Credit downgrades, recession and President Francois Hollande’s gaping budget shortfall have done little to prevent French bonds from outshining gold.
Investors who bought French bonds when Standard & Poor’s stripped the country of its top credit rating on Jan. 13 last year have chalked up a 12 percent return, about triple the gains from German debt. Gold, touted by some investors as the world’s safest asset and a potential beneficiary when AAA rated governments are downgraded, lost 17 percent during the period.
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