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Benedicte Gravrand, Opalesque Geneva:
The commodities markets jittered during the first week
of May, as aggressive sell-offs drove prices down,
especially those of oil, gold and silver. According to
the Kudlow Report on CNBC, shares on
U.S. markets dropped about 1.5% for the week (although
they went up a bit on Friday), silver dropped 26%, oil
5% and gold and copper 5% - and the dollar went up
around 2.5%.
It is too early to see evidence of dramatic gains or
losses from hedge funds following the sell-off, but some
managers and advisers had expected the overheated
trades, and think prices will pick up again. One of
those expecting was George Soros. When The Wall Street
Journal reported that prominent hedge-fund
investors such as himself were dumping silver, this
apparently triggered more selling.
Managers foresaw the dip, expect more rallies
Data from the Commodity Futures Trading Commission
indicated hedge funds and large managed funds had left
the silver market long before this week's plunge,
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