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Gold, Silver & Oil Unable to Maintain Rally

September 20, 2013 at 21:45 by Vladimir Vyun

Gold and silver tumbled today as traders were speculating that the Federal Reserve will tamper quantitative easing in October. The Fed kept the size of asset purchases unchanged at this week’s meeting, leading to a massive rally of the metals. Yet they were not able to maintain the rally for long but managed to retain weekly gains. December futures for delivery of gold slid $43.8 (3.2 percent) to $1,325.5 per troy ounce on COMEX today. Contract for silver sank as much as $1.49 (6.41 percent) to $21.8 per ounce, the biggest drop since June.

WTI grade of crude oil also fell, while Brent crude managed to end Friday with gains. Oil was falling not only because of tampering speculations, but also on signs of increasing output from Libya as well as on decreasing chances for a war between Syria and the United States. October contract for delivery of WTI crude oil lost $1.72 (1.62 percent) to $104.67 per barrel on NYMEX. Futures for delivery of Brent crude in November advanced $0.5 (0.46 percent) to $109.26 per barrel on ICE.

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