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USA Hurt Oil & Copper, Germany Helps Gold & Silver

December 20, 2012 at 4:11 by Vladimir Vyun

Crude oil and copper fell today on fears of an impasse in the discussion about avoiding the fiscal cliff in the United States. There are rumors that negotiations between President Barack Obama and Republican House Speaker John Boehner deteriorated. According to White House Communications Director Dan Pfeiffer, Obama said that Boehner’s “plan B” would put “too big a burden on the middle class”.

At the same time, gold and silver rallied on positive data from Germany. The German Ifo Business Climate Index improved from 101.4 in November to 102.4 in December. The actual reading beat the forecast of 101.9.

Futures of delivery of crude oil (WTI) in February fell $0.39 (0.43 percent) to $89.59 per barrel as of 4:02 GMT on NYMEX today. March contract on copper declined $0.016 (0.44 percent) to $3.5900 per pound on COMEX. February futures on gold rose $0.6 (0.04 percent) to $1,668.30 per troy ounce and March futures on silver advanced $0.01 (0.04 percent) to $31.13 per ounce.

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

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