By: Street Authority
Although the U.S. stock market has generated a healthy glow this year, the commodity complex appears to be entering into a growling bear market. Just consider these stats:
- After a sharp drop on April 15, gold has plunged nearly 20% since the year began and nearly 30% since hitting an all-time high of around $1,900 per ounce in the autumn of 2011.
- West Texas crude oil has slipped from $97 per barrel to $87 in just the past two weeks.
- Copper has slid roughly 12% this year and is off roughly 27% since the summer of 2011 peak.
- If aluminum breaches the 80 cents per pound mark (it's currently at 82 cents), it will see its lowest levels since the summer of 2009.
Unless these commodities quickly stabilize, they will all start to break key resistance levels and head even lower. Yet it's unwise to lump all commodities together, and the factors affecting one of them is quite distinct from all others. Continue reading "Gold Is Plunging -- Which Commodities Are Joining It?"
