Carel Boshoff, the late founder of Orania and son-in-law of the late prime minister Hendrik Verwoerd, the architect of apartheid, milks a cow in the all-white enclave in 2004. Alexander Joe / AFP
Carel Boshoff, the late founder of Orania and son-in-law of the late prime minister Hendrik Verwoerd, the architect of apartheid, milks a cow in the all-white enclave in 2004. Alexander Joe / AFP
Carel Boshoff, the late founder of Orania and son-in-law of the late prime minister Hendrik Verwoerd, the architect of apartheid, milks a cow in the all-white enclave in 2004. Alexander Joe / AFP
Carel Boshoff, the late founder of Orania and son-in-law of the late prime minister Hendrik Verwoerd, the architect of apartheid, milks a cow in the all-white enclave in 2004. Alexander Joe / AFP

Inside South Africa's last bastion of apartheid


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In South Africa's remote Karoo steppe, the town of Orania is little more than a ramble of lanes and a few modest bungalows. Street names are stencilled onto the kerbstones. Sheep graze nearby. Concrete road slabs give way to pebbles, dirt and potholes. What passes for the town centre has just a small bakery, a church, a grocery store and the offices of the local authorities. Nearby, one of the town's two bars occupies a wooden shell on the edge of what looks like a scrapyard for disused agricultural vehicles.

It was here in Orania, on a Saturday afternoon in the middle of last month, that the body of Dr Carel Boshoff was lowered into the arid soil. Twenty years before he had established the town as an all-white enclave. Now, the founder may be dead, but his life's work, to establish an independent Afrikaner homeland, stubbornly refuses to follow suit.

"There's been an estrangement between Afrikaners and South Africa, which is becoming a dysfunctional state," Boshoff's son and heir Carel Boshoff IV tells me. With the help of 900 or so true believers, Carel Jr keeps the autonomous Afrikaner community alive. "We are still viewed as the previous elite: the perpetrators, a previously dominant and very visible minority", he says. "So where do you go when you are less than a 10 per cent minority in a system dominated by others?"

Like his late father, a theologist, Orania's current leader is no populist demagogue. The bespectacled former philosophy lecturer looks like a mix between Woody Allen and Boris Becker and peppers his speech with words like "ontological" and "relativised". Boshoff openly concedes that the utopian farming project has not lured anywhere near the expected number of settlers.

"We have seen that we don't attract the masses," he admits. "There are more Afrikaners living in London than in Orania." Nevertheless, he believes the tide may yet turn in the town's favour. "Orania offers the symbolic embodiment of a re-established Afrikaner collectivity that can once again become a historical agent," he says.

There are two main narratives about this small, privately owned agricultural community. One, common among white liberals, paints Orania as a bombastic and pathetic outpost of embittered racists who refuse to live side by side with their newly equal black countrymen. The other, prevalent among many blacks, sees a privatised gated community shielded by a 1950s-style fantasy from crime, poverty, political turmoil and declining white privilege.

Yet the putative Afrikaner homeland is hardly an oasis of privilege. Though it has a flag and even its own currency (the Ora), Orania lacks most of the traditional accoutrements of white South African living: no private swimming pools or landscaped gardens, glass-walled conservatories and two car garages; no luxury high-rises or mansions with their granny flats and quarters for servants (now euphemistically called "domestic workers"). Clearly, those who retreated to this kibbutz-like settlement were not doing so to preserve their elite status or material luxuries. Why did they come?

***

"I don't like black people, I'm sorry," says Barbara, a handsome, ashen-faced woman who I meet as she sits outside the town bakery. That isn't the reason she gives for moving here from KwaZulu Natal a year ago, however. Orania, she says, is the only place where her husband, a lorry driver, could find a job thanks to affirmative action policies that favour blacks. Here, all jobs, from the white-collar to the janitorial, are reserved exclusively for white Afrikaners. Many residents have similar stories. Poverty among blue-collar whites has surged. A recent Standard Bank of South Africa study found the number of whites earning less than $80 a month grew by more than 50 per cent from 2000 to 2004. Apartheid's passing marked the end of artificially protected jobs for low-skilled, poorly educated whites, disproportionate numbers of whom were Afrikaners. In a country with an unemployment rate of 24 per cent, they now compete with similarly low-skilled blacks, who are more numerous, willing to work for lower wages, and who benefit from affirmative action policies that take into account race but not class or wealth.

Other arrivals to Orania are victims of crime. Nearly everyone in the town has a story to tell about having been or knowing someone who has been robbed, stabbed or killed. Violence actually affects blacks more frequently than whites, but for many Afrikaners, the most important feature of the new regime is that they are no longer safe.

"We are living in Orania to protect our language and our culture, not because we hate other people," says Nikke Strydom, a 21-year-old politics student attending nearby Pretoria University who moved here with her parents as an adolescent. Nikke straddles two conflicting Afrikaner identities: at once a modern, upwardly mobile young woman at a prestigious, urban, racially diverse university, and an Afrikaner traditionalist deeply committed to a project of rural self-reliance and racial separation.

