10 May 2011

....And just like That Silver Rebounds

Investors ploughed their money back into commodities Monday with oil, gold and silver prices all recovering from last week's rout.

Crude oil for June delivery settled up $5.51 at $102.69 a barrel on the New York Mercantile Exchange as bargain hunters moved in. Crude touched an intra-day high of $103.40 late in the session.

Oil prices surged 5%, gold added just over 1% while silver prices charged 6% higher.

Gold futures for June delivery rose $16.70 to close above $1,500 at $1,507.90 an ounce on renewed concern about euro zone sovereign debt.

Fears were heightened after Standard & Poor's downgraded Greece's credit rating by two notches and Moody's placed the debt on review for a possible downgrade.

Silver for July delivery rose $2.18 to end at $38.47 an ounce as bargain hunters moved in after last week's dramatic plunge after the grey metal was badly hit by higher margin requirements.

All I can say is keep Buying those dips!

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