For those who see higher prices, they said general strength in commodities this week should support gold.
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Stephen Platt, senior account executive with Archer Financial Services, said the general weakness in commodities this week pressured gold, noting corn prices fell 10% following a bearish U.S. Department of Agriculture report.
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Earlier this week, commodities and stocks both took a beating, calling into question the durability of the bullishness in risk assets.
Anything related to commodities tumbled in the week of November 15.
The first signs of weakness came earlier this week when the commodities began to really crack.
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Wayne Angell, who was a governor of the Federal Reserve from 1986 to 1994, devised a system that involved tracking the changes in the prices of 21 commodities over a rolling 52-week period.
The selloff in commodities hit the precious metals hard this week, with oil and silver dropping substantially.
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Mr Buffett may have been forced to go public after a lawsuit was filed last week against Phibro, the commodities arm of the Travelers financial-services group, alleging that it was trying to manipulate the silver market.
Commodities prices held steady following sharp falls earlier this week.
Refco, once the largest independent U.S. futures and commodities brokerage, filed for bankruptcy last month a week after its former chief executive, Phillip Bennett, was arrested and charged with fraud.
"This India development really caught the entire cotton industry and traders off guard because it came with no warning, " Phil Flynn, senior market and commodities analyst with PFG Best, told CNN last week.
This past week we found out that 100, 000 commodities traders did not know what had become of their hard-earned money left in segregated customers accounts at MF Global, a commodities dealing house now bankrupt.
Rogers, a long term commodities bull, told The Economic Times newspaper in India this week that gold prices were bound to correct short-term.
This week prices wobbled, along with those of other commodities.
Gold funds in the week ending Feb. 27 again dominated the redemptions from commodities funds, which hit record setting levels.
The multiple hikes of margins on silver by the CME Group finally reached the tipping point last week, as silver (and most of the other commodities) crashed.
Keener risk-aversion this week has also limited buying interest in risk assets, including the raw commodities.
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Edward Meir, commodities consultant with INTL FCStone, said corporate earnings as of the start of the week showed 62.5% of the companies that reported had topped estimates, but less than 36% exceeded revenue forecasts.
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One of the bigger stories was the rapid sell-off in commodities Friday, with gold futures leading the way down and off -4.7% on the week.
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