Most Commodities End November with Gains
Source: Associated Press, Sandy Shore (11/30/10)
"Silver was the standout for the month with a 14.4% increase."
The star performers were silver, palladium and gasoline. Gold traded above $1,400/oz. for the first time, silver set a settlement high for the year and oil hit a two-year high.
Much of the movement came amid shifts in the global economy. Early optimism about improving economies in Asia and emerging countries has given way to more recent concerns about European debt problems and the impact of China's actions to slow its robust growth.
Silver was the standout for the month with a 14.4% increase. The metal benefited from its reputation as a safer place to park money during uncertain times and for its industrial use.
It was the safe-haven side that boosted silver Tuesday amid ongoing concerns about whether Europe's financial problems will spread to other countries such as Portugal, Spain and Italy.
The other issue boosting silver is still unresolved tensions between North Korea and South Korea, CPM Group senior commodity analyst Rohit Savant said.
Silver for March delivery added $1.019, or 3.7%, to settle at $28.212 an ounce. Earlier in the month, it hit a high for the year of $28.906 an ounce.
Investors also poured money into gold, sending it to $1,410.10/oz. on Nov. 9. It was a record in dollar terms but well below its inflation-adjusted peak in the early 1980s.
On Tuesday, gold for February delivery added $18.60 to settle at $1,386.10/oz.
In other metals trading, December palladium rose $7.95 to settle at $700.95 an ounce. That's up 8.6% for November. January platinum added $21.80 to settle at $1,666.40/oz. That's a decline of 2.6% since Nov. 1.
March copper rose to $3.8255/lb., which was 2.4% higher than it began the month.