BS:Futures and Commodities – Oil Gold and Silver advance in US and Asia – Natural Gas Declines
(Best Syndication News) Oil, gold and silver prices continue to climb today even after the settle in New York (see commodity charts below). In Japan Friday, prices continue to advance.
Precious Metals
Precious metals were generally higher Thursday (see survey #2 settle price chart below). August gold on the COMEX advanced $4.00 (+0.26%) to $1,542.70 a troy ounce. Since the settle, prices continued to climb, up another $2.20.
Silver for July delivery added 80 cents (+2.20%) to $37.42 an ounce.
Platinum and Palladium were also higher, but copper declined slightly.
In Tokyo, commodities continued to ascend. Gold was up another 7 yen (+0.18%) to ¥3,980 per gram ($1,548.59/ounce). Silver experienced even bigger gains, up 1.58 percent to $37.47 a troy ounce. Palladium futures were unchanged, but platinum was higher. See the Tokyo Commodity Exchange (TOCOM) chart below for more details.
Energy Prices
Good economic news may have helped push up oil prices Thursday. The lack of OPEC cooperation didn’t hurt the futures market either.
Light sweet crude oil on the New York Mercantile Exchange (NYMEX) for July delivery was up $1.19 (+1.18%) to $101.93 a barrel. Brent crude on the Intercontinental Exchange (ICE) jumped even more, up $2.79 (+2.39%) to $119.57 a barrel.
Natural gas was lower. See the chart below for details.
In Tokyo prices were higher. Crude oil on the TOCOM was up 2.58 percent and gasoline was 2.23 percent higher.
Futures News
Commodity Futures Trading Commission Chairman Gary Gensler told the Sandler O’Neill Global Exchange and Brokerage Conference that markets were getting volatile, mostly because of swaps. The swap market has outstripped the commodities market making things more complex. There are seven times and many derivatives trades than commodities now.
Later this month the CFTC will post a data analysis of traders’ positions on their website.
The Dodd-Frank Act will traders more transparency and give the agency more regulatory oversight in the derivatives market, Gensler said. He said the public will benefit and there will be more “integrity” in the marketplace.
