Richard's Thoughts on the Importance of Diversification
US markets took a breather after several days of higher prices and record highs. Profit taking, along with negative retail sales and PPI numbers, were the main culprits. Instead of the expected 0.4% increase, retail sales were flat; instead of a 0.1% expected rise, the PPI fell 0.4%. Those numbers also pushed bond yields lower, to the 2nd lowest level on record, as bond prices rose.
Prior to the US opening, Asian stocks finished mostly higher. In Europe, stocks were flat to a bit lower. The Global Dow lost 0.28%. The US dollar was slightly lower.
Commodity prices diverged, as oil had its strongest week in 4 months, while the precious metals stumbled again. After being up sharply early in the day, gold was down $3 at $1336/oz. coming into the close. Silver was down 24 cents, and platinum had another ugly day, down $17/oz. XAU also reversed from earlier gains, down 0.5% ... Log in or subscribe to continue reading.
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