Opinion
What the gold and oil price rallies are telling us
While some investors are celebrating the surge in gold and oil prices, outperformance of US energy stocks has historically been a bad sign for the US sharemarket.
Karen MaleyColumnistIf history is any guide, global sharemarkets could be in for a rough period ahead as gold futures prices hit a fresh record high in trading on Tuesday night, while oil prices have settled just under the $US90 a barrel level.
And while bubbling geopolitical tensions are no doubt helping to bolster gold and oil prices, it’s clear that these two markets had been rallying even before Israel’s airstrike on Tehran’s consulate in Damascus last week threatened to escalate the years-long shadow war between Israel and Iran.
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