Gold Reserves News
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Gold, down 17 percent since January, is poised to lose 20 percent in a year as inflation fails to accelerate and with the worst risks to the global economy waning, Credit Suisse Group AG said.
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Gold traders are divided on whether surging demand for jewelry and bullion coins will sustain the rally in prices as a slump in holdings through exchange-traded products extended to the longest in more than eight years.
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Sales of U.S. structured notes tied to proprietary indexes fell last month to the lowest since September amid a slump in commodity prices that has hurt the value of some of the securities.
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BullionVault, an online service for investors to buy and sell physical gold and silver, said its Gold Investor Index climbed to a 16-month high last month as the biggest price drop in three decades triggered more demand.
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Hedge funds increased bets on a gold rally by the most in three weeks as central banks signaled no end to economic stimulus, driving prices higher just as analysts and traders turned the most bearish in three years.
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Gold traders are the most bearish in three years after investors sold a record amount of metal held in exchange-traded products and prices tumbled in a bear market.
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As Greece lurched toward its first bailout in early 2010, the largest bank in Cyprus was stocking up on Greek bonds.
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Australia’s Perth Mint, which refines nearly all of the nation’s bullion, said that demand has jumped to the highest level in five years after prices plunged, with the factory kept open through the weekend to meet orders.
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Russia and Kazakhstan expanded gold reserves for a sixth straight month in March before the metal’s worst slump in three decades as central banks sought to diversify their assets.
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The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 1.7 percent, the most since November, to settle at 625.15 at 4 p.m. New York time, led by precious metals.
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