Commodities fell, capping the biggest loss in more than two
months, as metals and energy tumbled amid speculation that a hedge fund was
selling, Bloomberg reports.. The Standard & Poor’s GSCI Spot Index of 24
raw materials declined 1.1 percent to settle at 668.28 at 3:49 p.m. New York
time, the largest drop since Dec. 6. Silver futures led the losses, retreating
as much as 4 percent. Crude oil fell the most since November, and gold slumped
to $1,558.10 an ounce, the lowest since July.
“You have a sort of mini perfect storm hitting commodities
today,” Dave Lutz, the head of exchange-traded fund trading and strategy at
Stifel Nicolaus & Co. in Baltimore, said in a telephone interview. “There’s
market chatter that a fund is blowing up, gold has fallen below $1,600, and oil
storage tanks in Cushing are near all-time records.” Cushing, Oklahoma, is the
delivery point for New York oil futures and the main U.S. stockpile site….
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