Gold And Silver Soar As Dollar Plummets
The Department of Commerce
reported Q1 GDP increased at an annual rate of 4.8%, roughly in line with
expectations
(report).
Treasuries closed higher for the second
consecutive day but ended the week and month lower. The yield on the 10yr t-note
rose for the fourth consecutive month, finishing April at 5.069%, the highest
closing level since May 02.
The US Dollar Index declined for the sixth consecutive day, with the last two
days seeing an especially steep decline. The Dollar closed lower against all the
majors, the largest losses coming versus the GBP and Swiss Franc. The Dollar
also slid to an 11-month low versus the Euro.
Gold and Silver benefited from the Dollar’s weakness with both metals soaring
today.
Gold closed at a new contract high of $654.50 and Silver recorded its biggest
advance in 11-years.
Crude Oil futures rise on IAEA
comments
June Crude Oil futures halted a four-day slide after
the IAEA said Iran is in defiance of the UN Security Council.
Crude Oil closed the week at $71.88, down $3.29 for the week. Unleaded Gas and
Heating Oil also ended the week by closing higher but Natural Gas fell for the
seventh consecutive day, to close at a new contract low.
All the softs closed higher, with Sugar +1.75%, Cotton +1.63% and Coffee +1.61%
leading the advance.
The grains were also strong, with Corn +3.03%, Soybeans +2.09% and Wheat1.09%
all recording solid gains.
Economic News
GDP Up 4.8% For Q1 (report)
Chicago PMI At 57.2 In April
Swedish Central Bank Leaves Repo Rate Unchanged At 2% (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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