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New Record of Gold, Crude Jumps as Stockpiles Shrink

July 13, 2011 at 20:33 by Vladimir Vyun

Gold jumped to the new record and silver posted the biggest gain in more than two years as the dollar declined and on concerns that the European debt crisis are spreading. The US currency dropped after Federal Reserve Chairman Ben S. Bernanke signaled in his speech that he is ready to add more stimulus for the US economy. Ireland’s credit rating was downgraded to junk, following the credit ratings of Greece and Ireland. August futures for delivery of gold rose $23.20 (1.5 percent) to $1,585.50 on COMEX after touching the new all-time high of $1,588.90. Futures for delivery of silver in September surged as much as $2.517 (7.1 percent) to $38.151 per ounce, posting the biggest jump since March 19, 2009.

Crude oil advanced today after the report showed that US inventories of crude declined more than anticipated. The US Energy Department said that stockpiles dropped by 3.1 million barrels to 355.5 million. The expected drop was 2.3 million. August futures for crude oil delivery gained $0.62 to $98.05 per barrel on NYMEX.

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