Bloomberg

BlackRock Fund Manager Has Cut Almost All Gold From Portfolio

(Bloomberg) — BlackRock Inc. fund manager Russ Koesterich has sold almost all of his gold holdings on expectations that real rates will normalize as the global economy rebounds.“Fourteen months ago, we had a fairly significant position in gold. Today, we’ve reduced it to almost zero,” Koesterich, the manager of the BlackRock Global Allocation Fund, said during an interview with Bloomberg Television. “If part of our view is that real rates normalize a bit, that particular commodity is unlikely t

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