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The Open - Jim Wyckoff

November A Dismal Month Of Raw Commodities

(Kitco News) - Gold Prices are near steady Monday and hovering near last week's Six-year low. A report overnight said the raw commodity sector had one of its worst months in around 45 years in November, when examining the Goldman Sachs Commodity Index (GSCI). A major bearish element for the raw commodity sector in recent weeks has been a resurgent U.S. dollar index, which hit a seven- month high overnight. The other "outside market" sees Nymex crude oil prices firmer early Monday on short covering after hitting a three-month low last week.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow Jim Wyckoff @jimwyckoff

 

 

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