Breaking News for Gold, General Mills and Predatory Lending
Gold falls, General Mills ups dividend, and predatory lending is curbed.
Gold prices ended lower Monday after a volatile trading day as jittery investors debated between the safety of gold and the risk of stocks. Gold for August delivery closed down $17.60 to $1,238.60 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Monday has traded as high as $1,263.70 and as low as $1,235.90. The U.S. dollar index was adding 0.45% to $85.70 while the euro was slipping 0.74% to $1.22 against the dollar. The gold spot price Monday was rising more than $15, according to Kitco's gold index. Gold prices see-sawed Monday. After beginning the session slightly lower, prices rallied as safe haven buying returned. But gold was unable to re-take its record high of $1,264 an ounce as investors took profits, opted for stocks instead of gold and were disheartened by India's June lackluster buying. According to the Bombay Bullion Association, gold imports into India might be 75% lower then the same period a year ago. - More Information
General Mills (GIS) shares traded lower Tuesday even after the food products maker upped its quarterly dividend by 12% and announced a new stock buyback plan. General Mills said late Monday it will increase its quarterly dividend to 28 cents per share from 25 cents. On an annualized basis, the increase raises General Mills' dividend yield to 3% from 2.68% previously. – More at TheStreet
Predatory lending would likely become a thing of the past if proposed regulatory reform rules are put into practice. And that may mean that mortgages get more expensive and more difficult to get, lenders warn. The new rules, which Congress is expected to vote on this week, require that financial institutions ensure that borrowers can afford to repay the mortgages they are sold. Lenders would also have to tell borrowers the most they might pay on an adjustable rate mortgage and explain that payments will vary when the interest rate changes. – More at CNNMoney