<p>Sorry, gold bugs. The world’s biggest money manager appears to have run out of love for the precious metal.</p><p>“Fourteen months ago, we had a fairly significant position in gold. Today, we’ve reduced it to almost zero,” Russ Koesterich, the manager of BlackRock’s Global Allocation Fund.</p>

<p>Gold investors have this year battled against a stronger dollar <a href="/investing/index/DXY?mod=MW_story_quote">DXY, +0.04%  </a><span>, </span>which can make assets priced in the currency, such as gold, more expensive to overseas investors. Also working against gold, has been strengthening economies that could push central banks to tighten accommodative policies sooner than later. Investors are waiting on a Federal Open Market Committee meeting for next week. </p>

moneyandinvestments

Money & Investments

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BlackRock fund manager says he’s cut gold holdings to ‘almost zero.’ Here’s why.

This undated handout image made available by the German Central Bank (Deutche Bundesbank) shows gold stored in the vault of the Bank in Frankfurt. BUNDESBANK/AFP/Getty Images

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<ul><a href="/investing/fund/MALOX?mod=refsymb_mw"><span>MALOX </span><div>+0.28% <i> </i> </div> </a> <a href="/investing/future/CL00?mod=refsymb_mw"><span>CL00 </span><div>+1.21% <i> </i> </div> </a> <a href="/investing/future/GC00?mod=refsymb_mw"><span>GC00 </span><div>-0.03% <i> </i> </div> </a> <a href="/investing/index/DXY?mod=refsymb_mw"><span>DXY </span><div>+0.04% <i> </i> </div> </a>  </ul>

<p>Sorry, gold bugs. The world’s biggest money manager appears to have run out of love for the precious metal. </p>

<p>“Fourteen months ago, we had a fairly significant position in gold. Today, we’ve reduced it to almost zero,” Russ Koesterich, the manager of BlackRock’s Global Allocation Fund <a href="/investing/fund/MALOX?mod=MW_story_quote">MALOX, +0.28%  </a><span>, </span>told Bloomberg in <a href="https://www.bloomberg.com/news/articles/2021-09-16/blackrock-fund-manager-has-cut-almost-all-gold-from-portfolio?sref=acfjrZ8Z">an interview </a>. </p>

<p>“We primarily think of gold as a hedge against equity risk, and that works when you’ve got an environment with real rates that are flat or declining. If part of our view is that real rates normalize a bit, that particular commodity is unlikely to work as well as it did in the middle of 2020,” said Koesterich. </p>

<p>Near term, he said there are likely “better hedges against inflation in the equity market and rather than own an asset that doesn’t produce cash flow, we would rather hedge some of the near term upside with stocks that have pricing power.” </p>

<p>Those include stocks in the material, industrial and consumer sectors that “can raise prices as incurred costs also rise,” said Koesterich. </p>

<p>Among other commodities, the BlackRock manager said they see energy prices remaining firm and have been adding some tactical positions in equities to take advantage. U.S. oil prices <a href="/investing/future/CL00?mod=MW_story_quote">CL00, +1.21%  </a>have climbed nearly 50% year to date, against an 8% drop for gold <a href="/investing/future/GC00?mod=MW_story_quote">GC00, -0.03%  </a><span>. </span> </p>

<p><strong>Read: </strong><a href="https://www.marketwatch.com/story/heres-why-the-u-s-dollar-could-end-up-going-almost-nowhere-through-the-end-of-2022-11631824448?mod=home-page&mod=article_inline">Here’s why the U.S. dollar could end up going almost nowhere through the end of 2022 </a> </p>

<p>Gold prices were slightly higher on Friday, up about $3.80 to $1,761.10 an ounce, after the sharpest daily drop in nearly six weeks <a href="https://www.marketwatch.com/story/gold-faces-sharpest-daily-drop-in-over-a-week-as-dollar-rises-11631794726?mod=article_inline">on Thursday </a>, following stronger-than-expected retail sales data. </p>

Why Evergrande has suddenly exploded into a potential global financial market crisis

<p>Evergrande is the non-COVID and non-inflation event rattling stock markets around the world. </p>

<ul><li><a href="https://www.marketwatch.com/story/why-morgan-stanleys-is-starting-to-see-fire-and-ice-and-a-bear-market-drop-as-more-likely-for-stock-market-investors-11632249935?mod=mw_more_headlines">Why Morgan Stanley is starting to see ‘fire and ice’ and a bear-market drop as ‘more likely’ for stock-market investors </a> </li><li><a href="https://www.marketwatch.com/articles/evergrandes-credit-contagion-risk-51632231686?mod=mw_more_headlines"><span>Barron's: </span>Evergrande’s Credit Contagion Risk Is Contained for Today, These Charts Show. </a> </li><li><a href="https://www.marketwatch.com/story/evergrandes-potential-debt-blowup-is-not-a-contagion-event-for-the-stock-market-says-the-man-who-said-the-firm-was-insolvent-10-years-ago-11632165402?mod=mw_more_headlines">Evergrande’s potential debt blowup is ‘not a contagion’ event for the stock market, says the man who said the firm was insolvent 10 years ago </a> </li><li><a href="https://www.marketwatch.com/articles/stock-market-falls-because-theres-something-scarier-than-taxes-tapers-and-contagion-51631925838?mod=mw_more_headlines"><span>Barron's: </span>The Stock Market Dropped Because There’s Something Scarier Than Taxes, Tapers, and Contagion </a> </li> </ul>

<p>Barbara Kollmeyer is an editor for MarketWatch in Madrid. Follow her on Twitter @bkollmeyer. </p>

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