Ireland's finance minister Michael Noonan jumps into gold ETF's after exiting stocks
Last year Michael Noonan started exiting a stock fund tracking Europe's finest companies to move into SPDR gold shares. He also went long some Portuguese paper at 4.35% expiring redeeming Oct 2017.
He was long German bunds right at the top of the crisis which he then sold in 2011
Noonan trades his own account and the gold ETF traded at a five year low last week.
He's had better returns for his agricultural ETF's he's into which are up 7% since October.
US banks and the UK stocks are also bringing him the green with two funds up 20% and 17.4% over the last 3/4 years
Noonan was appointed finance minister in 2011 and looking at his trading record, Ireland might have been in a better place if he had been in charge much sooner ;-)
Full story can be found here
Ireland's Michael Noonan is two bid on gold
