BlackRock stops issuing shares in physical gold trust, citing demand

And, 69% of that gold was stolen from South Africa. Fraud vitiates everything it touches. in peace


From Reuters

BlackRock Inc said on 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…

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