Commodities mark worst losses since December 2008, Gold shines
Commodities declined for an 8th day running, the longest losing streak since December 2008, on deepening that the Global economic slowdown would reduce demand for raw materials.
The Standard & Poor's GSCI Spot Index of 24 commodities lost as much as 0.8% to 639.83 and was at 640.21 at 11:56 a.m. Singapore time.
The gauge headed for a weekly loss of 6.7%, the worst since May.
Zinc led the decline, slumping as much as 3.2% in London. Crude Oil fell 1.6% in New York and is set for its biggest weekly loss in 3 months.
Copper dropped to the lowest since June, but Gold rose 0.5%
Gold for immediate delivery increased 0.5% to 1,655.22 oz. Bullion, touched a record 1,681.72 Thursday, is up 1.6% on the week, set for the longest run of weekly advances since the 5 weeks to March 4.
Gold is supported on many fronts and Shayne and I are Bullish, fear abounds in all markets, Gold is the investment of choice in here, calling it near term at 1,700 oz.
Wheat for December delivery dropped as much as 2% to 7.1075 a bu on the Chicago Board of Trade before trading at 7.1275.
Corn for December delivery dropped 1.4% to 6.9175 a bu after falling 1.6% Thrusday.
Paul A. Ebeling, Jnr.