Saxo TV: Silver Meltdown Leads The DeclinesOle Hansen
Its been another tough month for commodities.
The Dow Jones UBS Commodity index down by 5.4 percent, the worst monthly drop since last May. It has fallen 8 out of the last 10 months.
Precious metals driving the losses, falling 13.2% in June. Industrial metals (-6.2%) and Energy (-6.2%) also dragging the industry lower. Agriculture was lower (-2.4%) but losses were limited due to a positive performance in live cattle (+2.7%).
What a month for Gold, down 12.6% - the worst quarterly performance since the break up of Bretton Woods in 1972. ETP holdings reduced by 100 tons compared with 174 tons in April. Silver, well it was down even more, 15.6%.
Another relative strong month for WTI Crude with its discount to Brent narrowing to 5.6 USD, the lowest in 3.5 years. Performance wise WTI is up 2.3% while Brent is down 1 percent. Both stuck in ranges with 90-100 on WTI and 99-109 on Brent