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| Precious Metals Fall as Demand Wanes Posted: 15 Nov 2012 09:58 PM PST Precious metals dropped on signs that demand is global waning while supply may pick up. The World Gold Council reported that world consumption of gold dropped 11 percent in the third quarter of this year from a year ago. Demand in China (the second biggest consumer in the world) fell 8 percent. The report was not completely bad, though, as it said that “the Indian market is showing signs of recovery”, growing 9 percent, and demand from central banks increased. At the same time, Anglo American Platinum Ltd. reported that it reached an agreement about wages with striking workers. Such outcome means that production will resume, adding supply to the market. Gold slipped from $1,724.88 to $1,711.73 per troy ounce on COMEX yesterday and traded at $1,713.33 today. Silver was at about $32.46 per ounce today after yesterday’s drop from $32.57 to $32.38. Platinum fell from $1,579.25 to $$1,554.25 per ounce before trading at $1,557.25. Palladium traded near $625.95 per ounce after falling from $631.70 to $624.25. |
| Crude Oil Retreats on Poor Data from Europe & USA Posted: 15 Nov 2012 06:24 PM PST Crude oil fell as signs of global slowdown overshadowed the tension in Middle East. The eurozone economy remained in recession, falling 0.1 percent in the third quarter of this year. On the positive note, economies of both France and Germany expanded 0.2 percent, while analysts have expected to see no growth. The news from the United States was not encouraging either. Manufacturing was declining and unemployment claims surged last week. US crude oil inventories rose by 1.1 million barrels to 375.9 million barrels last week. The increase was somewhat smaller than the predicted 2.5 million, but still the stockpiles were “well above the upper limit of the average range for this time of year”. Crude oil (light sweet) dropped from $86.34 to $85.47 per barrel on NYMEX as of 1:56 GMT today. |
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