Alternative Investment News Round-up: Friday 4th December

Precious metals improve on back on ECB cut

Precious metals enjoyed a short-term lift on the back of the European Central Bank’s announcement of further stimulus efforts.

The ECB announced that it will cut rates by 10 basis points to -0.30 per cent from 9th December 2015, with quantitative easing extended to March 2017 – and even further beyond that date, if necessary.

The move was less severe than expected, causing the euro to surge against the dollar in its best performing month since 2009. At the same time, precious metals also rose on Thursday. Gold futures climbed 0.7 per cent to $1,061.20 a troy ounce on the New York Comex, largely fuelled by the fact that the precious metal is traded in dollar, so any weakness against other currencies makes the asset less expensive.

“Gold rallied off the dollar breaking,” Charles Nedoss, a senior market strategist with LaSalle Futures, told Nasdaq.

Sly Stallone in “acquiring mood” at art fest

Sylvester Stallone was far from sly when it came to his interesting in buying art this month. The Rocky star was one of many celebrities attending the Art Basel Miami Beach fair.

Stallone in `Acquiring Mood’ at Miami Art Basel as Stars Swarm

“I’ll be in a very acquiring mood,” he told Bloomberg at the preview night for the event on Tuesday.

The 14th edition of the largest art fair in the US saw transactions signed and sealed quickly, with 267 galleries showcasing 4,000 artists and works valued at a collective $3 billion. Hedge fund managers, billionaires and actor Leonardo DiCaprio were among attendees, with one art dealer selling 12 pieces within the first three hours of the show.

“For works priced between $20,000 and $100,000 people come in and spend, they don’t even think about it,” David Nolan told the news agency. “Mostly we sold to new people. They all presume it’s a good investment.”


Photo: Anthony Joh