Gold Silver and Crude Oil Recap

Commodities closed out the week on a Strong note.

Crude Oil prices climbed 3.2% to 86.89 bbl. More impressive is that Crude Oil prices settled with a weekly gain of 5.0%. Elsewhere in the energy complex, Nat Gas prices spiked 4.8% today and 6.0% for the week.

Among precious metals, Gold prices settled pit trade at 1683.20 oz, which makes for a 0.9% gainer this session. It advanced 2.9% for the week. Silver prices scored a 1.6% gain by advancing to 32.17 oz. The ended the week 3.6% higher than where they started.

Dec Gold traded higher Friday but stayed within Friday’s range. The market gains support from the stock market, which gained on Strong earnings reported by Google, among others.

The general “risk-on” theme that began the week continued into today, as the trade was anticipating some progress on the Euro debt crisis with the G-20 meeting this weekend.

While traders acknowledge that there are numerous issues to work out regarding a solution and that any solution will be painful, the air of cooperation and the apparent acceptance that something has to be done soon has been a marked improvement over the “kicking of the can down the road” of the previous months.

A general consensus that has developed since last Friday that the US has avoided a double dip recession has made traders more comfortable holding risk assets like equities and commodities, including Gold. As of the close of the day session, December Gold had gained 2.9% for the week.

Silver Market Recap
Dec Silver traded higher Friday, finding support from gains in the stock market, a weaker USD and a more favorable attitude towards risk.

However, Silver’s performance has lagged Gold’s, as investors appear to be moving into Gold at a faster rate in the wake of Gold’s steep declines last month.

Likewise, physical demand for Gold jewelry has improved this week and is expected to gain later this month.

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.

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Posted by Shayne Heffernan on Oct 15th, 2011and filed underEnergy, Gold, Latest News, Metals, Oil, Paul Ebeling, Silver.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.