Bolton: Gold is only commodity to buy

Commodities enthusiasts are investing five years too late, although gold may still be worth buying, according to Fidelity's Anthony Bolton.

Despite many managers believing commodities are a key part of the emerging markets story, Bolton holds only one commodities stock- a gold mine - in his Fidelity China Special Situations investment trust. Uncertainty about America is keeping Bolton from increasing his exposure to commodities, The Daily Telegraph reports. While China is experiencing a bull market, he warns the "stars of one bull market are not necessarily the stars of another". "The best time for commodities was in 2006, when the whole world was growing above trend," says Bolton. "Western economies are anaemic at ...