Chain Reaction in Markets Is Reminiscent of Earlier Woes
Worries over the financial health of a major Portuguese lender spooked global markets Thursday, drubbing shares in southern Europe and sending U.S. stocks on an early swoon.
The broad, sharp market moves were reminiscent of the euro zone's debt crisis in 2011: A shock in a small country spread across the continent, pulling down every major stock index in Europe, trickling over into Wall Street and sending investors scurrying for the perceived safety of gold and U.S. and German government bonds. The 10-year German Bund traded at its strongest level since May 2013.
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The miners have started 2014 very well indeed on the back of rising gold prices, so the question is; is this the real deal or another head fake? Is the bottom really in? Could there be a final capitulation just ahead of us? Will the summer doldrums take the PMs lower?
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