Charles Morris News
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Hedge funds are betting on cheaper silver for the first time since at least 2006, splitting from investors accumulating close to the biggest hoard ever and the analyst consensus for prices to rebound from a bear market.
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HSBC Global Asset Management’s $2.2 billion Absolute Return fund reduced its gold holdings by more than a half, while cutting risk exposure in the portfolio to the lowest ever, according to Charles Morris, the fund manager.
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HSBC Global Asset Management’s Absolute Return fund favors stocks including Coca-Cola Co. to beat returns from gold this year as the global economy recovers, according to head Charles Morris .
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Gold traders are the most bullish in nine months after investors’ bullion holdings expanded to a record on mounting speculation that central banks will do more to bolster economic growth.
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HSBC Global Asset Management moved 5 percent of its Wealth Opportunities fund into gold miners as the bank bets on higher prices of both equities and the metal.
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Rui Lola says gold sales at his foreign exchange and coin store in downtown Lisbon almost doubled this year, draining inventories faster than he can replace them.
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The following are the top stories on metals, agriculture and shipping.
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Expelled from Amherst Academy for pranks, Samuel Colt always enjoyed drinking and carousing. When he needed money, he became Dr. Coult, demonstrating the virtues of laughing gas and explosives.
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Silver, the precious metal most used in industry, is attracting investors betting on both faster and slower economic growth as prices extend the longest run of quarterly gains in three decades.
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Gold is poised to complete its 11th consecutive annual gain, the longest winning streak in at least nine decades, on the brink of a bear market.
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