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

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 23 July 2020

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

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.

Transcript

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0:00.0	Welcome to the Money Maze podcast. I'm Simon Brewer, and we've created this show to explore and unravel some of the mysteries surrounding the investment business.
0:19.3	And we hope through direct and insightful interviews with
0:22.3	masters of the real-life money maze, we're going to learn about different approaches to
0:27.5	allocating capital, making investment and business decisions, and navigating the pitfalls that line
0:34.2	the paths to prosperity. Whether you're a current or aspiring investor or a student
0:39.3	exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for
0:45.6	listening. Goldfinger, golden eye, the man with a golden gun. James Bond escapism, or a guide to financial survival. From the
0:57.0	Phoenicians to today, where China appears to have accumulated the largest gold reserves of any
1:02.0	government in the world, it may be one of the few defences against the money printing and currency
1:07.3	debasement of governments, yet it continues to divide opinion.
1:16.2	So it's timely to welcome my guest today who's spent the last 30 years working and investing in natural resources and manages one of the largest gold mining equity funds in the world
1:21.0	for BlackRock, itself one of the largest and most respected global asset management groups
1:25.8	with a market value of over $80 billion.
1:29.3	Evie Ambrough, welcome to the Moneybase podcast.
1:32.3	Thanks, Simon. Pleasure to be here.
1:34.3	I'd like to start with the early days. You go to study at Newcastle University and take a degree in agricultural marketing.
1:40.3	And I guess at that stage, did you envision a career of farming crops rather than
1:44.8	unearthing metals? I was very lucky. I grew up with my kind of gold, really, as part of the
1:50.6	overall conversation at home. My grandfather was one of the first British people to trade gold
1:56.6	with people from the Middle East. My father worked for a company called McCatterin Goldsmith,
2:00.7	which was one of the largest bullion traders. And so when it came to with people from the Middle East. My father worked for a company called McCatterman Goldsmith,
2:06.1	which was one of the largest bullion traders. And so when it came to thinking about doing some work in my year off between university and school, I actually ended up working in a gold mine
	...

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