Commodities Are On An 8-Day Losing Streak

gold

Photo: covilha via flickr

The S&P GSCI Spot Index, which monitors 24 commodities, hit the lowest mark since just before Christmas this afternoon. The drop off to 640.46, as Bloomberg reports, is the lowest since Dec. 22 and marks the first annual decline since 2008.Currently, gold is down 0.6%, crude oil down 0.9%, copper down 1.4%, while natural gas is up 0.7%, according to Finviz.com.

“The optimism we had at the end of 2011 that created a firm footing for a lot of commodities has slowly eroded,” said Jonathan Barratt, chief executive of Barratt’s Bulletin, a commodity-markets newsletter in Sydney. “The outlook remains mixed to negative.”

This is the eighth consecutive trading session of commodities losses.

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