Monday, July 27, 2015

A fire is starting in the bond market

"Commodities had once again an ugly week. Copper hit the lowest level since June 2009. Gold dropped below $1,100 an ounce. Other metals dropped too. Agricultural commodities fell; corn plunged nearly 7% for the week. Crude oil swooned, with West Texas Intermediate dropping nearly 7% to $47.97 a barrel, a true debacle for energy junk-bond investors.
It was the kind of rout that bottom fishers a few months ago apparently didn’t think was possible...."


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