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04/19/2013

Gold Loses its Luster

*Posted 4/15/13...8:00 AM ET 

Commodity prices are taking a huge hit Monday morning, 4/15, with gold trading below $1400 at one point. It was last below this mark in February 2011. 

So is the 12-year run in the precious metal officially over? Unless you believe gold is going to finish the year over $1675, the answer is ‘yes.’ 

One reason for the spectacular decline from $1578 on 4/5/13, less than two weeks ago, is selling by Cyprus’ central bank, which is selling off a lion’s share of its gold reserves as part of its bailout terms. The theory is other central banks in Europe may follow.

 
Gold
 
12/96  $368
12/97  $289
12/98  $288
12/99  $289
12/00  $272
12/01  $279
12/02  $347
12/03  $416
12/04  $438
12/05  $519
12/06  $638
12/07  $838
12/08  $884
12/09  $1096
12/10  $1421
12/11  $1566
12/12  $1674…twelve straight up years

*Gold’s all-time high is $1923, intraday, set on 9/6/11. For context, the S&P 500 closed that day at 1165 and finished at 1588 on 4/12/13.

For its part, oil was trading below $89.00 on Monday morning.

Oil (Light Sweet Crude)
 

12/99  $25.20
12/00  $26.80
12/01  $19.84
12/02  $31.20
12/03  $32.52
12/04  $43.45
12/05  $61.04
12/06  $61.05
12/07  $95.98
12/08  $44.60
12/09  $79.36
12/10  $91.38 
12/11  $98.83
12/12  $91.80

*Crude Oil’s all-time high was set on 7/11/08…$147 

Wall Street History will return in two weeks with updated figures on housing.

Brian Trumbore
 



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Wall Street History

04/19/2013

Gold Loses its Luster

*Posted 4/15/13...8:00 AM ET 

Commodity prices are taking a huge hit Monday morning, 4/15, with gold trading below $1400 at one point. It was last below this mark in February 2011. 

So is the 12-year run in the precious metal officially over? Unless you believe gold is going to finish the year over $1675, the answer is ‘yes.’ 

One reason for the spectacular decline from $1578 on 4/5/13, less than two weeks ago, is selling by Cyprus’ central bank, which is selling off a lion’s share of its gold reserves as part of its bailout terms. The theory is other central banks in Europe may follow.

 
Gold
 
12/96  $368
12/97  $289
12/98  $288
12/99  $289
12/00  $272
12/01  $279
12/02  $347
12/03  $416
12/04  $438
12/05  $519
12/06  $638
12/07  $838
12/08  $884
12/09  $1096
12/10  $1421
12/11  $1566
12/12  $1674…twelve straight up years

*Gold’s all-time high is $1923, intraday, set on 9/6/11. For context, the S&P 500 closed that day at 1165 and finished at 1588 on 4/12/13.

For its part, oil was trading below $89.00 on Monday morning.

Oil (Light Sweet Crude)
 

12/99  $25.20
12/00  $26.80
12/01  $19.84
12/02  $31.20
12/03  $32.52
12/04  $43.45
12/05  $61.04
12/06  $61.05
12/07  $95.98
12/08  $44.60
12/09  $79.36
12/10  $91.38 
12/11  $98.83
12/12  $91.80

*Crude Oil’s all-time high was set on 7/11/08…$147 

Wall Street History will return in two weeks with updated figures on housing.

Brian Trumbore