Looking at the charts of crude oil, we clearly see that the major factor, which has driven the price of light crude in the recent weeks was the uncertainty around Syria. How has it affected the link between oil and gold?
To have a more complete picture of the current situation in the oil market, we take a look at the charts from different time perspectives. Additionally, we explore how it relates to oil stocks and the oil-gold link.
Commodities are on the upswing in early European trade as risk appetite firms across financial markets. Regional shares are trading 0.5% higher on average, picking up where Asian bourses left off in the wake of a supportive Federal Reserve policy announcement.
Wholesale prices to buy gold using US dollars or British pounds fell Thursday morning to trade just 1% below their seven-month highs of the last week. Commodity prices dropped once again with Asian and European equities.
The US dollar is fundamentally weaker than it appears to be based on the USDX. Gold, silver and related mining shares will rally heading into late 2012 and are likely to break out dramatically as current trends develop.
This week’s final trading session opened with the precious metals turning lower across the boards. Gold slipped to within $3 of the $1,600 mark once again overnight and it traded with a loss of $10 per ounce at $1607 in New York at last check.
Canadian oil and gas research analysts Josef Schachter and Martin Pelletier share some of their best money-making strategies moving forward and list four top junior stock picks that could get cheaper before they get expensive.