Home >> Stock Forums >> Mortgage worries hurt commodities too

Mortgage worries hurt commodities too

AlfredSokol said: "The mortgage scare has now even affected commodities as the prices of metals, energy, and grains hit [url=http://investing.reuters.co.uk/news/articleinvesting.aspx?type=hotStocksNewsUS&storyID=2007-08-16T172730Z_01_N16365585_RTRUKOC_0_US-MARKETS-CRB.xml]lowe levels[/url] [quote] The Reuters/Jefferies CRB Index <.CRB>, a basket of 19 commodity futures widely watched by economists and traders, was down 3.8 percent at midday, hitting its lowest level in seven months. Selling by hedge funds and other short-term investors sent copper futures down 8 percent in New York by early afternoon. Chicago soybeans dropped their daily limit of 50 cents per bushel and New York Mercantile Exchange crude oil was almost 4 percent lower. Even gold, normally a haven for investors looking to protect wealth, was down 3.4 percent in a widening U.S. mortgage market meltdown as investors sold liquid investments to cover losses in a worldwide stock market rout.[/quote] So even gold isn't a safe haven right now."

lil dickie said: "Its because these mortgage worries are like a virus spreading everywhere. The whole damn global economy is interconnected."

AlfredSokol said: "Foreclosures up 97% year over year according to one report I heard yesterday."