BlackRock gold fund expects to resume issuing shares by Wednesday
BlackRock Stops Issuing Shares in Physical Gold Trust, Citing Demand
Friday, March 4, 2016
NEW YORK -- BlackRock Inc. said Friday it had suspended the issuing of shares in its physically backed gold exchange traded product due to a historic surge in buying as global economic uncertainty rekindled bullion's safe-haven appeal among investors.
BlackRock anticipates it will be able to resume issuing more shares by Tuesday or Wednesday, according to a person familiar with the matter.
IAU, or iShares Gold Trust, has seen its assets under management surge by $1.4 billion to $8 billion since the start the year. February marked the biggest spurt of demand in the last decade, BlackRock said.
Holdings in major gold ETFs have surged 20 percent since the start of the year, hitting almost 48 million ounces this week, their highest since September 2014.
While the BlackRock move appears to be an isolated case, it illustrates the voracious demand for bullion as economic uncertainty, a weak dollar and falling expectations for U.S. interest rate hikes have spurred the biggest buying spree of gold ETFs in five years and helped prices rally to their highest in 13 months. ...
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