Tuesday, 12 May 2015

The Recent State of Affairs with Gold, Silver and Crude Oil

As deducted by the FOREX Global Solutions president Barry Sendach, commodities ended a highly volatile week this Friday amidst a wave of worldwide sell-off in equities and concerns about budding economies generated by China’s manufacturing slowdown and growth pessimism.
Gold fell to $1231 per ounce when fourth quarter data declared that China grew at the slowest pace since 1999 and so did manufacturing in January this year. However, the yellow metal rallied more than $40 per ounce in the last two days of previous week to $1272 as investors eschewed equities and purchased gold as “Safe Heaven”, claims Barry Sendach.
Silver saw its decline by a drop of 1.2% to $19.76 per ounce on below than predicted growth and industrial production in China. The Asian nation is the largest end user of precious metals and quite a number of raw materials and commodities.
Even crude oil fell by 0.68% to $96.64 subsequent to a report submitted by Energy Information Administration (EIA) revealed a climb in production by 0.99m barrels at the end of previous week that was above median projection of analysts. Earlier production of crude oil has fallen by 7.7 million barrels a week.

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