Gold Holding Its Own as Oil Prices Fall to 21-Year Low

from Kitco NEWS

Gold and silver futures prices are trading modestly up in early U.S. trading Monday. The feature in overnight trading was a very sharp drop of around 40% in crude oil futures prices. Nymex crude oil hit a 21-year low of $11.04 a barrel. Just two months ago Nymex crude prices were above $60.00. North American storage facilities are full and there is no place to put new production, amid the huge drop in gasoline demand that has resulted in prices at the U.S. pump going for less than $1.00 a gallon at some locations. For the precious metals the slumping oil market is a mixed bag.

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