Commodities slump as recession fears stamp out fierce rally

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Published : July 16th, 2022
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Financial Times/Emiko Terazono, Neil Hume, Laurence Fletcher, and David Sheppard/7-6-2022

“A total of 153,660 agricultural futures contracts worth $8.2bn were liquidated in the week to June 28, the US Commodity Futures Trading Commission said in its latest report. This was the second biggest sell-off of long positions on record, according to Peak Trading Research.”

USAGOLD note: Though gold has been drawn into the recession-induced commodities sell-off, its decline has not been nearly as severe as the rest of the complex. Silver, on the other hand, declined with the index, though not quite as severely. Over the past thirty days, commodities are down 18.6%, silver 12.4%, and gold 6.2%

Gold, Silver and the S&P Goldman Sachs Commodity Index
(%, one month)

Chart courtesy of TradingView.com

Read the rest of the article at USA Gold
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