Markets At A Glance: Gold, Silver, Crude Oil
By Victor Hatley on November 30, 2010, 12:30 pm Posted in Finance News
Speculation about the sovereign debt crisis in Europe has served to boost demands in precious metals and crude oil as a safe haven. The Euro is fell to a two month low against the dollar after the bailout for a Ireland did not ease concerns that the debt crisis could spread. Part of the sudden jump in prices could be attributed to the news that Chinese authorities have approved funds for investing in gold overseas. So far this year gold has gained over 25% touching a record $1424.30 an ounce on November 9.
Gold On The Uprise
February delivery gold futures rose $3.20 to $1367.50 per ounce on the Comex in New York by 2:00 PM yesterday. This is a contrast to the previous two sessions where the metal lost more than 1% of value. And while the Euro dipped, at least 1.3% against the dollar, gold priced in euros reached an all time high in June when Greece was looking for their bailout. Matt Zeman, a metal trader at Lasalle futures group, claims the gains may be limited, he says “a big head-and-shoulder top is forming on the daily chart, people are shying away from gold.”
Silver And Crude Oil Gains
More than 2% in profits were recorded yesterday for the price of crude oil, with the contract price of January delivery rising by $1.97 to $85.73 per barrel on the New York commodities exchange. This is the highest level the market has seen since November 11. Silver also made out pretty well after a weak start earlier this week, futures for march delivery ended higher by over 1.5%, going up to $27.19 per ounce yesterday.
Weak Markets Force Losses
Week equities and stronger rates at the Forex on the dollar has forced crude oil futures to take losses, as traders look for any kind of indication of a future demand in any of the market’s. Analysts are estimating that the resistance of the price of oil may suggest that the fundamental supply and demand can maintain the prresent level at an average of around $80.00 per barrel.
Related posts:
- Wall Street: Gold Soars Above $1400 An Ounce
- Korean Tensions Drive Markets, Russians, Chinese, And USS Washington
- Congresman Ron Paul (R-TX) And The Gold Standard
- Chairman Bernanke & Mr. Blankfein: The Confiscation Of Your Gold
- Long-Term Unemployment Hits Wall Street Hard
Unless you are a wealthy person or have a high income, investing in gold or silver is not viable. I remember when silver was only $3.50 an ounce and gold was well under $100.00 an ounce. Investing in gold is a long term investment and, only those who have strong financial reserves will survive the storm during economic downturns. In times of world economic disasters all metals are in demand. Metals have a multitude of uses. Investing in gold and silver is only for a minority. Let us focus on something which has an effect upon the world population. Oil seems to be a cause for economic concern. Sometimes I wonder what it will take to get people to open their eyes. Most people are completely oblivious to why the rivers are polluted. I will give you empirical evidence. Inspect the asphalt that cars are driven on. If you look closely at the parking lots you will notice they are covered in oil and gas, not to mention a multitude of other pollutant fluids. When it rains, all of these aoutomobile fluid waste pollutants drain into the streams and rivers. Someday when you have four hours to spare go for a walk through your local grocery store parking lots and look at the filth and grime on the asphalt. If you have time, walk through the bank parking lots, they are the worst. A city like Los Angeles is draining 100s of 1000s of tons of gasoline and oil fluids into who knows where. This is most likely a major cause for acid rain. It is getting to the point to where I eat very little seafood and fresh water fish. The waters are polluted. Scientists are under pressure to give out information that is structured to conform to standards so as not to cause civil unrest and protest among the populations. Imagine an automobile that does not pollute the environment. No more exhaust fumes, oil leaks, and more importantly, no more dirty engines. How much longer are we going to let small minded people dumb down the integrity of what the human race is capable of doing. Combustible engines have been around for over a hundred years. It is time to open our eyes and recognize that oil is poison and not the way of the future. NASA already realizes that combustible fuels are not the answer. My hope is that sometime in the near future NASA will do away with old physics and enlighten the world with anti-gravity propulsion. At the present, on-line books are cheaper than hard-copy books. Mark my words. Eventually on-line books will cost more than the books in your local store. The cost to produce information will be less and, the selling price will rise. A basic business tactic.For instance. A paper back that sells for 20 dollars today will be 25 dollars two years from now on-line. Do not be fooled. Bill Gates and the man who owns Apple are in it for the money, more importantly, economic power. CDs and DVDs have a re-sale value. Try and sell your music on your I-POD or, movies that are down-loaded on your home entertainment center. Good Luck. We are talking about two generations of which their whole lives are on line. They have nothing except what is on a computer. Remember, science and technology are separate fields. Archaeologists are not engineers. Business people are their to make money. I still believe the answer for the American economy is jobs. We must find a way to create jobs. More taxes for the poor or rich is not the answer. Taxes cause a rise in product cost and lead to a demand for wage increases. Credit is a result of an economy that cannot support itself by means of a fluid cash flow resulting from unstable employment. Credit is an alternative which almost always is solvable but is a cause for inflation. Whatever the case may be, there must be movement. Cash flow without jobs is not constructive. A creative society is a result of jobs. For a society to succeed it must be creative. The goal of a civilization will never be accomplished without work. America will lose its place in the world if it does not get back to work. History will tell you that over taxation and laziness will destroy a civilization from within itself. Oil and the deficit have got to go.
I bow down hmulby in the presence of such greatness.
Every now and then I come back to this web site to see if anything new has been posted. I find it odd that the editors have abandoned their site. There is a way to take over this site. It is only a matter of finding out where to go to downlaod the topics. I may have an interest in creating topics. However, I have been using the New York Times as a source to contribute information responses. I was unemployed for 29 months. Eventually I found employment. The job lasted for 6 months. Now I am back on the unemployment insurance chain gang.
Definitely believe that that you stated. Your favorite justification seemed to be on the net the simplest thing to be aware of. I say to you, I certainly get annoyed even as folks think about worries that they plainly do not understand about. You controlled to hit the nail upon the top and also defined out the entire thing with no need side effect , folks can take a signal. Will likely be back to get more. Thank you