NAB’s Calibre Asset Reduces Exposure After Gold ‘Disappointed’

Gold hasn’t been able to deliver as a haven in the past few months, said Norman Chan, head of investment at Calibre Asset Management Ltd., a unit of National Australia Bank Ltd. Bullion is set for its fourth monthly decline in May, the longest losing run since 1999. He spoke in a Bloomberg television interview in Hong Kong today.

On gold holdings:

“We have reduced gold and increased our exposure in fixed income mostly because gold has disappointed us in May. On top of that, it has not been able to deliver a safe-asset nature, dropping along with the equity market, so we think that confirms the fundamental supply-demand deterioration in gold and we have to cut.”

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