BillyT's Daily Gold-Silver-Oil Trading Commentary for 11 July 2007

BillyT's Daily Gold-Silver-Oil Trading Commentary for 11 July 2007

GOLD / SILVER:

Gold slumped vis-à-vis the U.S. dollar today as the yellow metal tested bids around the US$ 659.90 level and was capped around the $665.50 level. Oil’s intraday downturn led to the pair’s move lower. Silver came off vis-à-vis the U.S. dollar as the pair tested bids around the US$ 12.81 level and was capped around the $12.98 level.

CRUDE OIL:

Crude oil depreciated vis-à-vis the U.S. dollar today as light, sweet NYMEX crude oil futures for August delivery tested bids around the US$ 72.17 level and were capped around the $72.92 level. OPEC head el-Badri indicated high oil prices are “not linked to crude supplies.” Weekly U.S. EIA energy inventories data saw gasoline stocks rise 1.2 million barrels in the week to 6 July while crude inventories were off 1.4 million barrels.


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