Anthony Bolton, veteran investor and manager of Fidelity's £635m China Special Situations investment trust, has tipped the long-running bull market in gold to continue amid ongoing economic woes across the globe.
George Soros, who called gold "the ultimate bubble", dumped almost his entire $800m stake in bullion in the first quarter.
Silver futures have recovered from the worst weekly drop since 1975, gaining 4.4% Monday to reach $37 an ounce.
Schroders has renamed its gold and metals fund and changed the investment objective to allow it to invest in a different set of underlying commodities, including gold equities for the first time.
The price of gold soared yesterday to hit a new record before falling back following the death of the world's most wanted man, Osama Bin Laden.
Legal and General multi-manager Alan Thein has boosted his gold exposure in anticipation of a 30% re-rating in the commodity.
The price of gold has hit a new high following Standard & Poor's move to downgrade its outlook for the US.
Gold has risen to hit a record $1,498.90 an ounce, with demand fuelled by a declining dollar and concerns following S&P's outlook downgrade for the US.