Oil And Gold Analysis: October 8, 2013
ICM Brokers | Oct 08, 2013 06:09AM ET
CL
Crude dropped as the U.S. neared a breach of the debt ceiling and production from the Gulf of Mexico resumed after a tropical storm. Prices fell 0.8 percent. Crude declined as oil production in the Gulf of Mexico resumed after Tropical Storm Karen weakened and the U.S. came closer to breaching its debt ceiling.
GOLD
Ben S. Bernanke, the world’s most-powerful central banker, says he doesn’t understand gold prices. If his peers had paid attention, they might have stopped expanding reserves that lost $545 billion in value since bullion peaked in 2011. Central banks, which own 18 percent of all the gold ever mined, will add as much as 350 tons valued at about $15 billion this year, the London-based World Gold Council estimates. Gold slumped 31 percent.
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