COMEX GOLD SIGNAL
INTERNATIONAL COMEX NEWS
- Gold hit a three-month high and notched a fourth-straight weekly gain on Friday for its best winning streak since last Christmas into January, as a global rout in equities helped the yellow metal retain its steady and slow climb. Both spot and futures prices of bullion were also on track to their best monthly gains since January, despite a sharp rally in the dollar this month amid the specter of higher U.S. interest rates.
- The global rout in equities is continuing to punish oil bulls, so much so that many may even doubt the non-correlation between stocks and commodities exists. Despite a slight gain on the day, crude futures in both New York and London fell as much as 3% on the week for their third-straight weekly loss. The last time oil saw such a bearish trend was between the final weeks of July to mid-August.
- Cash-strapped state-run oil companies in Mexico and Venezuela have begun diverting crude historically processed for domestic use and sending it to U.S. refiners now facing transportation constraints to secure similar grades from Canada, data shows. The situation reflects an unusual set of events, including urgent needs by Venezuela and Mexico for cash for debt payments and investment, and demand for heavy crude in the United States due to less availability of Canadian oil, said traders and analysts.
- The Bank of Japan will consider making a slight change to the timing of its government debt purchases to encourage more trading activity between financial institutions, the Asahi newspaper reported on Saturday. The central bank currently buys debt in the open market one day after the finance ministry auctions new bonds as part of quantitative easing. The BOJ will consider pushing these purchases back to two days after the auction of new debt to allow these bonds to circulate in the market for longer, the Asahi said without citing sources.
- Leveraged loans are standing out as the best-performing asset class in an otherwise brutal October as rising volatility in global equities has rippled across the capital markets. While investors pulled US$7.4m from loan funds in the week ending October 24, the first week of outflows in four months, the asset class has been largely unfazed by the risk-off sentiment created by the deepening stock market rout.
- The International Monetary Fund said on Friday it approved a measure to increase a stand-by financing agreement for Argentina to about $56.3 billion.
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