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Commodities plummet - Charts of the day: oil, silver and gold plus EUR/USD

Oil fell for a fifth day, heading for its biggest weekly decline since December 2008 after reports indicated economic weakness in the U.S. and Europe. Crude for June delivery dropped as much as $5.17, or 5.2 percent, to $94.63 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $97.80 at 12:03 p.m. London time. Oil has plunged 14 percent this week, the largest weekly slump since the period ending Dec. 19, 2008. Yesterday, futures in New York fell $9.44, or 8.6 percent, to $99.80, the lowest price since March 16 and the biggest percentage drop since April 20, 2009.

Typically, speculators went all-out-no-questions-asked in silver and gold as well. After more than doubling in the past year and hitting a 31-year-high last Friday, silver prices plunged nearly 30% this week, falling below $35 per troy ounce on Thursday. Gold is still attractive: Mexico bought 100,000 kilos in the last few months. In March alone, Russion increased its gold reserve by 18,800 kilos, while Thailand bought 9,300 kilos.

After Trichet said that ECB will "monitor the market closely" after announcing no rate increase yesterday, which in euro-speak means no rate increase in June neither, the euro fell against the dollar.

How gold moved from commodity to currency in 2010

 

Gold is climbing to new record highs — the yellow metal is now up 17% for the year. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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