BS:Gold was Lower while Oil and Silver Prices Ascend – Futures and Commodities News
Precious Metals
With a temporary resolution to the Greek debt crisis, gold began to fall on a more positive economic outlook. The golden metal for August delivery fell $7.60 (-0.50%) to $1,502.80 a troy ounce (see survey #2 settle price chart below). Gold has been higher the past two sessions but is still down 1.16 percent over the last five days. Since the settle Thursday, the price has dropped even further.
Silver on the COMEX for September delivery advanced six cents (+0.18%) to $34.83 an ounce. The ratio between gold and silver held steady at 43 but is still down from 45 on Monday. In August 2010 the ratio was as high as 68.
In Asia both gold and sliver prices were lower (see Tokyo Commodity Exchange chart below). The price of gold fell 19 yen per gram to ¥3,894. That works out to $1,497.14 per troy ounce. Silver was down to ¥89.8.
In New York both platinum and palladium were both higher Thursday. In Asia, platinum was higher but palladium was lower.
Energy Prices
On the New York Mercantile Exchange (NYMEX) both crude oil (WTI) and RB RBOB gasoline were higher. August light sweet crude was up 65 cents (+0.69%) to $95.42 a barrel. August gasoline was up 25 cents (+9.33%) to $2.97.
Last Thursday the 28 counties of the International Energy Agency (IEA) agreed to release 60 million barrels of oil from their strategic petroleum reserves. It was hoped that the move would put downward pressure on oil prices. Since the announcement the price has advanced 4.82 percent.
In Tokyo energy prices were lower.
Corn Cotton Wheat
Corn, cotton and wheat hit 100 lows Thursday (see survey #1 chart below). Cocoa, coffee, and orange juice were higher. Feeder cattle advanced but lean hogs and live cattle prices declined.
