Robin Bhar News
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Gold tumbled to the lowest price since July 2011, slumping into a bear market, on signs that investors are favoring the dollar and equities as the global economy recovers. Silver dropped the most since June.
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Gold dropped to the lowest level in more than three weeks as investors cut holdings of the metal after the dollar gained and data showed an improving U.S. economy. Silver and platinum also fell.
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Stocks rose, sending the Standard & Poor’s 500 Index to a record close, as concern over Europe’s debt crisis eased and U.S. factory orders topped forecasts. Gold fell and Italian and Spanish bond yields slid.
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Gold is in a “bubble” after the best annual run in at least nine decades and will head into a so-called bear market as a stronger U.S. economy helps increase interest rates and cut bullion demand, Societe Generale SA said.
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Copper fell in London after imports into China, the biggest buyer, tumbled to the lowest in 20 months and as stockpiles of the metal expanded.
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Investors may be selling lead amid prospects for supply of the metal to exceed demand this year, according to Societe Generale SA.
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Rhodium, the scarcest precious metal used in making catalytic converters, is outperforming platinum and palladium for the first time in seven years as global car sales rise to a record.
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Copper traders are the most bullish in 15 months on mounting confidence that the U.S. economy will rebound at a time when China’s recovery is gaining momentum.
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Aluminum inventories in warehouses monitored by the London Metal Exchange rose to a record and traders may decide to deliver even more metal.
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Blythe Masters , JPMorgan Chase & Co. ’s head of commodities, sought to reassure her team on an internal conference call after “extremely difficult” dismissals, defections and a first half in which some results were as much as 20 percent below expectations.
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