All That Glitters — Is Gold
Crude Oil futures closed at a 5-month
low, selling off sharply after the release of today’s Energy
Department’s report on Natural Gas inventories. The EIA reported that Natural Gas Inventories
were up 53 Bln. cubic feet.
In today’s
Economic
News; Initial Jobless Claims fell 25,000
to 303,000 (report),
New Housing Starts declined 5.6% in October to an annual rate of 2.014 Mln.
units (report)
and Industrial Production rose 0.9% in October (report).
The November Philly Fed Index was just released, it showed a decline to 11.5
from 17.3 in October (report).
The US Dollar Index closed lower after the Dollar
experienced its biggest decline in 3-weeks versus the Euro. Treasuries closed
slightly higher, boosted by the Philly Fed number.
The metals continued to advance, extending
multi-year highs. Gold hit an 18-year high, Copper hit a new all-time high,
Platinum pulled back from a 26-year high set yesterday and Silver continued its
advance.
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TradingMarkets Commodities Watch List
| Commodity (Symbol) |
Price | Price Change | % Change |
|
Energies |
|||
| Crude Oil (CL) | 57.15 | -1.30 |
-2.22 |
| Heating Oil (HO) | 176.59 | -2.90 |
-1.62 |
| Unleaded Gas (HU) | 151.93 | -2.24 |
-1.45 |
| Natural Gas (NG) | 12.70 | -0.38 |
-2.89 |
|
Metals |
|||
| Gold (GC) | 486.90 | +7.80 |
+1.63 |
| Silver (SI) | 810.20 | +10.00 |
+1.25 |
| Copper (HG) | 187.90 | +0.45 |
+0.24 |
|
Grains |
|||
|
Corn (C) |
206.50 | +0.25 |
+0.12 |
| Wheat (W) | 321.00 | -0.50 |
-0.16 |
| Soybeans (S) | 579.25 | +2.50 |
+0.43 |
|
Softs |
|||
| Sugar (SB) | 12.12 | +0.04 |
+0.33 |
| Coffee (KC) | 102.00 | +1.70 |
+1.69 |
| Cocoa (CC) | 1360.00 | +8.00 |
+0.59 |
| Frozen Orange Juice (JO) | 120.35 | -1.60 |
-1.31 |
| Cotton (CT) | 52.96 | +0.10 |
+0.19 |
| Lumber (LB) | 352.00 | +9.20 |
+2.68 |
|
Livestock |
|||
| Lean Hogs (LH) | 66.08 | -0.85 |
-1.27 |
| Live Cattle (LC) | 94.10 | -0.53 |
-0.55 |
Economic News
Housing Starts:
Starts – Actual 2.014 M Consensus 2.050 M
Permits – Actual 2.071 M Consensus N/A
Jobless Claims:
New Claims – Actual 303 K Consensus 325 K
Industrial Production:
Production, M/M Change – Actual 0.9% Consensus 1.0%
Capacity Utilization, M/M Change – Actual 79.5% Consensus 79.6%
Philadelphia Fed Survey:
General Business Conditions – Actual 11.5 Consensus 15.0
Ashton Dorkins
Be sure and vote in the 13th
Annual Stocks
& Commodities 2006 Readers’ Choice Awards