Good afternoon
what a day for the gold bugs! labor market figures were very weak indeed - no way, that the FED is going to do something in June, and probably not in July, either...!
Gold is also getting some help again from fresh inflows into the gold ETF - holdings are now at the highest since Okt 2013!
Currencies are jumping as well - as you would expect, the US$ is weak - the A$ very strong against the US, but slightly weaker against Euro - the A$ gold price is back to 1692 A$/oz - nice enough - and last but not least, base metals are profiting from the US$ as well, with zinc above 2000$/t for the first time since mid 2015, and copper up by 2%.
German 10-year Bund yields are down below 10 BP again....
The US gold indices are very strong, ub by 8-9% - and BHP is up by more than 3% in the moment in London, despite overall market weakness today.
Interesting enough. agricultural commodity prices are coming into the limelight again, being up by more than 20%, driven mainly by worries about the weather patterns, as Bloomberg says.Sugar, soybeans, wheat - all very strong. I guess the next thing will be crop-protection and fertilizer companies
Nothing much to report today from the micro-level - only leaves me to wish you a nice weekend!
WS
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