Gold hits record high on haven demand as markets rally sputters

first_imgThe greenback was down against most other currencies, with the euro at its highest since September 2018, while higher-yielding units such as the South Korean won and Indonesian rupiah were also up.Stock markets were mostly up but with little conviction as investors fret over the impact of the virus on the economy.Shanghai was slightly higher, having suffered big losses last week as China and the US closed consulates in Chengdu and Houston, ramping up tensions between the superpowers.Sydney was up 0.2 percent, while Singapore and Jakarta each added 0.3 percent, though Seoul climbed more than one percent and Taipei jumped more than two percent.Tokyo, Hong Kong and Mumbai drifted lower.Investors are growing concerned about lawmakers’ slow progress on a new US stimulus program, with Republicans still to present their proposals worth around $1 trillion, which is less than a third of the plan set out by Democrats.There are concerns an agreement could take some time, hitting millions of Americans whose much-needed extra unemployment benefits are about to come to an end. Eyes are on the Fed’s next policy meeting this week, with some predicting further measures to boost the economy — possibly negative interest rates — that could put more pressure on the dollar and send bullion above $2,000.There are also concerns that a worse-than-forecast reading on second-quarter US gross domestic product could spark another dollar sell-off.While the weak dollar has been a key catalyst for the metal’s advance, gold has also been boosted by its attractiveness as a haven in times of turmoil with China-US relations souring by the day.”Strong gains are inevitable as we enter a period much like the post-global financial crisis environment, where gold prices soared to record levels as a result of copious amounts of Fed money being pumped into the financial system,” said Gavin Wendt, senior resource analyst at MineLife. Key figures around 0400 GMT Gold: UP 2.2 percent at $1,944.71 per ounceTokyo – Nikkei 225: DOWN 0.3 percent at 22,685.31Hong Kong – Hang Seng: DOWN 0.1 percent at 24,683.66 (break)Shanghai – Composite: UP 0.1 percent at 3,199.67 (break)Euro/dollar: UP at $1.1715 from $1.1652 at 2100 GMT Dollar/yen: DOWN at 105.56 yen from 105.95 yen Pound/dollar: UP at $1.2848 from $1.2791 Euro/pound: UP at 91.13 pence from 91.07 penceWest Texas Intermediate: DOWN 0.3 percent at $41.15 per barrel Brent North Sea crude: DOWN 0.4 percent at $43.15 per barrelNew York – Dow: DOWN 0.7 percent at 26,469.89 (close)London – FTSE 100: DOWN 1.4 percent at 6,123.82 (close) Gold hit a record high Monday as investors rushed into the safe-haven on concerns about China-US tensions, a spike in virus infections around the world and a lack of progress on a new stimulus bill in Washington.After months of healthy rallies across equity markets, fuelled by trillions of dollars in government and central bank support, traders are beginning to step back as they weigh the long-term economic impact of the coronavirus.With vast monetary easing measures put in place by the Federal Reserve pushing the dollar lower against most other currencies, gold is flying, hitting an all-time high of $1,944.71, well above its previous record of $1,921.18 seen in 2011.center_img Bloomberg News contributed to this story  Topics :last_img read more

Never forget Yao Ming was an absolute beast with the Rockets

first_imgMORE: Shaq on what changed his relationship with YaoYao is a larger-than-life figure in more ways than one, so it’s easy to forget a simple truth about him. The dude was really, really good at basketball.In 486 regular season games with the Rockets, Yao averaged 19.0 points, 9.2 rebounds and 1.9 blocks while shooting 52.4 percent from the field and 83.3 percent from the free throw line. He had two individual seasons in which he hit the thresholds of 20 points, 10 rebounds and 1.5 blocks per game with 50 percent shooting. The only other 7-footers with those numbers in multiple seasons? Kareem Abdul-Jabbar, Patrick Ewing, Artis Gilmore, Shaquille O’Neal, Hakeem Olajuwon, David Robinson and Ralph Sampson. That’s pretty great company.Strong yet nimble, Yao was capable of rejecting attacks at the rim on one end and finishing with a feathery touch on the other. He presented opposing centers with a challenge they had never faced before.”I think that was the smallest that I’ve ever felt,” Brook Lopez told ESPN’s Ohm Youngmisuk when describing a 2008 game against Yao. “Going up for the jump ball and then I do my first hook and he blocked it so easily. It was like nothing to him. It was really really a unique experience. I can’t compare it to anything else.”From 2002-09, the Rockets won 50-plus games in four separate regular seasons, but they routinely lost in the first round of the playoffs. They advanced to the Western Conference semifinals just once with the dynamic duo of Yao and Tracy McGrady, falling to the eventual champion Lakers in 2009.McGrady, who also got bit by the injury bug repeatedly in Houston, missed that postseason after undergoing surgery on his knee, and Yao was forced to watch the final four games of a seven-game battle with a broken bone in his foot. It’s a shame Yao couldn’t finish the series because he was dominant in Game 1 against the Lakers.His line: 28 points, 10 rebounds, two blocks, 9-of-17 from the field, 10-of-10 on free throws. He just worked Andrew Bynum and Pau Gasol in the post.Those were essentially his final playing days. He officially retired just two years later.It would have been fascinating to watch how he evolved with the modern NBA. His size made him an ideal rim protector, but how would he have dealt with small-ball lineups? He always had good shooting form and could step out for a midrange jumper. Could he have turned himself into a pick-and-pop threat? Unfortunately for Yao (and NBA fans everywhere), he never had the chance to answer those questions. His career is best summed up by one of his biggest rivals.”He was very agile. He could play inside. He could play outside,” O’Neal said back in 2011. “If he didn’t have those injuries, he probably would have been up there in the top five centers ever to play the game.”When discussing Yao Ming, never forget that part. On July 20, 2011, Yao Ming announced his retirement from the NBA, ending his career at the age of 30. The former No. 1 overall pick missed the entirety of the 2009-10 season and played only five games the next year due to foot and ankle injuries, quickly becoming one of the league’s greatest “what if” questions.Despite the abrupt ending, Yao is remembered fondly for a lot of reasons: his massive role in increasing the NBA’s popularity in China and breaking down racial stereotypes, his Yo vs. Yao commercial, his generally jovial nature and his ability to make other people look tiny. (That happens a lot when you’re 7-6 and 300-plus pounds.)last_img read more

