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Silver And Oil: Two Sides Of A Coin
Written by Brad Zigler   
Tuesday, 11 November 2008 12:54
This morning, trading screens flashed big red numbers for both oil and silver.

NYMEX crude oil was off nearly 5% as traders speculated on an upcoming International Energy Agency report that's likely to slash demand forecasts. Insiders are talking up a halving of demand growth from previous estimates of 700,000 barrels per day.

December NYMEX crude fell amid fresh selling after clearing traders' decks of small buy orders and has worked itself lower throughout the trading day. Traders probed beneath the psychologically important $60 level. Meanwhile, overhanging resistance at $67.50 looms.

 

NYMEX Crude Oil (December 2008)

 

Silver moved sympathetically lower in morning trading as well, after being marked down 37 cents to $9.94 in London. COMEX December silver was off 50 cents - nearly 5% - in midday trading.

Silver's been playing catch-up with gold lately. Silver buyers nibble, it seems, as gold buyers gobble. The silver/oil ratio has stair-stepped higher while the gold/oil ratio's stagnated.

 

Precious Metals Ratios

 

More on this topic (What's this?)
The Recent Oil Price Rise Will Slow or Stop (Jim Kingsdale's Energy Investmen..., 6/15/09)
“Silver Shots” Poised to Skyrocket 12,785% (Stock Gumshoe, 5/23/09)
Seven Reasons A Boom in Silver is Beginning (Investment U, 6/1/09)
Why Silver and Gold "In the Ground" is Tremendously Undervalued Right Now (Blogging the Commodity Bull Market, 6/25/09)
Read more on Silver Prices, Oil Prices at Wikinvest
 
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