On the Commodities Front: Gold, Silver and Crude Oil

Weakness in other asset classes caused some liquidation in the precious metals today.

Despite continued concerns about a possible Greek default, as well as more rumors that Moody's is preparing to downgrade the three largest French banks, Gold and Silver prices traded steadily lower on the day

Gold prices fell 2.5% to settle at 1813 oz, and Silver price dropped 3.4% to finish at 40.22 oz.

Both metals have extended their respective sell-off in after hours trade, with Gold trading to 1804 and Silver at 39.75.

Crude Oil finished up 1.1% at 88.19 bbl. Futures rallied in the face of concerns about the state of Global indices and the resulting weakness in equity markets. After trading to highs at 88.95 in mid-morning trade, Crude Oil pulled back toward the 88 mark where it closed.

Nat Gas finished lower by 0.7% at 3.89 per MMBtu.

Paul A. Ebeling, Jnr.

 

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.