Evy Hambro, global head of thematic and sector investing at BlackRock, expects gold to keep rising as debt, runaway deficits and currency depreciation worsen, and says mining equities again offer multiples of leverage to the gold price. He argues bond markets are signalling unhealthy finances, and governments will have to pay higher interest to borrow. Hambro says real assets such as infrastructure, commodities and gold help preserve purchasing power: over about 30 years, copper has risen from 60 cents to about 6 dollars a pound and gold from 400 dollars to 4,000 dollars an ounce. He notes advisers often suggest about 10% in gold, though actual weightings are much smaller.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: The price of gold will reflect the pain elsewhere and gold equities are working as a leveraged play – BlackRock Hambro
Read the original on kitco.com ↗
Keywords
Open a keyword to see other news on the same topic.
Related tickers and likely impact
XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/21/2026 | 4,141.17 |
| Change that session | +0.39% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- BlackRock Hambro sees gold rising on debt and deficits
- RBC flags downside risks for gold shares ahead of quarterly results
RBC Capital Markets expects a mixed third-quarter reporting season for gold producers, as average gold prices fell 6% quarter on quarter to US$4,266 an ounce, a second consecutive quarterly decline, while elevated energy prices add to costs. RBC expects modest production gains and slightly lower all-in sustaining costs for the producers it covers, though inflation will limit the benefit. Its main risk lies in 2027 forecasts, where it expects all-in sustaining costs to rise 4% and capital expenditure 16%, above consensus of no cost growth and an 8% rise in capital spending, citing higher energy and labour costs, possible lower ore grades and more discretionary spending. Producers remain financially strong, with many in net cash and near-record free cash flow, and RBC sees valuations as 'reasonable' at 1.1 times price to net asset value, with free cash flow yields of 6% to 7% for 2026 and 2027. However, it warns that weaker gold prices, elevated earnings expectations and execution risks could weigh on shares.
- Trading Education : Gold falls despite lower yields : A lesson in trading what the market gives you
- Gold price today, Thursday, October 22, 2026: No real upward price momentum for gold
Gold December futures opened at $4,159 per troy ounce on Thursday, up 0.2% from Wednesday's close, but fell to $4,104.30 by 6:25 a.m. ET as inflation concerns weighed on the metal. Gold is up 0.7% over one week, down 5.1% over one month, and up 0.5% over one year. Oil remains under upward pressure from attacks on shipping in the Strait of Hormuz and Houthi attacks on Saudi oil infrastructure, with Brent crude above $111 a barrel after a session high of $112.68. Analysts believe Iran is pushing energy costs higher ahead of the U.S. mid-term elections.
- Afternoon of October 22: Gold ring price at one company suddenly drops sharply
On the afternoon of October 22, gold bar prices at SJC, PNJ, DOJI, Bảo Tín Mạnh Hải and Bảo Tín Minh Châu were unchanged from the morning, while Phú Quý cut 300,000 VND per tael on both buy and sell sides. Among 9999 gold rings, prices diverged: SJC lowered its buy price by 1.1 million VND per tael and its sell price by 600,000 VND, while DOJI raised both by 200,000 VND to 138.2–142.2 million VND per tael. Sell prices for gold rings across the surveyed brands ranged from 140.3 to 142.2 million VND per tael, a gap of 1.9 million VND. Internationally, gold traded around $4,100–4,130 per ounce, under pressure from prospects of further Fed rate hikes and supply uncertainty in the Strait of Hormuz.
- FTSE 100 today: Stocks fall as Gulf war lifts oil, miners slide on weaker metals
The FTSE 100 fell 0.67% on Thursday, with Germany's DAX down 0.95% and France's CAC 40 down 1.25%. Mining stocks led the losses as silver fell 2.93%, copper 2.29% and spot gold 1.25% to $4,089.19 an ounce, while Asian shares slid after mixed U.S. tech earnings renewed doubts about returns on AI spending. Brent crude rose 2.78% to $111.85 a barrel as the Gulf war lifted oil prices, and Iran's IRGC navy claimed it struck four vessels, a claim the article says is unverified. Uranium enrichment remains the sticking point in talks, after a June memorandum left details unresolved.
