Silver prices take a hit from Gustav

Silver Investing News reports silver futures fell to about $12.68/oz with a strong dollar and falling crude price.

Oil is the main driver behind today’s commodity declines, says Frederic Lasserre, head of commodities research at Societe Generale. Oil installations in the Gulf of Mexico were spared the wrath of a Category 4 hurricane as Gustav weakened to a Category 2 before slamming into the Gulf region and has since been downgraded to a tropical depression.

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