| From mineweb.com: Commodities take another smashing; crude oil eyes USD 120 a barrel and gold probes below USD 900 an ounce.
The broad global commodities complex took another smashing on Wednesday, driven mainly by a rising dollar, moving on sentiment that competitor currencies could start to weaken as the world's economic cooling gains further traction. The dollar has been in a protracted bear market since early 2002, also marking the point when the so-called commodities supercycle launched itself into a longer term orbit.
With most commodities priced and traded in dollars, everything from crude oil to wheat started to gain in dollar terms. The broad global expansion kicked its contribution in, and in the case of commodities, a gallop developed as China unofficially announced that its demand for raw materials was increasingly insatiable....Full Article Source |