A six-thousand year old bubble, ”shiny Bitcoin,” and something that no self-respecting central bank should hold in reserves ever.
That was Citigroup analysts, laying into gold in a note that came out a day ahead of Thanksgiving, as the investment bank opened the debate on gold’s value ahead of a crucial decision by Switzerland on whether the central bank should more than double its gold holdings.
December gold GCZ4, -1.24% which traded around $1 lower to $1,195.60 an ounce on Thursday in electronic trading, with U.S. physical markets closed for Thanksgiving Day, has seen a choppy year, which has left prices more or less flat.
Asian markets mostly fell Friday, with energy firms taking a dive as oil sat at four-year lows after the Opec cartel ignored calls to cut production in response to plunging prices and a supply glut.
Sydney's ASX/S&P 200, the home of energy giants such as BHP Billiton, Woodside and Santos, took a huge hit as investors fled to the sidelines, although regional airlines benefited from the prospect of cheap fuel.
The index tumbled 1.34 per cent, Seoul lost 0.16 per cent and Hong Kong shed 0.24 per cent, while Shanghai was flat. However, Tokyo climbed 0.94 per cent thanks to a weakening yen.
US markets were closed for Thanksgiving.
SINGAPORE share prices opened higher on Friday with the Straits Times Index up 4.33 points to 3,345.29.
Volume was 77.1 million shares worth S$102.9 million.
Losers outnumbered gainers 71 to 67.