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Silver Is Top Commodities Performer in First Half of 2016

July 12, 2016 at 17:40 by Andrew Moran

The first half of 2016 is in the books and what an interesting time period it has been. Everything from Brexit to the gradual recovery in the price of oil, it has surely been an eventful time in market history, especially for commodities.

After looking at the data of the first half of 2016, commodities have been the best performing asset class so far this year. Commodities have beaten domestic equities, Treasuries, and the US dollar. Among the rising commodities, silver, zinc, and oil have been the top performers. This is an incredible turnaround for the asset class after reaching tremendous lows over the past couple of years.

Year-to-date, silver has climbed 43% to surpass $20 per ounce. September silver future prices are down $0.19, or 0.95%, to $20.08 per ounce at 17:11 GMT on Wednesday. Silver is on track for the highest levels in two years.

Zinc has been the best performing industrial metal so far this year. Zinc prices have risen 32% YTD to $0.98 a pound.

Oil, meanwhile, has risen 30% and recently touched above $50 a barrel this year for the first time since July 2015. Oil has been steadily climbing after hitting a 13-year low of $27 per barrel in February. August West Texas Intermediate crude prices are up $1.92, or 4.29%, to $46.68 a barrel on Wednesday. Brent crude prices are also up $2.03, or 4.39%, to $48.28 per barrel.

Gold, which has been dominating headlines for much of 2016, was also a strong performer in the first half of this year. The yellow metal has soared 24% and has reached as high as $1,370 an ounce. August gold futures are down $20.40, or 1.51%, to $1,334.60 per ounce on Wednesday.

Coal, lead, and wheat were the only overall losers in the first half of 2016. These commodities fell 8.84%, 0.65%, and 8.24%, respectively.

The news of commodities having a stellar first half comes soon after it was reported that commodities had their best quarterly performance in the April-to-June period since 2010.

If you have any questions and comments on the commodities today, use the form below to reply.

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