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Crude Gains, Gold & Silver Fall as Greece Will Receive Bailout

June 1, 2011 at 4:43 by Vladimir Vyun

The speculation that Greece will receive another bailout drove markets at the start of this week. Gold and silver went down, while crude oil profited from the news.

Economists said that Greece will receive €30 billion and maturities of its debt will be extended. This speculation eased fears of the debt crisis and default in Greece, at the same time reducing demand for precious metals as a safe haven.

The speculation was beneficial for crude and some other commodities. Analysts say that report this week may show that US inventories of crude declined, further boosting demand for oil.

Spot price for gold fell 0.4 percent to $1,529.85 per ounce, posting second session of drop, before trading at $1,530.50. Silver fell 1 percent to $38.1275 per ounce. July futures delivery crude for went up $0.51 cents to $103.21 per barrel in electronic trading on NYMEX.

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