Gold collapses, cocoa rises

Anonymous
Apr 19, 2013

Here is this week’s edition of Futures File, our weekly commodities wrap-up:
 
Cold and rain slows planting of grain

Cool, wet weather across much of the Midwest is plaguing farmers who are unable to plant their corn crop into soggy, cold soil. Some weather watchers fear that unfavorable weather could continue through early May, putting some farmers far behind schedule to plant this year’s crop. Currently, most analysts believe that only 7 percent of the US corn crop has been planted so far, compared to an average of 19 percent for this time of year.
 
Despite the problems that farmers are experiencing, corn prices have not responded, indicating that most traders are still optimistic that a huge crop will be planted on time. As of midday Friday, the value of this year’s fall crop December corn was $5.46 per bushel.
 
Unusually cold weather across the Midwest has also supported natural gas prices, which continued rallying this week, climbing 20 cents (+4.7%) to $4.42 by Friday morning, the highest price in nearly two years.
 
Gold collapse sets 30-year record

Gold prices continued crumbling this week, melting to the lowest level in over two years. On Monday alone, prices fell $140 per ounce (-9.3 percent), the largest one-day drop since 1980.
 
The precious metal lost its luster as news reports broke on Sunday night of a slowdown in the Chinese economy, which spurned more selling after the previous week’s Cyprus-driven sell-off. The tragedy in Boston on Monday afternoon and ensuing uncertainty were also cited by some traders as accelerating a general sell-off in commodities which put additional pressure on the gold market, pushing prices as low as $1,321 on Tuesday. By the end of the week, gold had stabilized near $1,400 per ounce, recovering almost half of its losses.
 
Crude oil, copper, and the S&P 500 stock index futures also began the week with a tumble, but stabilized by week’s end.
 
Cocoa rises on supply fears

Cocoa prices gained this week as reports out of the Ivory Coast indicated that the upcoming harvest could be smaller than expected and slow to arrive in consuming markets in Europe and North America. The African country produces more than a third of the world’s cocoa, making supply shortages from that nation felt throughout the chocolate-loving world. As of midday Friday, cocoa for delivery in May was worth $2,331 per metric ton, up $70 (+3.1 percent) during the week.

Comments

shucks

What?
No comment from the financial expert and his boy?

Licorice Schtick

Salty tears prob'ly shorted out his keyboard.

shucks

LOL !

shucks

Moderators have removed this comment because it contained Personal attacks (including: name calling, presumption of guilt or guilt by association, insensitivity, or picking fights).

Contango

@ Licorice Schtick:

And that would be why?

My DIVERSIFIED investment portfolio is still up 2.5% YTD, about where it was 2 wks ago.

How's your retirement savings plan doin' or are you intending to attempt to survive off your Soc. Security entitlement crumbs?

BTW: My GLD holdings represent 0.012 of my entire invested assets.

Buy low, sell high and happy investing little buckaroo.

shucks

The truth comes out- little by little.

Contango

Which means what?

shucks

Moderators have removed this comment because it contained Personal attacks (including: name calling, presumption of guilt or guilt by association, insensitivity, or picking fights).

Contango

That's 1.2% of total investable assets (so far) financial "genius." :)

Ever heard of alternative investments?

shucks

Game playing, double talker, I'll consult a real expert : )

Contango

Consult a "real expert"? Good for you lil’ Bucky!

So have you "actually" started saving for retirement or are you gonna attempt to eke out a living on the crumbs the govt. throws you from Soc. Security?

You don't own a house do ya? GASP - it "might" lose value!!!

Contango

"In other words, depending on one's investing philosophy, gold's plummet is proof that investors should have stayed away -- or a signal that they should buy more."

Buy low, sell high lil' buckaroos.

http://www.bloomberg.com/news/20...

Contango

"#1 According to Zero Hedge, the U.S. Mint set a new all-time record for the number of gold ounces sold on Wednesday...

According to today's data from the US Mint, a record 63,500 ounces, or a whopping 2 tons, of gold were reported sold on April 17th alone, bringing the total sales for the month to a whopping 147,000 ounces or more than the previous two months combined with just half of the month gone."

Dems iz the faqs!

http://www.zerohedge.com/news/20...

Contango

In 1964, a Roosevelt dime could buy you a loaf of bread.

Today's silver melt down value of a 1964 Roosevelt dime can still buy you a loaf of bread.

A 2013 Roosevelt dime has the purchasing power of ten cents.

Increasingly making the U.S. currency worthless is what the govt. has done to our money over the yrs.

http://seekingalpha.com/article/...

shucks

You give bad advice.

Contango

Which means what?

shucks

You give bad financial advice.
Are you trying to be the Sandusky Register's financial columnist?

Contango

How so?

shucks

I just wonder how much money people would have lost if they bought gold at the time you were advising to buy it ?

You know, your zippy slogan, " Got gold?"

Contango

With the downturn, it might be a good time to add to one's position. Buy low, sell high ya know lil' buckaroo?

Regardless, paper losses only become realized losses when one buys high and sells low.

Gold is NOT an investment; it’s a potential hedge against future financial uncertainty. Know the difference.

A 5-10% position of gold in a DIVERSIFIED investment portfolio is advisable by some.

shucks

"A 5-10% position of gold in a DIVERSIFIED investment portfolio is advisable by some".

"My GLD holdings represent 0.012 of my entire invested assets."

How do these statements add up?

shucks

You are not certified or authorized to give financial advice ...self- taught you said, right?

I'll trust these people :

http://screen.yahoo.com/12-misgu...

Contango

Glad that you found somebody you trust lil' Buddy!

Bernie Madoff was "certified" how'd that work out? Jon Corzine was "certified"; what happened to MF Global?

"Certified" means spit.

The QUESTION still remains: Do you ACTUALLY have ANY investments or do you just like to b*tch?

shucks

You are not certified or authorized to give financial advice .
You have an insatiable desire to impress people , don't you?
In your typical hypocritical style, you accuse me of b*tching.
LoL!

Contango

And since you're all hat and no cattle, anything you write on the subject of investing is less than worthless.

Good day lil' buckaroo.

Keep believing that your Messiah and his ilk will take care of your old dried out carcass in your senior yrs. LOL

shucks

You are a phony giving out bad advice.

Contango

"How do these statements add up?"

Dollar Cost Averaging.

Geez! Where would you GUESS my remaining 98.8% investible assets are lil' buckaroo?

shucks

Don't care what you have or what you do.

Naked in > Naked out.

Contango

Have a good day of b*tchin' lil pud.

shucks

LOL !

shucks

.

Contango

Maybe you'd rather follow Pres. Obama's "investment advice"?

IF you had anything to invest - that is. :)

"How Obama Makes His Money":

http://www.thereformedbroker.com...

KURTje

Auto Zone, Tata motors. Been real good to me.

kal-el

And Glenn Beck loses another 20% of his audience that he tricked into buying gold.

Contango

A great and insightful article!

"Bill Fleckenstein: Hold Tight To Your Gold":

http://www.zerohedge.com/news/20...

Contango

Physical buying of gold is goin' nuts!

"US Mint Halts Sales, Depletes Inventory Of One-Tenth Ounce Gold Coins":

http://www.zerohedge.com/news/20...

Contango

"Retail Demand For Gold Is Going Nuclear In Asia And Shops Can't Keep It On Their Shelves":

http://www.businessinsider.com/a...