Advisers stay cool as the gold rush heats up

The price of gold has been notching up record highs over the past year, topping $1,170 a troy ounce in Monday trade. A number of factors have been attributed to gold climbing more than $350 since January, including currency weakness, an uncertain economic outlook, emerging market central bank interest and speculators. But many advisers are loath to predict how much higher gold can climb and intend to maintain a static 5%-8% exposure to the asset class. Mike Horseman, at Cockburn Lucas Horseman, says his firm has been adding gold to client portfolios for about three years as a diver...