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Global money manager BlackRock just delivered a double-barreled warning on the merits of holding traditional haven gold right now. Bullion is proving to be a less effective hedge against moves in other assets, such as stocks, as well as inflation, according to Russ Koesterich, portfolio manager for BlackRock’s Global Allocation Fund. Moreover, gold faces headwinds should the recovery pick up pace, he warned in a blog post.
Gold is “failing as an equity hedge,” Koesterich said, noting its positive relationship with risky assets was even stronger when compared with tech stocks. He added: “Gold’s ability to hedge against inflation has been somewhat exaggerated. While it is a reasonable store of value over the very long-term think centuries it is less reliable across most investment horizons.”
Bullion is proving to be a less effective hedge against moves in other assets, such as stocks, as well as inflation, according to Russ Koesterich, portfolio manager for BlackRocks Global Allocation Fund.
March 09, 2021
Hin Leong collapsed in 2020 after a default exposed years of hidden losses and alleged fraud by founder Lim Oon Kuin.
Reuters and The Straits Times file
SINGAPORE - The High Court has given the green light for the winding up of Hin Leong Trading, marking the end of the road for the collapsed oil trading giant after nearly a year of restructuring.
In a hearing on Monday morning (March 8) before High Court Justice Kannan Ramesh, judicial managers Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers (PwC) Advisory Services were appointed liquidators of Hin Leong.
They had applied for Hin Leong to be wound up after three potential bidders walked away from a deal to buy Hin Leong and two related companies as a combined entity.