A Quick Glance at News.

Gold’s worst start to a year in a quarter century and the biggest sales by investors on record are increasing concern that bullion’s longest rally since the end of World War I is ending.

Investors sold 106.2 metric tons Gold valued at $5.4 billion from exchange-traded products in February, the most since their creation in 2003, data compiled by Bloomberg show. Another 26.1 tons was cut since then.

Credit Suisse Group AG and Barclays Plc say the 12-year rally in Gold will peak in 2013 and billionaire George Soros reduced his stake in the biggest ETP by 55 percent in the last quarter. Prices are within 4 percent of a bear market after the longest run of monthly losses since 1997. 

Gold futures in Mumbai are set to decline within a month to levels last traded in May, according to technical analysis by Angel Commodities Broking Pvt.

 

Asian stocks fell from a 19-month high as Chinese shares extended their decline. Japan Petroleum Exploration Co. (1662) surged after Japan confirmed it has extracted frozen natural gas from under the seabed. 

The MSCI Asia Pacific Index slid 0.3 percent to 136.14 as of 2:48 p.m. in Tokyo after rising as much as 0.3 percent. About five stocks fell for every three that gained on the measure, which closed yesterday at the highest level since August 2011.

The Reserve Bank of India faults government expenditure for stoking inflation even as its sovereign-bond holdings have risen to $91 billion from negligible amounts in 2008. While it has a mandate for price stability -- like counterparts in the U.S., Europe and Japan -- the RBI has another charge its peers lack: ensuring the government achieves its borrowing program.

West Texas Intermediate oil fell from the highest price in almost two weeks before a report that may show U.S. crude stockpiles rose to an eight-month high. Refining in China dropped to the lowest level in four months.

The dollar’s ability to rally on the back of positive economic news also cheered dollar bulls who contend the U.S. unit is poised to gain on expectations the Federal Reserve will move closer to scaling back its ultra-easy monetary policy. But others urged caution.

 

Costco Wholesale Corp COST -0.58%, warehouse retailer, on Tuesday reported that fiscal-second-quarter net income increased 39%, net sales increased 8.2%, net revenue including membership fees rose 8.3% and comparable-store sales rose 5%.

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