Wednesday February 19th Local Sports

first_imgDES MOINES — Des Moines North outscored Mason City 27-10 in the third quarter and 53-27 in the second half in an 81-54 win last night. Four Mohawks scored in double figures — Jeff Skogen had 14 points, Corey Miner had 12, Austin Richardson 11 and Carter Thomas 10. Mason City drops to 7-12 with the loss and will host Charles City late this afternoon in a make-up game that was postponed on Monday. Only varsity will be playing with tipoff scheduled for 4:30, and it’s a game you can hear on AM-1300 KGLO. AM-1490/96.7-FM KRIB, kribam.com, Radio.com app — Class 3A girls regional semifinal — Clear Lake vs. Forest City — 6:45 TONIGHT:AM-1490/96.7-FM KRIB, kribam.com, Radio.com app — State Duals involving Osage and Lake Mills== Quarterfinals — 9:00 — Lake Mills vs. Logan-Magnolia, Osage vs. Davenport Assumption== If win first dual — semifinals at 1:00, 1st/3rd place match tape delayed after Clear Lake girls basketball== If lose first dual — consolation semifinal at 11:00, 5th/7th place match at 4:30 DES MOINES — The state dual wrestling tournament takes place today in Des Moines, with Osage and Lake Mills being the fourth seed in their respective classes:== Class 2A quarterfinals — 9:00 AM#4 Osage vs. #5 Davenport Assumption#1 West Delaware vs. #8 Humboldt#2 Independence vs. #7 Winterset#3 Williamsburg vs. #6 Sergeant Bluff-Luton== Class 1A quarterfinals — 9:00 AM#4 Lake Mills vs. #5 Logan-Magnolia#1 Don Bosco vs. #8 Woodbury Central#2 Lisbon vs. #7 Clarion-Goldfield-Dows#3 West Sioux vs. #6 Denver== Class 3A quarterfinals — 11:00 AM#1 Southeast Polk vs. #8 West Des Moines Valley#4 Bettendorf vs. #5 North Scott#2 Waverly-Shell Rock vs. #7 Indianola#3 Fort Dodge vs. #6 WaukeeYou can hear coverage of the Osage and Lake Mills wrestlers in the state duals on AM-1490 & 96.7-FM KRIB, kribam.com and via the Radio.com app throughout the day today. AM-1300 KGLO, kgloam.com, Radio.com app — Mason City High boys vs. Charles City — 4:30center_img IOWA CITY — The Atlantic Coast Conference has joined the Big Ten in supporting a rule change allowing athletes to transfer one time during their career and be eligible immediately at their new school. Currently, athletes must sit out a year after transferring unless they are granted a waiver. Iowa athletic director Gary Barta.Barta says the changes would also include athletes who are graduate transfers. ALGONA — Algona ruined Clear Lake’s chance for a perfect North Central Conference boys basketball season as the Bulldogs knocked off the 4th-ranked in Class 3A Lions 64-53 last night in Algona, as you heard on AM-1490 & 96.7-FM KRIB and kribam.com. Carson Toebe led three Clear Lake players in double figures with 16 points, while Andrew Formanek had 13 and Kody Kearns 11. Clear Lake finishes the regular season with a 13-1 conference mark and are 18-3. The Lions open up 3A Substate 2 play on Monday hosting Boone. Algona finishes the regular season with a 17-4 record and finished in second place in the conference behind the Lions at 12-2. ALGONA — Bishop Garrigan outscored Newman 17-3 in the first quarter and 27-4 in the second quarter on their way to an 83-27 win in a Class 1A regional quarterfinal girls basketball game last night in Algona, as you heard on AM-1300 KGLO. Lily Castle and Kealan Curley each had six to lead the Knights, who end their season with a record of 13-10. Garrigan is now 21-1 and will host AGWSR on Friday in the regional semifinal round.== 1A girls Region 3 tonightSt. Ansgar 48, Janesville 43Clarksville 75, Riceville 36== 2A girls Region 2Osage 62, Lake Mills 28North Union 61, Pocahontas 51== 2A girls Region 3West Hancock 75, Belmond-Klemme 29Clarion-Goldfield-Dows 53, South Central Calhoun 43== 2A girls Region 4MFL-Mar-Mac 62, West Fork 35— 3A girls basketball teams play regional semifinals:== 3A Region 2Forest City at Clear LakeAlgona at Okoboji== 3A Region 3Jesup at Hampton-Dumont-CALGreene County and Roland-Storylast_img read more