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European stocks climbed today. Glencore Xstrata led mining companies higher as copper advanced in London. Pirelli gained over 3% as Goldman Sachs upgraded the shares.
Alcoa, the largest U.S. aluminium producer, had its credit rating cut to one level below investment grade by Moody’s after the price of metal fell amid a global oversupply. Moody’s outlook however is stable, indicating that the rating won’t be reduced again soon.
Gold and wine prices have tracked each other in the past decade due to demand for alternative assets. The Liv-ex Fine Wine Index tripled in the past 10 years and gold advanced fourfold. However these are now diverging after gold prices fell and some investors lost faith in the gold as a store of value. Whilst the fine wine index rose 5.9% this year, Gold slid 17%. Credit Suisse said that Gold may drop to $1,100 an ounce in a year, or 21% less than now. The Wine Investment Fund, which manages about $50 million of assets, expects the fine wine index to rise by about another 7.6% by the end of year.
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