Why Gold Is Strong Again
The S&P 500
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pretty much wiped all of Friday’s gains out. The September Nasdaq 100 e-mini
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dropped 2 1/2%, the biggest loss since January. The S&P 500 e-mini for
September
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level. ESU2 closed at 954.00.
When the crop reports came out this morning at
the Chicago Board of Trade (CBOT) it was reported that crop conditions were
deteriorating. This confirmed the recent U.S. Department of Agriculture
market concerns that crops have been worsening. In addition to the report,
weather forecasts for hot and dry weather pushed wheat, corn and especially
soybean prices higher. September wheat
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cents to $3.20 1/2; December corn
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1/2; and November soybeans
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Trading in the precious metals today yielded a strong rally in gold. Traders
were looking for investors to flock to gold if the markets couldn’t capitalize
on last Friday’s rally. August gold
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an ounce a gain of 4.09; September silver
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high of $5.06 on the Comex division of the New York Mercantile Exchange, silver
added 7.50 cents to the rally. September copper
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at 76.20 a pound.
In the energies, Crude for August
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Mercantile Exchange. August heating oil
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cents a gallon. August unleaded gasoline
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natural gas
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