BS:Silver Gold and Oil Prices Higher while Futures and Commodities Advance Across the Board
(Best Syndication News) Oil and gold futures began to climb again after one day of declines (see commodity charts below). The trend has been higher over the last week, but oil is declining since the settle on Tuesday and gold continues to rise.
Precious Metals
Silver and gold both advanced Tuesday while the ratio between the two narrowed by 2.88 percent. Investors were reminded that the sovereign debt crisis is not over after Moody’s downgraded Portugal’s debt to junk bond status.
The golden metal serves as a hedge against bad economic conditions for some investors. August gold on the COMEX gained $30.10 (+2.03%) to $1,512.70 per troy ounce (see survey #2 settle price chart below).
Silver for September delivery jumped 1.71 (+5.06%) to $35.41 a troy ounce.
In Tokyo silver and gold both advanced on the Tokyo Commodity Exchange (TOCOM). Gold was up 61 yen per gram (1.57%) to ¥3,950. That works out to $1,521.12 per ounce.
Silver was four yen per gram higher to ¥92.5 ($35.62 per ounce). Both gold and silver are higher for the week.
Platinum and palladium were higher in both New York and Tokyo. See the charts below for details.
Energy and Oil Prices
Light sweet crude on the New York Mercantile Exchange (NYMEX) was $1.95 (+2.05%) higher to $96.89 a barrel. Since the settle, the August future is down 19 cents.
Brent crude on the Intercontinental Exchange (ICE) fell 38 cents (-0.34%) to $111.39 a barrel. The ratio between Brent and WTI narrowed by three cents (-2.35%) on Tuesday. The difference in price was $14.50.
Many investors are betting demand for oil will continue to grow in China and the United States. Natural gas and coal also advanced.
Agricultural Prices
We only found one agricultural commodity that declined on Tuesday, and that was cotton (see survey #1 chart below). Cotton fell 1.24 cents to $1.16 per pound.
Cocoa was up 2.12 percent, coffee was up 2.38 percent and corn was up 2.67 percent.
Feeder cattle, lean hogs and live cattle were all higher. See the chart below for more information.
