BS:Futures and Commodities – Gold and Silver Prices Fall While Oil Advances – Coffee Higher and Natural Gas Lower
Precious Metals
Stocks were higher Monday while investors were optimistic after hearing Federal Reserve Chairman Ben Bernanke speak on Friday in Jackson Hole Wyoming. A recovery could help put downward pressure on precious metals.
December gold on the COMEX fell $5.70 (-0.32%) to $1,791.60 a troy ounce (see survey #2 settle price chart below). The golden metal was higher the last two days but is still down 5.30 percent for the week.
The ratio between gold and silver increased to 41.1 while the difference between platinum and gold is only $33.40.
Silver on the COMEX for September delivery fell 35 cents (-0.86%) to $40.60 a troy ounce. Platinum and palladium were both lower.
Gold and silver prices on the Tokyo Commodity Exchange (TOCOM) slid Monday (see TOCOM chart below). The price of gold fell 35 yen (-0.78%) to ¥4,427 a gram. Converting to dollars, that works out to $1,775.37 a troy ounce. Silver was down 1.88 percent.
Energy Prices
An improved economy could put upward pressure on oil prices. October light sweet crude oil (WTI) on the New York Mercantile Exchange (NYMEX) increased $1.90 (+2.23%) to $87.27 a barrel.
Brent crude oil on Intercontinental Exchange (ICE) advanced 52 cents (+0.47%) to $111.88 a barrel. The ratio between Brent and WTI was 1.3 and the difference was $24.61.
Natural gas continued to slide, down more than 2 percent.
Agricultural Products
Cocoa, coffee, cotton and soybeans were all higher Monday (see survey #1 chart below). Coffee is up 16.54 percent over the last 30-day period. Although corn was down Monday, the commodity is up 11.39 percent over that same period (CBOT).
Lean hogs hit a 100-day low Monday. Feeder cattle and live cattle were also lower.
