Bolton: 'Gold is the only commodity to buy'?

Commodities enthusiasts are investing five years too late, according to legendary fund manager Anthony Bolton.

"The best time for commodities was in 2006, when the whole world was growing above trend," said Mr Bolton, who manages the Fidelity China Special Situations investment trust.

"Western economies are anaemic at the moment, and I am not sure emerging market growth is enough to keep commodities going."

Despite many managers believing that commodities are a key part of the emerging markets story, Mr Bolton holds only one commodities stock in his fund, a gold mine.

It is uncertainty about America that is keeping Mr Bolton from increasing his exposure to commodities. While China is experiencing a bull market, he warned that the "stars of one bull market are not necessarily the stars of another".

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