Precious Metals Glitter as Haven in Rubble of Resources: Chartby
As oil’s slump prolongs the worst resources rout since the 2008 financial crisis, the allure of precious metals is at least giving some commodity investors a return on their money.
The Bloomberg Commodity Index, which tracks returns from 22 raw materials, dropped to a 25-year low earlier this month as gauges of energy, industrial metals and agriculture slid. By contrast, a measure of precious metals climbed. Gold’s appeal as a safe haven is “back in vogue” on concerns about further contagion from China, volatile stock markets and tensions in the Middle East, Citigroup Inc said in a Jan. 19 report.