Portfolio Investment Opportunities in Precious Metals E-Book

David M. Darst

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Veröffentlichungsjahr: 2013

Beschreibung

New research and investment strategies for asset managers in precious metals

In this handy new e-book, bestselling author David M. Darst provides valuable perspective on the role and positioning of gold and other precious metals within an economic, financial, and portfolio context. It covers the advantages and disadvantages, risks and rewards of investing in precious metals and sheds light on the key factors that drive prices, including supply and demand forces, inflation and deflation, geopolitical conditions, interest rates, and the global monetary system. The book also offers detailed information on specific vehicles that provide exposure to precious metals, as well as sources of further information available in print and online. Portfolio Investment Opportunities in Precious Metals gives investors the information they need to make intelligent investment decisions in precious metals.

• Covers key factors investors need to know about precious metals, including advantages, risks, and investment performance
• Written by David M. Darst, CFA, the bestselling author of The Little Book That Saves Your Assets
• Perfect for individual investors, financial advisors, and CFAs interested in the role that precious metals play in investment portfolios

Leseprobe

Contents

Cover

Series Page

Title Page

Copyright

About the Author

Introduction

Section 1: Advantages and Risks of Precious Metals

The Gold Debate

Section 2: Precious Metals Investment Performance and Correlations

Correlations of Annual Returns of Precious Metals

Principal Uses of Precious Metals

Section 3: Overview of Gold

History and Background of Gold1

Why Central Banks Hold Gold2

Gold Sales under Central Bank Gold Agreements (CBGA)

Major Central Banks’ Gold Holdings3

Gold as an Asset Class4

Demand, Supply, and Global Gold Holdings

Jewelry and Net Retail Investment in Gold

Above-Ground Stocks of Gold, Demand and Supply Flows

The Price of Gold

Gold Demand Outlook

China and Gold Ore Reserves

Origins of Gold Demand in China7

Long-Term Outlook for the Chinese Gold Market8

China and Gold

India and Gold

Gold Price Relative to the S&P 500

Gold Prices during Periods of Uncertainty

Gold Price versus the DJIA and the S&P 500

Ratio of the Price of Gold to the Price of Silver

Annual World Production of Gold since 1900

Global Supply of and Fabrication Demand for Gold

Investment Performance of Gold Share Indices

Physical Gold

Section 4: Overview of Silver

History and Background of Silver9

The Price of Silver

Annual World Production of Silver since 1900

Global Supply and Demand Data for Silver

Physical Silver

Section 5: Overview of Platinum and Palladium

History and Background of Platinum and Palladium11

The Price of Platinum and Palladium

World Production of Platinum and Palladium

Global Supply and Demand Data

Physical Platinum and Palladium

Section 6: Overview of Precious Metals Companies

Select Factors Leading to Price Divergence between Precious Metals and Precious Metals Mining Shares

Select Precious Metals Mining Shares Indexes

Examples of Precious Metals Companies

Precious Metals Futures and Options Contracts

Section 7: Select U.S. Legislation Affecting Gold

The Gold Confiscation Executive Order of April 5, 1933

The Trading with the Enemy Act of October 6, 1917

Executive Order 6102 of April 5, 1933: Forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates

Reports of Safe Deposit Box Seizure

Section 8: Additional Information on Gold

Background Information on Gold17

The California Gold Rush and the Panic of 185722

When Wall Street Rescued the U.S. Treasury23

Britain’s 1999–2002 Sale of Gold Reserves24

Switzerland and Gold25

Gold Performance Relative to Real Interest Rates

Gold Investment Flows

Money Supply and Gold Price vs. Inflation

Operation of the Gold Market27

Section 9: Additional Sources and Disclosures

Select Websites

Books

Reports

Periodicals

Other

Disclosures

Acknowledgments

The Wiley RealTime Finance series provides information, tools, and insights specifically for finance and investment professionals. Topics range from portfolio management to e-commerce, risk management, financial engineering, valuation and financial instrument analysis, and beyond.

Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Asia, and Australia, Wiley is globally committed to providing content and services that further our customers’ professional knowledge and understanding.

For more on this series, visit www.wiley.com/go/wileyrealtime.

Cover design: Wiley Cover images: © iStockphoto / scottdunlop

Copyright © 2013 by David M. Darst. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, [phone], fax [phone], or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, [phone], fax [phone], or online at http://www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at [phone], outside the United States at [phone] or fax [phone].

Wiley publishes in a variety of print and electronic formats and by print-ondemand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.

Library of Congress Cataloging-in-Publication Data:

ISBN 9781118503010 (ePDF) ISBN 9781118503041 (Mobi) ISBN 9781118503034 (ePub)

About the Author

David M. Darst, CFA, is a managing director and chief investment strategist of Morgan Stanley Wealth Management with responsibility for asset allocation and investment strategy, and was the founding chairman of the Morgan Stanley Wealth Management Asset Allocation Committee and the founding president of the Morgan Stanley Investment Group. He joined Morgan Stanley in 1996 from Goldman Sachs, where he held senior management posts within the Equities Division, and earlier for six years as resident manager of their Private Bank in Zurich.

David is the author of 11 books, including this one: The Complete Bond Book (McGraw-Hill, 1975); The Handbook of the Bond and Money Markets (McGraw-Hill, 1981); The Art of Asset Allocation, Second Edition (McGraw-Hill, 2008); Mastering the Art of Asset Allocation (McGraw-Hill, 2007); Benjamin Graham on Investing (McGraw-Hill, 2009); Portfolio Investment Opportunities in China (John Wiley & Sons, 2013); Portfolio Investment Opportunities in Precious Metals (John Wiley & Sons, 2013); Portfolio Investment Opportunities in Managed Futures (John Wiley & Sons, 2013); Portfolio Investment Opportunities in India (John Wiley & Sons, 2013); and The Little Book That Still Saves Your Assets (John Wiley & Sons, 2013), which has ranked on the bestseller lists of the New York Times and BusinessWeek. His financial works have been translated into Chinese, Japanese, Russian, German, Korean, Italian, Indonesian, Norwegian, and Vietnamese. In 2012, Seapoint Books published David’s book, Voyager 3, which contains his creative writing.

David appears frequently on CNBC, Bloomberg, FOX, PBS, and other television channels, and has contributed numerous articles to Barron’s, Euromoney, The Money Manager, Forbes.com, The Yale Economic Review, and other publications. He broadcasts and writes extensively on asset allocation in the firm’s biweekly Investment Strategy and Asset Allocation Commentary and in the Morgan Stanley Wealth Management monthly publication, Asset Allocation and Investment Strategy Digest, the predecessors of which he launched in 1997.

David attended Father Ryan High School in Nashville, Tennessee, graduated from Phillips Exeter Academy, was awarded a BA degree in Economics from Yale University, and earned his MBA from Harvard Business School. David has lectured extensively at Wharton, Columbia, INSEAD, and New York University business schools, and for nine years he served as a visiting faculty member at Yale College, Yale School of Management, and Harvard Business School. David is a CFA Charterholder and a member of the New York Society of Security Analysts and the CFA Institute.