“Today there is a flight to safety; Greece is not resolved, Spain is not resolved … and JPMorgan adds a bit of concern simply because they were assumed to be the well-run bank, and if this sort of thing could happen there, where else could it happen?” Lou Brien, market strategist with DRW Trading, said in a Reuters report.
- Vanguard Extended Dur Treas Idx (NYSEArca: EDV): up 2.1% over the last week.
On the downside, cotton, precious metals and miners were the steepest decliners this week.
Cotton. Cotton prices continued to dip Friday, hitting a near two-year low as speculators keep the pressure on. Traders were selling after the U.S. Agriculture Department projected a 2012/13 world cotton ending stocks at a record 73.75 million bales, or up 10% from 2011/12.
“This market’s going to be on the defensive for a long time,” Mike Stevens, an independent cotton analyst, said in a Reuters article.
- iPath DJ AIG Cotton TR Sub-Idx ETN (NYSEArca: BAL): down 10.9% over the last week.
Palladium. Declining to a 5-month low, palladium prices are following precious metals lower as physical demand diminishes. [The Outlook for Palladium, Platinum ETFs]
“After some sizeable price declines, we can’t help thinking that both platinum and palladium look like good value here,” UBS said in a research note. “From the year’s high of $1,737, platinum has already given back $245, while palladium has shed 15 percent from its high of $726.”
- ETFS Physical Palladium Shares (NYSEArca: PALL): down 7.8% over the last week.
Precious Metals Miners. While gold miners experienced some hefty trading volumes on Wednesday, miners continue to follow the drop in precious metals prices. [Gold ETFs See Nearly 4% Weekly Loss, Break Long-Term Trend Line]
- Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ): down 7.8% over the last week.
- Global X Silver Miners ETF (NYSEArca: SIL): down 7.2% over the last week.
For more information on current market trends, visit our current affairs category.
Max Chen contributed to this article.