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Gold’s slump, copper’s surge, and the Fed’s influence
Did we miss the copper party? Was gold’s surge last week just another flash in the pan? Was the Fed the catalyst for the sell-off in metals—or did traders realize that the boomlet was built on clay and easily undermined by a US central bank that seems to be getting a little cranky about "sticky inflation"? Gold ended at $US2,335.20 (up just $US2) on Friday, but that left it down sharply for the week: 3.50% over the five days and close to 5% from its peak of $US2,454 an ounce on Monday. US 10-year bond yields ended around 4.47%, up 4.40 basis points for the week, and the US dollar ended up 0.3% after it eased late ... (full story)