Commodities worry hits oil and gold
Gold standard: prices of several commodities are on the slide
11 April 2012
Global prices of oil and gold were on the slide today as the belief began to take hold that the commodities bubble of recent months is bursting.
Despite tropical storms raging in the oil-rich Gulf of Mexico, the price of crude was trading at around $118 a barrel, down nearly $30 from its all-time high of $147 scaled just three weeks ago.
With Western economies, especially the US, on the verge of recession, the price of other commodities like platinum and wheat also continued to plunge.
Gold, which only recently was being talked of as soaring through $1000 an ounce, was down another 1.5% at $880.
