“We see commodities as the safe haven, not just for the next year or five years, but potentially for 10 years, and we also see commodities outperforming during those periods,” he said.
Ramelius Resources was one of several gold companies to lose market value as investors move ever closer to the safety of the US dollar, but Amir doesn’t think that will last too long.
“We will probably review this in the future, but for now, with the US dollar moving painfully higher, it is putting gold at a disadvantage,” he said.
Elsewhere, goat milk and infant formula dairy product maker Bubs Australia failed to impress investors despite making a first-time profit, with its share price falling nearly 5 percent to end at $0. .57.
On Wall Street, the S&P 500 fell 0.7 percent after swinging between small gains and losses, with energy and utilities the only sectors to end in positive territory.
The market is coming off its worst weekly decline since mid-June after Powell signaled on Friday that the central bank would raise rates into next year and keep them elevated as it tries to stifle demand and lower prices for goods and services.
Tweet of the day:
Quote of the day: “When the going gets tough, it’s a lot about family. I think we have a great opportunity to capitalize on that,” Best & Less chief executive Rob Orrock believes Australians will intensify their hunt for bargain clothes as financial strains mount, speaking of a “value migration” to despite more than 50 percent drop in net profit.
You may have missed: Ahead of the Albanian government jobs and skills summit in Canberra on Wednesday, Atlassian co-founder Scott Farquhar called on the Albanian government to cut red tape to allow faster entry for higher-income immigrants. He made the call for himself while announcing a commitment to hire 1,032 employees in Australia and New Zealand over the next year.
The Market Recap newsletter is a summary of the day’s trading. Get it every one of usmeday k afternoon.