Commodity Prices At A 22 Year Low
Falling commodity prices are putting the squeeze on the entire precious metals complex. A Bloomberg index of 22 weighted commodities has fallen to its lowest level in over 16 years. (See chart below.)
OPEC has essentially decided not to cut output causing tension between Iran and Saudi Arabia. Crude is off another 15% at a 7 year low. (See chart below.) And as crude goes, so goes commodities.
Gold support at $1,050 and silver at $14.00 +/-.
All Things Considered – John’s Commentary:
Continue to nibble away at silver in modest increments over regular intervals. Remember that silver is money.
Why people don’t want it at 1/3 the price of 5 years ago – I don’t have a logical answer. But then human investing defies logic.
