:20 - Comparing GPM to other vehicles under management
0:36:02 - The share register
0:36:58 - Close
If you enjoy the weekly podcast, you may also find value in joining The Money Makers Circle. This is a membership scheme that offers listeners to the podcast an opportunity, in return for a modest monthly or annual subscription, to receive additional premium content, including interviews, performance data, links to third party research, market/portfolio reviews and regular comments from the editor. A subscription costs £12 a month or £120 for one year.
This week, as well as the usual features, the Circle features a profile of the Renewables Infrastructure Group (TRIG). Future profiles include Polar Capital Global Financials (PCFT) and Mobius Investment Trust (MMIT). Our new expanded weekly subscriber email includes a comprehensive summary of all the latest news plus the week's biggest share price, NAV and discount movements. Subscribe and you will never miss any important developments from the sector.
* For more information please visit https://money-makers.co/circle. *
Membership helps to cover the cost of producing the weekly investment trust podcast, which will continue to be free for the foreseeable future. We are very grateful for your continued support and the enthusiastic response to our nearly 300 podcasts since launch.
You can find more information, including relevant disclosures, at www.money-makers.co. Please note that this podcast is provided for educational purposes only and nothing you hear should be considered as investment advice. Our podcasts are also available on the Association of Investment Companies website, www.theaic.co.uk.
Produced by Ben Gamblin - www.bgprofessional.co.uk
Money Makers 
