Trips to Europe are becoming more expensive every day for Americans as the Dollar continued its free-fall. The USD closed the week down 2.4% versus the Euro. Gold benefited from dollar weakness closing the week up $15.20 to $650.60/oz up 2.4%. Silver was the week’s big winner up 7.3% closing at $14.19/oz. An unexpected draw-down in oil inventories and threats of a cold winter, sent oil prices over $63/barrel up 7.1% for the week.
The S&P 500 was up a fraction, while technology struggled. The NASDAQ closed down 1.9% and the Semiconductor index was down over 3% for the week.
The Fab Four from “The Commodities Bull Market is Back” continued its march higher. The Fab, as a group, was up 3.7% for the week. Led once again by HudBay Minerals up 8.9%. HudBay closed at $22 an all time high.
Here are the rest of our regulars:
SOX – Semiconductor Index
GLD – Gold Bullion Exchange Traded Fund (ETF)
GDX – Gold Mining Stocks ETF
CEF – Gold and Silver Bullion ETF
USO – Oil ETF
PHO – Water Resources ETF
BRIC – basket of 4 country ETFs: Brazil, Russia, India and China
BBO (Big-Build Out) – basket of 12 stocks critical to the industrialization of BRIC
Refer to the following links for more information on above stocks.