Crude futures advanced today amidst a number of factors coming together to create the best of all worlds. The metal finished at its highest price in nearly 28 years and the most-active December contract hit levels not seen in 17 months. The continuing weakness of the dollar along with crude's ascension helped cause speculative purchasing of gold. December-dated gold added $8.40 to finish at $762.20 an ounce. The perfect storm was caused by the geopolitical tensions, $85 oil, and an extremely weak dollar.
Silver prices started the day higher, but gave up its gain later in the day. Some investors believe that silver may have hit temporary overbought conditions, but the situation isn't bad enough to prompt massive liquidation. December slipped 4.8 cents on the day to finish at $13.855. Platinum finished the day higher and palladium dropped on the day.