Economics
Gold Is One Wealth Fund's Refuge in World Gripped by Turmoil
- Azeri fund plans to grow gold holdings to 100 tons by year-end
- Movsumov sees Sofaz’s total assets rise to $40 billion in 2019
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For Azerbaijan’s sovereign wealth fund, nothing beats the safety of gold in a world increasingly vulnerable to trade disputes and geopolitical risk.
Known as Sofaz, the fund is looking to almost double its holdings of the precious metal in 2019 to 100 tons after resuming purchases in 2018 following a five-year break. By contrast, it’s steering clear of larger bets on bonds and especially equities, an approach that Executive Director Shahmar Movsumov says allowed the fund to avoid losses last year.