When a portfolio manager at one of the world’s largest asset firms quietly doubles their gold position in three weeks, it’s worth asking what they see coming. Ian Samson, a multi-asset portfolio manager at Fidelity International, is doing exactly that, shifting from a neutral gold stance back to overweight as uncertainty around US Federal Reserve policy clouds the outlook for traditional assets.
The move involves targeting roughly 5% gold allocation within a $3 billion income and growth strategy fund.
From overweight to neutral and back again
Samson trimmed Fidelity’s gold holdings from overweight to neutral in the January-February window, a period when gold was surging toward its peak. That peak arrived at nearly $5,600 per ounce in early 2026. Gold then dropped sharply from those highs, settling around $5,000 per ounce as of mid-July 2026, a roughly 11% decline from the top.
He’s not alone at Fidelity in thinking this way. George Efstathopoulos, another Fidelity portfolio manager, has indicated he’d consider re-entering gold positions if prices dipped an additional 5-7% from current levels.
