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Purveyor

(29,876 posts)
Mon Apr 15, 2013, 11:48 AM Apr 2013

Commodities Tumble, Stocks Slide as China Growth Slows

Commodities fell to a nine-month low, led by gold and silver, and stocks slid as China’s economic growth unexpectedly slowed. The yen and dollar strengthened against most major peers and Treasuries were little changed.

The Standard & Poor’s GSCI gauge of 24 raw materials dropped 2 percent at 10:34 a.m. in New York after silver tumbled more than 11 percent and gold traded below $1,400 an ounce. Oil sank to less than $90 a barrel and copper declined to the lowest level since 2011. The MSCI All-Country World Index slid 0.9 percent and the S&P 500 Index lost 0.7 percent. The Shanghai Composite Index capped a 10 percent retreat from this year’s peak and. Japan’s currency appreciated for a third day versus the dollar, gaining 0.4 percent to 97.99.

--CLIP
Metals Tumble

The S&P GSCI fell to the lowest since July. Oil in New York slipped as much as 3.6 percent to $88.05 a barrel, the biggest loss this year, and copper declined 3.1 percent.
Silver tumbled as much as 11.5 percent, extending its 6 percent drop on April 12, before trimming losses and trading down 9.6 percent. Gold for immediate delivery fell 5.7 percent to $1,398.65 an ounce, after dropping as much as 6.6 percent to $1,385.55, the lowest since March 2011.

Gold futures may fall to $1,310 in June even as the worst of the selling is over, Sterling Smith, a Chicago-based commodity futures specialist at Citigroup Inc., said in a telephone interview. Prices will drop as inflation worries ease and amid speculation the U.S. will end its third round of stimulus measures.

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http://www.bloomberg.com/news/2013-04-14/yen-gains-as-japanese-stock-futures-drop-before-china-gdp-report.html

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Commodities Tumble, Stocks Slide as China Growth Slows (Original Post) Purveyor Apr 2013 OP
Thanks for the 'rationale.' elleng Apr 2013 #1
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