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Oil Breaks EUR40 Per Barrel for First Time

Weekly Markets
Precious Metals - Gold in Euros up strongly
Oil - Shell predicts 2 decades of rising energy prices
Other Commodities - Chinese demand continues
Currencies - The Euro, Oil and Gold
Bonds - Greenspan's 'Conundrum' deepens
Stocks - Toyota CEO; Top Hedge Fund Managers; Bull & Bear Markets

Weekly Commentary
The Irish Times on the 'New gold rush in town'

Opinions
Property, US Deficits, Bogus Accounting and Gold

Performance ( % Change)

Weekly Markets
Stock markets were mixed for the week.
Bond markets sold off with a corresponding rise in yields
Gold was up in dollars and euros; silver and oil were down and the majority of commodities were down.

Precious Metals

Gold was up $3.80 or 0.91% for the week. It closed at $426.90 per ounce.

Silver recent rally ended and it sold off from $7.49 to $7.27 per ounce or 3.2% for the week. It was silver's first down week in 6.

Platinum (July) was down for the week; finishing at $868 from $874 per ounce.

Gold remained flat on Friday even after the poor US trade deficit numbers. It spiked higher in the last hours of trade that sent gold upward to match 1 month closing highs and ended near it's highs. Besides a delayed reaction to the deficit numbers another reason for the positive spike in gold could have been due to the euro price of gold eclipsing the psychologically and technically important EUR350 mark, resulting in buy orders among traders.

Silver traded mixed and near unchanged overnight on Friday before falling in choppy trade in New York, but rallied back by the close to end the session unchanged at $7.25; down by $0.24 or 3.2% to give it its first losing week in 6.

Interestingly there is not one currency in the world which has outperformed the universal currency gold since the turn of the millenium.

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Gold Investments Weekly Newsletter - Oil breaks EUR40 per barrel for first time

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