Resource Currencies: Gilt By Association?
The information technology group in both stock markets, not the mining or energy group, has been the top performer. This is a marked departure from 2001 and 2002, when various gold-mining firms led both the Sydney and Toronto markets. Their stocks correctly anticipated the subsequent rise in bullion prices. And the connection between these two markets, adjusted for currency changes, and the CRB index is visible, if not particularly strong statistically. The Toronto market has miners such as Ivanhoe Mines, Bema Gold(BGO Quote) and Golden Star Resources among its leaders, and Sydney is being led by nickel miner Jubilee Mines.
| Currency Adjusted Performance Relative to S&P 500 |
| Source: Bloomberg |
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
Oil *
77.12
|
|
DOWN
154.48
|
DOWN
19.14
|
DOWN
37.61
|
DOWN
0.48
|
10 Yr
3.23%
SPDR Gold
115.06
|
|
-1.48%
|
-1.72%
|
-1.73%
|
-1.46%
|
Data delayed 20 minutes |














