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With a headline like that, you’d think this would be a story about investing in Bonds.

But in fact a survey by boutique fund firm Moonraker Fund Management shows U.S. hedge fund managers are buying physical gold to protect their wealth against high levels of inflation.

A recent fact-finding tour by Jeremy Charlesworth, CIO of Moonraker and manager of the commodities and global opportunities funds, found 20 out of 22 had been buying gold out of concerns quantitative easing would fuel price rises.

Charlesworth sees further gains in the gold price – which has risen from just over $800 an ounce in January to $930 now — and plans to raise exposure in both his funds.

“Gold is the ultimate currency, performing best when economies are at extremes, whether this is inflationary or deflationary,” he said.

“The managers I met in the U.S. know that if the politicians get the quantitative easing programme wrong then the value of money relative to real assets will dwindle.”