Ross Norman News
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Gold futures fell the most in three weeks as pessimism on a U.S. budget resolution eroded demand for commodities.
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Gold traders are the most bullish in 10 weeks and investors are hoarding a record amount of bullion as central banks pledge to do more to spur economic growth.
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Sharps Pixley Ltd. will start offering gold coins and bars to U.K. investors after a former trader bought the name from Deutsche Bank AG to tap the retail market for bullion following a 10-year price rally.
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Gold traders are the most bullish in two months after mainland China imported the most metal ever from Hong Kong and investors bought U.S. bullion coins at the fastest pace in more than two years.
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Sales of gold coins are on track for the best month in a year amid the worst commodities rout since 2008, a sign that bullion’s longest bull market in nine decades has further to run, if history is a guide.
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Gold’s rally to a record above $1,900 an ounce has pushed the metal to overbought levels according to technical analysis tools, as economist Dennis Gartman said prices will go “parabolic.”
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Gold may extend gains from a record as concern about debt crises and slowing growth boosts demand for the metal as an alternative asset, a survey found.
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Gold declined for a third day in New York as gains in equity markets tempered concerns that economic growth is slowing, reducing demand for the metal as a protection of wealth.
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