The Phaserl


Peter Hambro deals with gold losing its shine

Peter Hambro, one of the leading figures in Britain’s gold mining sector, has criticised hedge funds for distorting the market for gold and warned that there is potential for “disaster” in the industry.

by Andrew Cave, The Telegraph:

Mr Hambro, co-founder and chairman of Russian gold miner Petropavlovsk, made the comment in an interview in The Sunday Telegraph.

The gold price, fixed at $1,376.12 per troy ounce in London on Friday, has fallen more than 30pc from a 2011 peak of more than $1,900.

Figures from the World Gold Council last week showed that ownership of the world’s gold shifted further East during the first half of 2013.

Overall demand for gold was 12pc lower in the three months to the end of June than in the comparable period for 2012, as Westerners dumped their exchange-traded holdings and Asian consumers responded to lower prices by adding to their hoards of jewellery and bullion.

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