"People think we are here because we hate the blacks or whatever, which isn't true at all," she says. "But because of the history and the whole apartheid thing, people don't see it like that."

"We're not here to be a white community - we're here to be an Afrikaner community", concurs Jaco Kleynhans, the movement's PR director.

Yet what makes Orania different from other Afrikaner communities in the suburbs of Cape Town and Johannesburg is the absence of any black people at all, except for occasional visitors to the OK Supermarket from surrounding villages. There are no black shop clerks, engineers, gardeners, maids, civil servants, petrol station attendants, teachers, waiters, nurses or labourers. A teenager recounted how he had been playing the online video game Starcraft with someone in Russia. "In the middle of the game, he had to pause to go help his dad dig the car out of the snow! Can you believe it?", he asked excitedly: a white South African more likely to communicate with a person living thousands of kilometres away than with a black countryman from the next town.

"They are just afraid of black people here", pronounces a plain-spoken Johannesburg building inspector holidaying in Orania, where his mother-in-law now lives. He says he doesn't understand the place: "It's such a waste to do everything here with white labour," he told me. "Sure, black labour can steal, murder and rape. But it is cheap."

Locals, however, say they actually have more respect for black people than their assimilated white counterparts in the cosmopolitan cities.

"I think the problem in the cities is: OK you are the black guy, and you have to scrub my floors and do the dishes and so on, so why would I respect you?" asks Nikke. "I don't see black people as lower than me so they don't have to do my dirty work. I'll do it myself."

There's some truth in Nikke's argument. Still highly segregated and heavily reliant on domestic help, many South African suburbs look more like apartheid-era time-warps than Orania does.

"Why have someone else clean the toilet for you when you can do it yourself?" asks Karen, a young woman who works in the town cafe.

This spirit of Afrikaner self-reliance has a long history, from the time of their original settlement in the Cape to the Great Trek, when scores of farmers journeyed east by covered wagon to escape the colonial rule of the Dutch administration. It also animates Orania's present refusal to take any government grants or assistance, despite paying taxes. Yet there is another, calculatedly political rationale behind this fastidiousness in owing nothing to outsiders or the government.

"If you do your own work and you don't get foreign people to do it for you, then you have more say about what is happening," reasons Nikke, using the word "foreign" to describe black South Africans. "Because it's difficult to say: 'OK you can come and do my work but you can't have a say in the government'. So I think the whole idea behind Orania is to work yourself free."

Free of black political control, that is. If you let them work, you must also be prepared to let them have political control. But if you don't, then you can seclude yourself without guilt. From each according to ability, to each according to his work: it's an almost Marxist position for a group of conservative nationalists to take, but has an elegant consistency.

Like communist true believers criticising the Soviet Union for a lack of ideological purity, some Oranians feel that the apartheid ideal was betrayed by the old South Africa: that it wasn't "apart" enough. The mistake, they believe, wasn't the segregation itself but the exploitation, which predictably led to blacks demanding their rightful share. In Orania, they see the chance to rescue apartheid from its history, strip it of the implications of violent domination and minority rule, and repackage it to mean just what it says: living separately.

***

"I think apartheid was a good idea but they did it wrong", says Nikke. "I think it's not right to say, 'OK, you cannot come here', but each culture must have a place to be where they want to be. I don't think apartheid was as bad as they say, as they want to make it."

Orania offers such traditionally minded Afrikaners a third way between emigration and assimilation; a place to develop a secure identity as a national minority and not feel threatened. "Orania is the only place we can have a normal life, in the sense of it being peaceful, being among people like you, who speak your language", says Sebastiaan Biehl, a gaunt, khaki-clad amateur historian who has recently moved to the community. "Once you have your own land where you can be assured of your future, you can be good neighbours."

He and others deny walling themselves off. "The idea is to be a unique part of South Africa," says his friend Albert van Zyl, a university lecturer who is planning to settle here with his family.

"We want to contribute to the development of the country," claims Jaco Mulder, the provincial leader of the nationalist Freedom Front Plus party and owner of the cafe where Karen works, "because the lights must keep burning in all of South Africa in order for Orania to succeed."

Mulder says the town's pioneering eco-friendly irrigation network, strict recycling programme and mandatory solar-powered water heaters set a good example to nearby communities about bottom-up development, sustainable agriculture and efficient service delivery. Even the fiercely populist president Jacob Zuma visited and declared: "They want to co-operate with other communities so that everyone can learn together. Orania is part of us, and we are part of them." Last year, he appointed the leader of the Freedom Front party a deputy minister of forestries, fisheries and agriculture, a particularly important portfolio for Afrikaners, many of whom are farmers.

"Zuma understands us," says Sebastiaan. "Although he travels internationally, on the holidays he goes back to his roots in rural KwaZulu-Natal, to live like a Zulu and enjoy himself. There's no problem for him to understand that Afrikaners also need to be able to come here and relate to their roots."

