South African gold production shrank for a 17th straight month in February, the longest string of contractions since the financial crisis.
Sibanye Gold Ltd. raised $125 million by selling future gold production, the second major step by the company this week to build up cash as it faces a drawn-out labor dispute.
One of last year’s best-performing hedge funds says the “trade of the century” is to buy gold and sell stocks as risk assets are due for another meltdown.
Known as Sofaz, the fund is looking to almost double its holdings of the precious metal in 2019 to 100 tons after resuming purchases in 2018 following a five-year break.
Gold may extend gains as global growth slows, equity market volatility remains elevated and the Federal Reserve is expected to ease back on the pace of policy tightening this year, according to a BlackRock Inc. money manager, who says the Precious metal offers an effective hedge.
Gold is headed for a third weekly gain after turbulent equity markets sent investors hunting for haven assets amid global growth concerns. Futures breached $1,300 an ounce in New York and spot gold flirted with the level in early London trading, before dropping back as stocks in Europe and Asia recovered some of their losses ahead of fresh trade negotiations between the U.S. and China next week.