China and the Fed keep investors swinging between oil and gold

China and the Fed keep investors swinging between oil and gold
Citi said it sees gold reaching US$2300 an ounce in six to 12 months. (Image: Bloomberg)
Bloomberg
The classic commodities recession play of switching from oil to gold is well under way, but it’s far from a smooth progression as investors juggle signals from the Federal Reserve and China’s stuttering post-virus recovery.The oil-gold ratio – the spot price of bullion divided by West Texas Intermediate oil futures – is a barometer for the state of the global economy, with higher readings suggesting investors are positioning for a recession. The ratio has been rising since mid-2022 and spiked in late March as the banking...

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