DESPITE the remarkable increase in the value of gold in the last decade and its continuing soaring price, the Isle of Man government is not considering adding gold to its investment portfolio.
Treasury Minister Eddie Teare told Tynwald this morning, in response to a question from Howard Quayle (Middle), that there were no plans to invest in gold and that such decisions were left to the government’s professional investors.
Mr Quayle tabled a series of questions asking why the Manx government was not following most countries around the world by investing in gold prices, claiming that governments, on average, were investing 10% of their portfolio.
He said that the price of gold had risen by a massive 535% since 1999 and had increased by 12-14% per annum over the last nine years.
Mr Teare said that the professional team of investors used by the Isle of Man government had used a diversified investment policy over the years which had performed extremely well and he saw no reason to change the investment policy.
