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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Gold set to rise: US asset manager
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Gabriel Chen
</TD></TR><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->GOLD prices look poised to continue soaring over the next three to five years, said Blackrock's managing director and portfolio manager Evy Hambro.
He said gold was a popular hedge against uncertainty, supported by underlying supply and demand fundamentals that should drive returns in the long term.
'Gold production fell four per cent last year and may fall further this year,' said the London-based Mr Hambro, who is visiting the firm's Singapore office. 'On the demand side, the growing wealth of emerging economies is likely to support jewellery demand in the future, while financial turmoil and inflationary pressures underpin investment demand.'
His bullishness comes at a time of slightly dipping prices for the precious metal. Gold is now trading at US$953 an ounce - off its record high of US$1,003.9 reached on March 17 last year.
But this slight correction follows eight straight years of increasing value, as a weakening US dollar and rising fears of inflation have made the metal a safer bet against paper currencies.
Recent moves by the US Federal Reserve and other central banks to tackle the global economic crisis by printing money have underscored the commodity's relative security.
Mr Hambro said investors seeking exposure to gold should consider gold mining shares, which offer dividends and price leverage. Goldman Sachs, UBS and Morgan Stanley have all forecast the price of gold to surge above US$1,000 this year. The mining sector is getting its fair share of attention from market players. Temasek Holdings - which recently hired mining giant BHP Billiton's former chief executive officer Charles Goodyear to take over from current chief Ho Ching - is looking to develop its investment in mining.
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Gabriel Chen
</TD></TR><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->GOLD prices look poised to continue soaring over the next three to five years, said Blackrock's managing director and portfolio manager Evy Hambro.
He said gold was a popular hedge against uncertainty, supported by underlying supply and demand fundamentals that should drive returns in the long term.
'Gold production fell four per cent last year and may fall further this year,' said the London-based Mr Hambro, who is visiting the firm's Singapore office. 'On the demand side, the growing wealth of emerging economies is likely to support jewellery demand in the future, while financial turmoil and inflationary pressures underpin investment demand.'
His bullishness comes at a time of slightly dipping prices for the precious metal. Gold is now trading at US$953 an ounce - off its record high of US$1,003.9 reached on March 17 last year.
But this slight correction follows eight straight years of increasing value, as a weakening US dollar and rising fears of inflation have made the metal a safer bet against paper currencies.
Recent moves by the US Federal Reserve and other central banks to tackle the global economic crisis by printing money have underscored the commodity's relative security.
Mr Hambro said investors seeking exposure to gold should consider gold mining shares, which offer dividends and price leverage. Goldman Sachs, UBS and Morgan Stanley have all forecast the price of gold to surge above US$1,000 this year. The mining sector is getting its fair share of attention from market players. Temasek Holdings - which recently hired mining giant BHP Billiton's former chief executive officer Charles Goodyear to take over from current chief Ho Ching - is looking to develop its investment in mining.
