Good Reads
Why Central Banks Love a Gold Sell-Off
Gold peaked at $5,589 per ounce on January 28 and trades around $4,000 today, roughly 28% below the high. The second quarter was gold’s worst since 2013. Investors have pulled about $18 billion out of gold ETFs since the peak, much of it late money that piled in during last year’s frenzy and bolted the moment momentum broke. But the price is not the story. The story is what central banks are doing. Read on »
The Debt You Can’t See
You probably own a piece of a company you’ve never heard of. It’s called Beignet Investor LLC, and it owes bondholders $27.3 billion. It has no products and no customers you’d recognize. It exists for one job: to hold the debt for Meta’s giant Louisiana data center so Meta does not have to. Read on »
Copper price slides as monster storm bears down on Chile
Copper retreated in after-hours trading on Thursday as an escalation in US-Iran hostilities sparked a broad selloff across metals. Damage to copper prices was more limited than gold and silver as a powerful storm sweeping across Chile kept supply risks squarely in view. Read on »
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