Yet many black people continue to treat Orania with a mixture of bewilderment and suspicion. On my drive over, I had asked a petrol station attendant in a nearby town if she had heard of Orania. "Yes," she replied. "It is beautiful, but they don't like black people there. It's a strange place." Then she added: "I do my shopping at the OK Supermarket there sometimes."

"They cannot live with the fact that the world is changing and you have to get integrated or you'll lose out," says Tebzah Mbhele, a postgraduate student of urban planning at the University of KwaZulu-Natal. He thinks there's nothing wrong with protecting one's culture, but asks: "What are they scared of? Who are they protecting themselves against? They are holding on to the past like to an old piece of meat, but it is rotten."

Nevertheless, Albert van Zyl's brother Gerhard insists that blacks have an easier time comprehending Orania than whites. "My colleague at the iron ore mine where I work is a Tswana," he says. "And it is easier for me to explain Orania to him than to a lot of white people. White people think it's a racist thing, but as a Tswana, he knows that Afrikaners also need a place of their own. When I tell him that I plan on going to Orania for the weekend, he wishes me luck and doesn't have any bad feelings about it."

***

A major obstacle to such professed interracial understanding is Orania's quasi-religious relationship with Herdrik Verwoerd, the former prime minister known as the architect of apartheid (he also happens to be Boshoff's grandfather).

In the centre of town stands the shrine-like house where his widow lived out her last years. Attached to it is a museum housing Verwoerd's relics: the suit that he wore on the day he was assassinated by a mentally ill parliamentary staffer, the bloodied shirt punctured by five knife wounds marked with little cardboard labels; even his socks, wallet, and scuffed leather briefcase are preserved for posterity.

On a little hillside overlooking the town stands a semi circle of weathered bronze busts depicting Afrikaner political leaders, salvaged from demolition after 1994 and installed here.

Carel Boshoff says Verwoerd's centrality to Orania is the result of a simple family matter: the settlement was founded by Verwoerd's son-in-law. But residents' fondness for South Africa's first republican prime minister manifests a larger nostalgia for the old days.

"We built up this country," laments Sebastiaan, "and now it feels like we have to start all over again." Compounding the sense of loss is the perception, among many Afrikaners, that their language, culture and way of life are under threat from affirmative action, the spread of English, and a racial quota system called Black Economic Empowerment.

At a restaurant in the town's main hotel, I meet Ernst Roets, the youth leader of Afriforum, a conservative organisation campaigning for the cultural and economic rights of Afrikaners. He is on-message, smart and forceful. And savvy: his Facebook profile picture shows him sitting next to a black delegate at a political conference. Like all the young people I spoke to, Ernst calls affirmative action "reverse discrimination".

"It's time to move on", he says. "Our generation had nothing to do with apartheid; we did all our schooling under democracy, where blacks and whites had the same opportunities. Why should a black student who went to a private school and drives a BMW have an unfair advantage over a poor white student who went to a state school?" he asks.

"We were hardly born during apartheid, we didn't take part in it in any way, and still they hate us," says Nikke.

Oranians want to reposition the Afrikaner "brand" from its ignominious legacy into an ethnic minority like any other, deserving of cultural protections and group rights. Yet while the racial gap has shrunk since 1994, whites still earn nearly eight times more than blacks, according to the South African Institute of Race Relations.

Boshoff faults Afriforum for not adequately acknowledging the historic injustice ("It's senseless to say that my kids are not privileged by the privileges I had, and my father had," he admits). But he says that Afrikaners have become fed up with apologising for apartheid. "There's a broad sentiment that we've admitted enough guilt," he says. "There's even a popular song that goes 'we will not say sorry anymore'."

Settling in Orania, with its ascetic lifestyle and rustic self-sufficiency, is itself the best form of atonement, he claims.

"My father used to say, 'I've heard many people apologise for apartheid, but I haven't seen a single one of them sell their Mercedes and buy a bicycle instead'," Boshoff says.

"In Orania, we are not saying sorry with our mouths: we are doing something about it."

Vadim Nikitin is a freelance journalist. He blogs at foreignpolicyblogs.com

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

MATCH INFO

Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)

Russia 0

Specs

Engine: 2-litre

Transmission: Eight-speed automatic

Power: 255hp

Torque: 273Nm

Price: Dh240,000

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

Upcoming games

SUNDAY 

Brighton and Hove Albion v Southampton (5.30pm)
Leicester City v Everton (8pm)

 

MONDAY 
Burnley v Newcastle United (midnight)

UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
Day 5, Abu Dhabi Test: At a glance

Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.

Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.

The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

Details

Through Her Lens: The stories behind the photography of Eva Sereny

Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books

MATCH INFO

Barcelona 4 (Suarez 27', Vidal 32', Dembele 35', Messi 78')

Sevilla 0

Red cards: Ronald Araujo, Ousmane Dembele (Barcelona)

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

THE BIO

Born: Mukalla, Yemen, 1979

Education: UAE University, Al Ain

Family: Married with two daughters: Asayel, 7, and Sara, 6

Favourite piece of music: Horse Dance by Naseer Shamma

Favourite book: Science and geology

Favourite place to travel to: Washington DC

Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

Company%20profile
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How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.

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