Related markets
Latest news
- Irish central bank fines Coinbase Ireland $3.6 million over fund safeguarding failures
Ireland's central bank fined Coinbase Ireland 3.25 million euros ($3.6 million) for alleged failures to safeguard customer funds and oversee outsourced services, saying the unit relied excessively on its U.S. parent and lacked adequate systems and controls. The regulator cited a 2023 episode in which Coinbase directed 30 customers to deposit funds into an alternate account at another U.S. bank when Silvergate neared collapse, holding them alongside funds of another Coinbase entity's customers, and coding errors left a safeguarding account underfunded by an average of 0.54% in 2023 and the first half of 2024. Coinbase said no customer lost money or was unable to access funds. The penalty follows a 21.4 million-euro fine on Coinbase Europe in 2025 for anti-money laundering failures.
- XRP Is 63% Below Its All-Time High and Ethereum 51%. Which Reclaims their ATH First?
XRP trades at $1.33, 63.5% below its all-time high of $3.65 set in July 2025, while Ethereum is at $2,403, 51.4% below its August 2025 peak of $4,946, and both fell over the past month. Reclaiming those highs would require gains of 174.4% for XRP and 105.9% for Ethereum, and the article concludes Ethereum has the edge, citing JPM Coin's integration onto its network on October 19 and a sizeable ETF asset base. XRP ETFs held $1.57 billion in net assets, but inflows slowed to $708,500 on October 21, while Ethereum's cumulative ETF net inflows fell to $12.83 billion amid outflows. Other news includes Germany's Sparkassen savings banks offering XRP trading and Ethereum's Glamsterdam upgrade entering the Hoodi test network on October 26.
- Tech stocks fall as Nvidia boss warns of AI funding slowdown
US stocks fell sharply on Thursday after Nvidia CEO Jensen Huang warned that a “scarcity of capital” was holding back AI rollout, fuelling worries about the cost of sustaining the AI boom. The Nasdaq 100 dropped 1.5% and the S&P fell nearly 1%. Meta shares slid 5% after it raised the lower bound of its capex guidance from $130 billion to $135 billion and issued new non-voting stock, while Tesla fell 2% after cutting its proposed AI spending from $25 billion to $20 billion. Oil added to the sell-off, with Brent rising 2.5% to $111.60 per barrel, its first move above $110 since May, after Aramco evacuated staff from its Dhahran headquarters over a warning of Houthi attacks.
- Musk: People Are "Buying FSD With a Car Attached." There's Only One Problem.
Tesla said 75% of its new North American deliveries in the third quarter came with an FSD subscription, up from 55% in the second quarter, and active FSD subscriptions rose 67% to 1.74 million. Tesla has not disclosed how many subscribers pay, since the first month is free. When an RBC analyst asked whether the paid rate was closer to 30% to 40%, CFO Vaibhav Taneja did not give a clear answer. The article also notes that Tesla's overall gross margin fell from 25.6% in fiscal 2022 to 18% in fiscal 2025, while the stock trades at 185x forward earnings. It argues the paid attach rate is the key figure to watch, as paid FSD revenue remains small relative to Tesla's total sales.
- Producer of 'Say Hi' Shows to Be Listed on HoSE
HoSE has approved the listing of more than 111.4 million DVV shares of DatVietVAC, the producer of the 'Say Hi' shows, with the decision signed on October 20. The first trading day has not been officially announced, but the plan is for early November, with a reference price of 54,800 dong, equal to the IPO price. The market capitalization is estimated at over 6,100 billion dong (more than 234 million USD), compared with nearly 1,700 billion dong for Yeah1 (YEG) at the close on October 22. The IPO's registered purchase orders reached 106.6% of the shares offered. This year, DatVietVAC targets revenue of 3,382 billion dong and after-tax profit of 420 billion dong, growth of about 6% and 11%.
- TeraFab's $16.8 billion bet to start producing 100K chips a month
Host Ejaaz Ahamadeen comments on Elon Musk's proposed $16.8 billion investment in his TeraFab semiconductor manufacturing project. He argues that chips are a key bottleneck for AI, humanoid robots and cars, and that vertical integration would reduce reliance on suppliers such as Nvidia. The first phase involves $16.8 billion to reach 100,000 wafers a month before 2030, with a peak of 1 million wafers a month within 10 years and more than 3,000 jobs. The host also stresses that the project carries many potential risks.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.