Monthly report (NO17 Gold) – April 2025

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Reporting — June 2025

Monthly fund update

Key points

  • NO17 Gold ended April up 3.9% (in Australian dollars, unhedged). In US dollar terms, this equated to up 5.9%, outperforming gold bullion. 

  • The fund’s relative outperformance was supported by margin expansion among gold miners as the gold price continued to rise.

  • Gold strengthened due to its safe haven appeal amid growing concerns over tariffs and a slowing US economy. A weaker US dollar further supported bullion.

  • Despite a common perception that the gold rally has run its course, the investment outlook remains constructive. The recent ‘Liberation Day’ move is seen as a catalyst for a broader rotation out of US assets, particularly US Treasuries.

  • Gold mining equities continue to trade at what are considered 25-year low valuations, even as the gold price trends higher. This divergence is increasingly being recognised, as evidenced by the emergence of new gold-focused funds.

  • The risk of a global trade war triggering a renewed inflation shock—on top of already sticky inflation—highlights the relevance of inflation-protective assets. Historical precedent from the 1970s shows gold rallied 179% in the 12 months following the second inflation spike.


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