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May 16th, 2012
Gold futures declined for a fourth straight session in New York and entered a so-called bear market as concern that Greece will have to leave the euro boosted the dollar and cut the metal’s appeal as an alternative asset.
The U.S. Dollar Index, a measure against six major counterparts, rose for a 13th day to a four-month high after Greece’s political leaders failed to form a ruling coalition. Bullion has dropped 20 percent from its intraday record in September, the common definition of a bear market. On a closing basis, futures need to settle at $1,513.52 to post a 20 percent drop.
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May 9th, 2012
Gold Futures – Gold dropped to a four-month low in New York on concern that turmoil in Greece will strengthen the dollar and curb demand for the metal as an alternative asset. Other precious metals reached the lowest levels since January.
The euro neared a three-month low versus the dollar as Greek politicians struggled to form a new government, raising concern that the nation may leave the currency bloc. Commodities plunged to the lowest level this year yesterday as global equities slid to a three-month low.
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May 1st, 2012
Managed Futures: Hatteras Funds, a $2.2bn US-based alternative investment manager, will launch a managed futures-focusedalternative strategies offering in the fourth quarter, HFMWeek has learned.
The portfolio, called the Hatteras Managed Futures Strategies Fund, will appoint managed account structures as sub-advisers, which employ a diverse range of strategies in the space.
“We believe for most investors, a multi-manager approach in the managed futures area is the best structure for most advisers because individually the strategies can be volatile,” said Robert Worthington, president of the New York- and Raleigh, North Carolina-based firm. “By incorporating four, five or six managers, you can provide diversification by investing in a number of sub-strategies.”
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May 1st, 2012
Gold futures fell for a second straight day as signs of stronger U.S. industrial growth boosted prospects for the economy and eroded the appeal of the precious metal as a haven.
The Standard & Poor’s 500 Index of equities rose as much as 1.2 percent after the Institute for Supply Management’s factory index rose to 54.8 in April from 53.4 in March. Economists had forecast a reading of 53, according to the median estimate in a Bloomberg survey. The precious metal has gained 6.1 percent this year as Europe’s intensifying debt crisis threatened global growth.
“The ISM numbers gave investors a good reason to jump back into equities,” Adam Klopfenstein, a market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview. “People are favoring equities over gold.”
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April 26th, 2012
Gold futures rose in New York after Federal Reserve Chairman Ben S. Bernanke said he’ll do more to fuel growth if necessary, weakening the dollar and boosting bullion’s appeal as a store of value.
Bernanke said the central bank is ready to add stimulus if needed even after leaving its policy unchanged yesterday and upgrading its view of the economy for 2012. Additional bond- buying is still “very much on the table,” he said. That helped stoke a rally in global stocks and drove the greenback lower. The Fed bought $2.3 trillion of debt in two rounds of so-called quantitative easing from 2008 to June 2011.
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April 12th, 2012
Gold futures rose on Thursday, getting a boost from a weaker dollar and rising U.S. stocks and as talks surfaced of another round of economic stimulus in the U.S. and elsewhere.
Gold for June delivery (CNS:GCM2) rallied $13.90, or 0.8%, to $1,674.10 an ounce on the Comex division of the New York Mercantile Exchange, keeping it close to session highs. The metal traded as high as $1,676.90 an ounce, according to FactSet Research.
The Federal Reserve’s No. 2 official makes the case for sticking to the central bank’s low interest-rate policies and says the Fed might need to take additional action to bolster the economy.
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April 4th, 2012
Gold futures fell to a 12-week low on signs that the Federal Reserve won’t provide more U.S. economic stimulus, boosting the dollar and eroding the appeal of precious metals as alternative investments. Silver tumbled 6.7 percent.
The Fed will hold off on increasing monetary accommodation unless economic expansion falters, according to minutes of a March 13 policy meeting released yesterday. The dollar rose to a one-week high against a basket of six major currencies, and the euro slumped on Spain’s debt woes.
“The market has decided that yesterday’s statement is probably the final nail in the coffin” for additional Fed stimulus, Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview. “Gold is reacting to the strength in the dollar.”
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