Precious Metals Up Sharply, Crude Oil Sells Off
22-Jul-13 10:35 ET
[BRIEFING.COM] Commodities are showing some nice volatility this morning.
Precious metals are showing strong gains, led by silver.
crude was in positive territory all session and rose as high as $108.56/barrel. However, when pit trading began, crude oil sold off sharply falling below $108/barrel and into negative territory. Sept crude is now -0.4% at $107.45/barrel.
Natural gas has been in the red all day so far and just hit a new LoD of $3.64/MMBtu. Aug nat gas is now -3.3% at $3.66/MMBtu.
Precious metals soared higher this morning, led by strength in silver prices. Aug gold rose above $1300, while Sept silver rose above $20/oz. In current trade, gold is +2.7% at $1327.20 and silver is +4.8% at $20.39/oz. Sept copper is +2.0% at $3.20/lb.