Why are central banks quietly buying record amounts of gold? BlackRock fund manager Evy Hambro reveals why gold is back at the centre of the financial system, the hidden risks behind government debt, and how AI could trigger a new commodities supercycle.

Evy Hambro is the Co-Lead Manager of the BlackRock World Mining Trust, one of the world’s leading natural resources funds, delivering over 27x returns since inception. He has spent decades analysing global commodity markets, central bank behaviour, and mining equities.

He explains:
▪️Why gold is no longer a “barbarous relic” but a critical financial asset
▪️The real reason governments can’t stop printing money
▪️How central banks are quietly accumulating gold at record levels
▪️Why AI could drive the next commodities supercycle
▪️The biggest mistake investors make when buying gold

0:00 Intro
1:55 Why Gold Has Always Been Money
2:57 What's Really Driving the Gold Price
4:18 The £15,000 Gold Bar Story
7:40 Gordon Brown's Catastrophic Gold Sale
10:58 Is Gold a True Inflation Hedge?
13:14 How to Buy Gold Without Getting It Wrong
19:17 Is This the Start of a New Commodity Cycle?
21:30 Why Central Banks Are Buying Gold Again
27:55 Why Mining Stocks Are So Volatile
35:17 Inside the BlackRock Mining Trust
38:20 What Makes a Great Mining Company
42:46 The Stock That Went Up 8x in Months
47:12 How Profitable Are Mining Companies Right Now
50:43 Would BlackRock Invest in Politically Unstable Countries?
53:20 Evy's Biggest Investing Mistakes
56:03 How AI Is Transforming Mining
1:00:34 Are Gold Companies Over-Earning?
1:08:57 The Dinner Party Indicator

Follow Evy on LinkedIn - https://www.linkedin.com/in/evy-h-5399b4b5/

Recorded on: 02/03/2026

This content is intended for UK investors only. This podcast is for informational purposes only and does not constitute financial advice. Capital is at risk.

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