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Monday, May 2, 2011

Gold and Oil Got To Print Record Osama Taxable Euphoria

New York - Death of Al Qaeda leader Osama bin Laden was once brought euphoria of rising world crude oil prices and gold. But the prices of both commodities had finally receded from its highest point.

He started trading on Monday (02/05/2011), gold prices had struck a record high at U.S. $ 1575.79 per ounce before it finally closed down 0.4% to a level of U.S. $ 1,558.09 an ounce. Prices of gold futures closed up 70 cents to as low as U.S. $ 1557.10.

"People started coming out of gold and back into the stock market because of the news (the death of Osama) could reduce the risk of environmental effects on geopolitics," said Steven Faber, Haber Trilix Advisors analyst was quoted as saying by Reuters on Tuesday (05/03/2011 .)

Similarly, silver prices had soared, eventually closed down 4.1% to as low as U.S. $ 45.82 per ounce.

"We're seeing indiscriminate selling of hedge funds and new buyers to place sell-stop action for the rumor bin Laden, thinks the risk premium might change," said George Gero, vice president of RBC Capital Markets.

Meanwhile, world crude oil prices had also soared to its highest point before finally closing down. Brent oil briefly surged to U.S. $ 126.54 per barrel, before it finally closed down 77 cents to U.S. $ 125.12 per barrel. Brent oil price reached the highest on April 11, when through U.S. $ 127.02 per barrel.

For New York crude oil touched a record high at U.S. $ 114.83 per barrel, before it finally closed down 41 cents to as low as U.S. $ 113.52 per barrel.

Fading response to the deaths of Osama also hit the U.S. dollar yesterday had strengthened. U.S. dollar weakened against the euro was recorded at last. In Monday trading, the euro rose to a level of U.S. $ 1.4902 dollars, before finally receding to 1.4874 dollars, up compared to the closing last week at the level of 1.4808 dollars

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