Safe-haven trades have increased in popularity over the last 24 hours, with news of disappointing Q3 earnings from Apple and a lack of agreement over the terms of the next tranche of aid to Greece spooking investors.
Government Bonds
U.S. Treasury and German Bund yields have nudged lower as a result, while the dollar is finding buying support around 80.00 on the Dollar Index. Though reports of strong Indian gold buying on Wednesday for the Dussehra festival helped push December Comex gold up 0.7% yesterday for a close at $1,713/oz, precious metals and commodities have sold off this morning – with gold trading just above $1,700, while silver has once again fallen below $32, after a promising showing yesterday that saw the metal finding support above $32.
New Index Weighting
Dan Norcini reports on an interesting development in the composition of the Dow Jones/UBS Commodities Index, which as of next year will be increasing the precious metals component of their commodity index. Because hedge funds will have to seek alignment of their own books with this new weighting, Credit Suisse that estimates that this will result in some $1.6 billion of new money flowing into the gold and silver, with money split evenly between the metals. Taken together with the ongoing talk about the Bundesbank’s gold, and this could support the yellow metal (as well as silver) over the next few trading sessions.
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Index Change To Benefit Precious Metals
Published 10/26/2012, 10:35 AM
Updated 05/14/2017, 06:45 AM
Index Change To Benefit Precious Metals
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