Home > Boards > US Listed > Banking and Finance > Blackrock, Inc. (BLK)

BlackRock says central banks to be net buyers

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
goforthebet Member Profile
Member Level 
Followed By 388
Posts 42,057
Boards Moderated 10
Alias Born 05/11/08
160x600 placeholder
BlackRock® Canada Announces Final May Cash Distributions for the iShares® Premium Money Market ETF GlobeNewswire Inc. - 5/24/2019 5:30:00 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 5/24/2019 4:18:35 PM
BlackRock Declares Quarterly Dividend of $3.30 on Common Stock Business Wire - 5/23/2019 3:36:00 PM
TransferWise Reaches $3.5 Billion Valuation After $292 Million Round -TechCrunch Dow Jones News - 5/22/2019 2:42:00 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 5/21/2019 6:20:52 PM
Early Big Investors in Uber Undermined Market Debut -- WSJ Dow Jones News - 5/20/2019 3:02:00 AM
BlackRock, Other Big Investors Spoil Uber's Coming-Out Party Dow Jones News - 5/19/2019 1:24:00 PM
BlackRock® Canada Announces May Cash Distributions for the iShares® ETFs GlobeNewswire Inc. - 5/17/2019 7:55:00 AM
BlackRock Changes Name of Commodities Investment Trust Dow Jones News - 5/13/2019 7:41:00 AM
Correction to 'New iShares ESG Fund Off to Roaring Start' Dow Jones News - 5/10/2019 9:10:00 AM
New iShares ESG Fund Off to Roaring Start Dow Jones News - 5/10/2019 7:29:00 AM
iShares Advances ESG Lineup with Over $800 Million Investment from Ilmarinen Business Wire - 5/10/2019 7:00:00 AM
BlackRock Completes Acquisition of eFront -- Industry Leading Alternatives Investment Software Provider Business Wire - 5/10/2019 6:00:00 AM
Quarterly Report (10-q) Edgar (US Regulatory) - 5/9/2019 1:37:54 PM
BlackRock Backs out of Banca Carige Rescue Plan Dow Jones News - 5/9/2019 6:00:00 AM
ETFs Focused on China Fall on Trade Concerns Dow Jones News - 5/6/2019 11:36:00 AM
Your Fund Fees Might Still Vary More Than They Should -- Especially on Index Funds -- WSJ Dow Jones News - 5/6/2019 3:02:00 AM
What to Know About 'Nontransparent' ETFs -- WSJ Dow Jones News - 5/6/2019 3:02:00 AM
What to Know About 'Nontransparent' ETFs -- Journal Report Dow Jones News - 5/5/2019 10:30:00 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 4/30/2019 6:21:27 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 4/30/2019 5:59:33 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 4/29/2019 10:14:13 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 4/26/2019 4:11:22 PM
BlackRock® Canada Announces Final April Cash Distributions for the iShares® Premium Money Market ETF GlobeNewswire Inc. - 4/24/2019 5:45:00 PM
China's Luckin Coffee Files for U.S. IPO -- Update Dow Jones News - 4/22/2019 3:54:00 PM
goforthebet Member Level  Monday, 11/16/09 08:33:51 AM
Re: None
Post # of 31 
BlackRock says central banks to be net buyers of gold

By: Reuters
16th November 2009

SYDNEY - Central banks will be net buyers of gold this year as they diversify away from the US dollar, global commodities investment fund BlackRock said on Monday in comments that helped drive bullion to fresh record highs.

BlackRock is one of the world's largest fund managers, boasting a total $1,4- trillion under management across all asset classes. It is manager and adviser to the US Federal Reserve and its views can influence the direction of global markets.

Evy Hambro, who runs two of the world's largest commodities funds, BlackRock World Mining Fund and Gold & General Fund, gave an upbeat outlook for gold during a media briefing in Australia.

His forecast for net central-bank purchases of gold this year would, if met, mark the first year in two decades when the world's central banks bought more gold than they sold. They have been net sellers of gold each year since 1988.

"The most recent break-out in the gold price in US dollars has caused most gold prices to start trending higher at the same time," Hambro said, adding that investors were now looking for gold to rise in other commodities as well as US dollars.

"When you start to see the price rising in a range of different currencies, it is a clear sign of a very strong market to come," he added.

Spot gold stood at $1 123,70 as of 02:16 GMT after touching $1 126,30 per ounce, a record, compared with the notional New York close of $1 118,50, helped higher by Hambro's bullish outlook, according to financial broking group IG Markets.

The previous record was $1 122,85 marked on Nov. 12.

Bullion was also gaining on renewed appeal as a hedge against the US dollar's weakness and inflation risks.

In other currencies, gold has not reached new highs since early 2009. In Australian and Canadian dollars and the South African rand, it peaked in February.

But Hambro said investors were now "looking for price rises across all currencies" as central banks build up their gold holdings and global supplies tapered off.

"Gold's role is gathering a lot more attention in terms of risk diversification," he said.

Hambro also said that the high level of gold production in China, which has replaced South Africa as the world's biggest producer, was not sustainable, pressuring world supply.

China's gold production rose 13,49% in the first half of 2009 from a year earlier to 146,505 t, according to the Ministry of Industry and Information Technology.

Hambro also said US demand for commodities was starting to show signs of recovery. This, along with stronger Asian demand, set the stage for a prolonged bull market, he added.

Hambro said China's rapid rise would underpin the next bull market. China accounts for about 40 percent of demand in almost every commodity and more than half the demand in some commodities such as steel and copper during the second quarter of 2009.

"Obviously other countries as well [that are] in a similar position to China, such as India, Brazil and so on are also having another magnifying affect in terms of the commodity picture," Hambro said.

Edited by: Reuters

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist