Commodities

Billionaire investors George Soros and John Paulson have upped their stakes in the largest exchange-traded fund backed by gold as the commodity posted the largest quarterly drop since 2008.

The US Department of Agriculture (USDA) has slashed its forecasts for corn production and predicted sharp price rises, warning a drought and heatwave have destroyed much of the country's crop.

Global mining giant Rio Tinto has suffered a 22% drop in profits for the first half of 2012 as weak commodity prices hit growth.

Managers of the £276m Ruffer Investment Company have increased their exposure to gold on hopes global central banks will act soon to collectively expand their balance sheets.

OLYMPICS

SVM's Colin McLean is poised to sell out of the largest and most profitable holding in his £43m UK Growth fund after a drawn out battle by bidders.

COMMODITIES

The Glencore and Xstrata merger has come under increasing pressure as activist investor Knight Vinke has become the latest critic of the deal, calling for Glencore to up its offer.

Gold could be the best asset class to own in 2013 if inflation starts to pick up following major stimulus programmes from central banks, Fidelity's global strategist Andrew Wells has said.

US