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B. G., Opalesque Geneva:

2023 was a year that saw gold trade between $1,810 and $2,080 but spent much of its time fluctuating through a $100 range of $1,890 and $1,990. The CrossBorder Kintore XAU/FX capitalised on the metal's various run-ups and drawdowns.

"Looking back over 2023, it is interesting to recall that following gold's sharp run early in the year, and some testing of the $2,000 limit thereafter, gold was corrected downwards and flat on the year around the end of September," the manager says in an investor communication seen by Opalesque. "Many long-only gold investors were caught short by this correction and found themselves no better off than they had started the year - at least as far as gold allocations are concerned. In contrast, by the end of September CrossBorder Kintore XAU/FX had already generated 27.4% of net value YTD."

Gold recovered nearly 12% in the final three months of 2023, the majority of that being in October.

At the start of December, the strategy was caught on the wrong foot as price trends sharply reversed as they did again some days later, according to the manager. "This whipsawing was driven by contradictory statements emanating from the U.S. Federal Reserve Bank regarding the future direction of interest rates. The strategy's repositioning in the middle of the month worked back some of the damage but December was the poorest month of 2023......................

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