9: Evy Hambro – A discussion on Gold, with the CIO of BlackRock’s Natural Resources Team

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Goldfinger, Goldeneye, the Man with the Golden gun; James Bond escapism or a guidepost to financial survival? From the Phoenicians to today where China appears to have accumulated the largest Gold reserves of any Government in the world, it may be one of the few defences against the money printing and currency debasement of Governments, yet it continues to divide opinion.

To help unravel this, the MoneyMaze Podcast is delighted to welcome Evy Hambro, C.I.O. of Blackrock’s natural resources team and manager of the Blackrock Gold and General Fund, one of the world’s largest Gold and precious metals funds.

Evy first discusses going to Newcastle University to take a degree in agricultural marketing. Then inspired by work experience, and the backdrop of a family steeped in gold trading and gold investing, Evy describes joining the legendary Gold investor, Julian Baring, on leaving University.

Evy gives his thoughts on allocations to the gold complex, the low current weightings versus history, and why the current environment of zero or negative rates creates a positive tailwind for investing in a mix of gold bullion, silver and related mining companies. He speaks about the balance mining companies must strike between the need to explore with the need to return cash to shareholders and avoid value-destructive projects.

The conversation broadens into other metals; Silver, Platinum and Iron Ore and how the portfolio has changed over time. Evy addresses the question as to how mining companies need to recognise their environmental obligations and the challenges of operating in a post Covid world. He also speaks about the sustainability agenda that is increasingly key to Blackrock’s corporate DNA.

Finally, he discusses how the mining industry needs data scientists as well as engineers as technology revolutionises mining processes, in a manner which will surprise many of us. In conclusion he talks about his charitable commitments, First World artists and why he particularly loves living in the countryside.