This was an up and down week for posts affecting commodities but left precious
metal trending falling off. Values ended the week in the red. This past week for
the stock market was relatively negative and the week finished out as one of the
worst in three months. Gold price per ounce fell. Silver price per ounce fell
and copper price per ounce fell. More specifically, gold contract for December
delivery ended the session with a floor price of $1,365.50 an ounce. Silver
contract for December delivery ended the session with a floor price of $25.94 an
ounce. Copper contract for December delivery ended the session with a floor
price of $3.89 an ounce. Analysts contend that news stemming relevant to Chinas
economy is spooking investors and caused a sell off and thus ended the session
negatively. The G-20 summit in Seoul ended yesterday and leaders of the
world's major economies would not unify to support the U.S. led efforts to get
China to let its currency rise. President Obama, along with a contingent of
currency and trade experts, believe that China has an unfair trade advantage due
to the exchange rate value of its currency. The current low value of the yuan
makes it cheaper for nations to export out of China. Speculation over an
interest rate hike to cool down China's fast growing economy had a negative
affect on the index value trending during the U.S. trading session to end the
week and this speculation also took its toll on commodity values. Author:
Camillo Zucari
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