Goldmans' BRIC fund hit by commodities panic selling

Goldman Sachs' BRIC fund was one of the worst affected by yesterday's sharp commodity sell-off, which saw the price of Brent Crude oil fall 10%.

The $831m Goldman Sachs BRIC fund dropped 5.7% in the week ending yesterday, along with the Templeton BRIC fund which fell the same amount, marking the heaviest losses among diversified equity funds, according to Bloomberg. Oil led the commodities sell-off, with Brent falling by 10% or $12.17, to $109.02 a barrel at the trading session's low point. Silver has fallen by more than 20% since its record high of near $50 an ounce last Thursday. The sell-off has been attributed to a stream of weak economic data coming out of Europe and the US, as well as the CME Group bumping up its trad...