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How Fund Investors Can Spread Gold Bets

Stocks in this article: FKRCX INIVX GLD

When gold prices were around $300 in 2001, the fund emphasized large companies.

"Starting up a new mine is a risky proposition, and there isn't much room for error when prices are low," says portfolio manager Stephen Land.

As prices topped $400 in 2005, mine profits climbed, and Franklin began shifting to smaller stocks. This year, up to 25% of assets were in development companies that had not started production.

A holding is Osisko Mining (OSK:Toronto), which is developing a property in Canada. "When the development is completed, this will be the biggest gold mine in Canada," says Land.

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Stan Luxenberg is a freelance writer specializing in mutual funds and investing. He was executive editor of Individual Investor magazine.
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