Copper and gold made record highs in Asia trade on Monday and silver surged over $30. Gold's 18% rally over the year to date has been attributed, variously,...
Copper and gold made record highs in Asia trade on Monday and silver surged over $30. The breakout gains were all the more noteworthy while bonds and currencies settled into ranges and with uncertainty rather than optimism on the outlook.Gold's 18% rally over the year to date has been attributed, variously, to Chinese buying, global political tension and expectations that U.S. rates will start to fall soon, seen as a boon for a metal that does not pay a yield at all.
On Monday, oil prices made no immediate reaction to reports of a helicopter crash which an Iranian official said killed Iran's president and foreign minister. Bonds rallied and the dollar fell last week after U.S. inflation slowed, as expected. But Treasuries retraced, and yields rose on Friday, while the dollar found some support as investors wait for more data to chart economic outlook.Minutes from the Fed this week and Australia's central bank will likely show central bankers are playing for time.
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