Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
Gold and silver mutual funds and ETFs witnessed the biggest outflows in three months in the week ended Feb. 10 as investors put their money into soaring equities and high-yielding bond markets.
Investors net sold $1.4 billion in precious metal funds in the week ended Feb. 10, according to weekly data available for 338 precious metal funds on Refinitiv Lipper.
On the other hand, investors put $43.1 billion in equities funds, as global stocks surged on optimism over vaccine roll-outs and hopes of a bigger fiscal package from the United States.
iShares Silver Trust saw outflows of $919.1 million, while SPDR Gold Shares had net sales of $621 million in the last week.
The outflows from precious metal funds also came as the U.S. Treasury yields hit an over 6-month high, on hopes large stimulus measures from the United States would accelerate the country’s economic growth.
The data showed global bonds also had inflows of $18.03 billion in the week ended Feb. 10.
“‘Gold-as-a-safe-haven’ isn’t incredibly appealing for investors during an incredible economic recovery,” said TD Commodities in a report.
It also said gold remains negatively correlated to 5-year/5-year forward inflation swaps, reflecting gold’s less attractive investment profile as nominal yields rise.
On the other hand, investors have been piling into some platinum ETFs in the past few weeks, the data showed.
GraniteShares Platinum Trust had an inflow of $4.6 million in the week ended Feb. 10.
Platinum prices soared to their highest in nearly 6-1/2 years on Tuesday, fuelled by expectations a rebound in the global economy would stoke demand for the metal used in autocatalysts.
(By Patturaja Murugaboopathy; Editing by Krishna Chandra Eluri)
Comments