|Delayed - 08/10 01:37:24 am|
Materials Down As Investors Retreat From Reopening Bets -- Materials Roundup
|07/08/2020 | 04:47pm|
Producers of metals and other raw materials fell as investors retreated from bets that the global economy would rebound rapidly.
One money manager said the recent stall in cyclical stocks' advance could be more lasting than previous wobbles in the rally.
"Stocks are much more expensive, and reopening of businesses aren't going that smoothly - many states are reintroducing restrictions or delaying the next phase of reopening," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund, in a note to clients.
Gold futures continued to ride upward momentum to their highest close since 2011, closing above $1800 an ounce. The "pandemic, economic and political headlines, tariff tiffs, China worries,and relentless buying by [exchanged-traded fund] haven seekers" have driven gold prices to near record highs, said George Gero, managing director at RBC Wealth Management, as reported earlier.
Inflows to gold-linked ETFs hit a record high in the most recent data from trade group the World Gold Council.
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