Commodity Blog

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Gold & Silver Suffer from Europe’s Crisis, Dry Weather Boost Wheat Prices Posted: 16 May 2012 05:55 PM PDT Gold and silver erased this year’s gains as the credit crisis in Europe continue to weaken demand for raw materials. Talks about Greece exiting the euro-union are becoming more and more serious and some analysts even speculate about collapse of the eurozone. Traders seek a safe haven amid uncertainty and economic turmoil, but it looks like the dollar took the role of refuge that was traditionally attributed to precious metals. Gold was down from $1,541.40 to $1,535.80 per ounce on COMEX yesterday, reaching $1,533.80 intraday — the lowest price since December 29. Silver fell from $27.69 to $26.90 per ounce yesterday — the lowest settlement since December 29, while today it opened at$27.21. Wheat jumped today for the fourth trading session as bad weather in various parts of the world threatened to curb output. Russia continues to suffer from drought and parts of Kansas suffer from the same problem. Russia is the world biggest exporter. Wheat is the fourth biggest US crop and Kansas is the biggest wheat-growing region of the United States. Wheat climbed from $6.3825 to $6.4325 per bushel as of 00:51 GMT on CBoT today. (...) Read the rest of Gold & Silver Suffer from Europe’s Crisis, Dry Weather Boost Wheat Prices (12 words) Posted on Commodity blog.

Commodity Prices — May 16th 2012 Posted: 16 May 2012 03:00 PM PDT Latest commodity prices (ICE, NYMEX, CME) as of 21:59 GMT: Oil (Brent) — $111.65 per barrel. Gold — $1,535.80 per troy ounce. Silver — $27.04 per troy ounce. Palladium — $591.90 per troy ounce. Copper — $347.50 per 100 pounds. Cocoa — $2,279.00 per metric ton. Sugar — $20.85 per 100 pounds. Corn — $619.25 per 100 bushels. Soybean — $1,421.25 per 100 bushels. Posted on Commodity blog.

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