In this episode of Investing, Markets & Money, we dive into gold and precious metals with Robert Crayfourd, co-manager of the Golden Prospect Precious Metals Fund at CQS New City.

The fund has just been named Best Investment Trust for Growth at the 2025 Online Money Awards—and Robert explains the strategy behind its success. You can find more on the awards here - https://www.thearmchairtrader.com/online-money-awards/

Stuart and Robert cover:

- Why small & mid-cap miners can deliver better returns than gold ETFs

- Central bank gold buying and the weaponization of the dollar

- The outlook for gold, silver, and other precious metals in 2025

- How geopolitical risk, US debt, and interest rates shape the sector

- The value of active management in mining vs passive ETFs

👉 Don’t miss Robert’s insights on why gold may still be “underowned” and how his team finds opportunities others overlook.

If you enjoy these conversations, the best way to support the show is a quick rating or review — it helps more investors discover us.

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00:00 Intro to Golden Prospect Precious Metals [LON:GPM]

02:09 How flexible is the trust's mandate?

02:40 The global gold market

05:09 What has been driving the gold price up?

07:25 Geopolitical risk versus central bank holdings

10:55 Why buy an investment trust and not an ETF

12:30 Going on site visits

14:13 Managing risk

16:26 Political elements to running the trust

17:00 The trust's geographic exposure

17:47 Other metals besides gold: silver

20:55 Sustainability and corporate governance

22:41 Miners and government disputes, e.g. Barrick in Mali

23:56 Golden Prospect wins Best Investment Trust for Growth

27:08 Gold/silver producers using cash for development

28:12 Spotting takeover targets

30:20 How have ETFs affected the market?

31:49 The fund's subscription shares rights issue