Berenberg Bets on Gold as Brexit Vote Fuels Market Uncertainty

Joh. Berenberg Gossler & Co. plans to increase its holdings of gold and other precious metals, betting that demand will be lifted by uncertainty surrounding the outcome of the U.S. elections and the vote on the U.K.’s membership of the European Union.

Chief Investment Officer Manfred Schlumberger, who joined the Hamburg-based bank in January, expects gold, silver and platinum markets to rebound by as much as 40 percent in the next two years to a level last seen in October 2012. For that reason, Berenberg plans to double the share of precious metals in its investment portfolio to about 10 percent in the weeks ahead, he said. The company manages about 40 billion euros ($45 billion) of assets.