BlackRock: Government Bond Markets Are Flashing Red, Gold's Long-Term Uptrend Intact - BigGo Finance

AI desk brief

BlackRock’s Evy Hambro says government bond markets are flashing warning signals from rising rates, ballooning debt and widening fiscal deficits, and argues those conditions reinforce gold’s long-term uptrend. He framed gold as a hedge against currency debasement and said the current mix of mild stagflation, a weaker dollar and geopolitical tension should keep supporting real assets.

Hambro cited long-run price context — copper around $0.60/lb and gold around $400/oz when he entered the industry, versus roughly $6/lb copper and $4,000/oz gold today — and said gold allocations are starting to return to institutional portfolios, though still below the roughly 10% he views as typical. He also highlighted that mining equities have historically shown about 3:1 leverage to gold moves, but warned the effect depends on cost control; he criticized about $12bn of buybacks by Barrick, Newmont, AngloGold Ashanti and Gold Fields as poor capital allocation.