BS: Futures and Commodities – Silver Gold and Oil Prices Higher Again – Cotton down nearly 40%
Gold has been higher three days in a row (see survey #2 settle price chart below). An unresolved on-going European debt crisis and other economic concerns may be driving prices higher.
On Thursday, gold for August delivery on the COMEX was up 1.40 (+0.09%) to $1530.60 a troy ounce. Over the last 100-day period gold has advanced 12.51 percent. Compare that to silver which has advanced 21.81 percent. The ratio between gold and silver decreased 1.61 percent on Thursday.
September silver was up 62 cents (+1.73%) to $36.54 an ounce. Silver prices have also advanced three days straight.
In Asia gold and silver were both higher. Gold advanced 23 yen (+0.58%) to ¥4,007 on the Tokyo Commodity Exchange (see TOCOM chart below). That works out to $1,537.55 a troy ounce.
Silver advanced 2.25 percent to $36.64 an ounce.
Energy Prices
August crude oil (WTI) on the New York Mercantile Exchange (NYMEX) advanced $2.02 (+2.09%) to $98.67 a barrel.
The world benchmark, Brent Crude, advanced one cent to $113.62 a barrel on the Intercontinental Exchange (ICE). Increased world demand, including demand in China, has been driving Brent higher than light sweet crude (WTI). The ratio between Brent and WTI narrowed slightly.
In Tokyo crude oil and gasoline were both higher. The trend has been higher four straight days.
Agricultural Products
Most agricultural products were higher Thursday (see survey #1 chart below). Cocoa was lower, but coffee, corn, cotton, soybeans, sugar and wheat were all higher. Cotton is still 39.10 percent lower over the last 100-days.
Lean hogs, feeder cattle and live cattle also advanced. See the charts below for more details.
