Greece To Impact Commodities, Currencies
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The euro's weakness saw the & #160;US dollar rise on Friday and last week, knocking oil prices lower and weakening other commodities. & #160;The euro dived as low as & #36;US1.3503 on Friday, down from & #36;US1.3603 in late New York trading on Thursday.It lost 1.2% against the greenback over the week.Oil prices fell with New York West Texas Intermediate's April contract shedding & #36;US1.52 to & #160; & #36;US80.68 a barrel after dropping briefly under the & #36;US80 level during trading.It was down 0.58c over the week.London's Brent North Sea crude for May delivery dropped & #36;US1.60 to & #36;US79.88.The & #160;OPEC oil cartel's decision to leave production levels unchanged was overshadowed by the weakness in the euro and the worries about Greece.OPEC left its output ceiling unchanged at 24.84 million barrels a day at a meeting & #160;on Wednesday, citing uncertainty in the economic environment and weak global oil demand.Gold also fell, cutting its best week in a month.The stronger US dollar eroded gold's strength during the day.Gold took a harder fall than other metals, however.Comex April delivery prices dropped & #36;US19.90, or 1.8%, Friday night, our time, to end at & #36;US1,107.60 an ounce.It cut the week's advance to just half a per cent.Among other metals, Comex silver for May delivery fell 39c to & #36;US17.03 an ounce.Copper for May delivery was down 2.5c at & #36;US3.37 a pound in New York.On the & #160;London Metal Exchange copper ended at & #36;US7,435 a tonne down from & #36;7,486 at the close on Thursday.Cooper prices are up around 20% this year off the back of the better outlook in the US and an underpinning of demand from China.Inventories are down 30,000 tonnes since the start of this month.LME three-month nickel & #160;hit & #36;US22,900 a tonne, the highest since March 4. It ended at & #36;US22,450 a tonne, up from & #160; & #36;US22,760 & #160;on Thursday.Three month LME zinc & #160;ended at & #36;US2,295 a tonne down from Thursday's close of & #160; & #36;US2,333. Lead fell to & #160; & #36;US2,200 a tonne from & #36;US2,245, aluminium eased to & #160; & #36;US2,258 a tonne from & #36;US2,276.London analysts say a nickel shortfall could be emerging later in the year.If so, that would be the first for four years as steel demand revives, especially for stainless steel in Europe and the US. & #160;
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Daniel Kertcher established Platinum Pursuits in 2001 as a vehicle in which to share his knowledge of strategies to use the financial markets to grow wealth, with the aim of achieving financial freedom by making your money work for you.
His argument is that until you become financially literate and develop a method where you're able to get a reasonable return on your capital (i.e. making your money work for you), you will instead be forever working hard for your money.
Daniel Kertcher personally achieved financial freedom at a relatively young age, through his knowledge of property and then financial markets investing. Through using Options and leveraged instruments such as CFDs, Daniel developed a system to trade the markets where he could benefit from the leverage when the trade went in the direction he predicted, and hedged his positions so that there was a limited downside risk.
Some people in the past have criticised Daniel's message of striving for financial freedom in a high-risk environment such as trading derivatives. However, it is not Daniel's or Platinum Pursuits' goal to encourage everyone to trade the financial markets. Every kind of investing contains an element of risk, so this level of education is aimed specifically for those who want an understanding of professional trading techniques and strategies that they hope to apply to their own capital, and it is absolutely true that many people are not yet in a position to invest a chunk of their savings.
To be truly financially literate, it can pay to explore all the options available when you are in a position to try to get ahead in life. Daniel currently presents free introductory seminars nationally on selected dates from February to November. |
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