The Weekly Dig
Haywood Mining Team
Oil Price/Equities Tumble Further as U.S. Economy
Surges
The price of WTI crude and light crude
dropped below the US$60 per barrel support level
during the week, with WTI
crude finishing at US$57.48 (down 14%) per barrel on Friday.
The price of WTI crude has dropped >40% since June, as a supply glut continues to rise.
Thus
far, OPEC has refused to slow production in what many commentators view as the
cartel’s
attempt to route shale and other higher-cost producers. Meanwhile, the
falling oil price is viewed by
some as a tax break for consumers in the U.S.,
reflected in further positive economic data including
lower jobless claims,
higher consumer confidence and robust housing data.
Precious metals prices were
up for the week, with gold rising above the US$1,200 support level
(↑2.4%)
before finishing at US$1,222 per ounce, while silver was back above US$17,
finishing at
US$17.05 per ounce on Friday. Platinum and palladium were both up
for the week, finishing at
US$1,230 (↑0.55%) and US$815 (↑1.63%) per ounce
respectively.
Despite the positive week in precious metals, the
S&P/TSX Venture index fell further during the
week, closing at 654, while
the S&P/TSX composite index was also down, falling to 13,732.
With the exception
of copper, the major base metals were also down, with nickel (down 0.8%),
lead
(down 2.5%) and zinc (down 2.36%) finishing at US$7.53, US$0.90 and US$0.99 per
pound
respectively. Copper was up slightly for the week (↑0.42%) to US$2.93 per
pound as of Friday.
The uranium price down 1.8% for the week, up slightly and
finishing at US$37.38 per pound.
Quelle: haywood.com
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