BillyT's Daily Gold-Silver-Oil Trading Commentary for 6 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 6 July 2007

GOLD / SILVER:

Gold came off vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 645.75 level and was capped around the $650.95 level. Some intraday gains by the U.S. dollar contributed to gold’s intraday weakness. Silver gained marginal ground vis-à-vis the U.S. dollar as the pair tested offers around the US$ 12.55 level and was supported around the $12.36 level.

CRUDE OIL:

Crude oil appreciated vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for August delivery tested offers around the US$ 72.73 level and was supported around the $71.58 level. Nigerian militants kidnapped and threatened to kill a three-year old British girl yesterday and this led to higher prices. Other oil workers were kidnapped this week and a main militant group ended its ceasefire with the government this week. U.S. energy inventories data released yesterday evidenced a surprising increase in crude oil stocks last week.


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