Gold Surges Amid Deflation Concern; Silver, Platinum Rebound

Nov. 21 (Bloomberg) -- Gold climbed, capping the biggest weekly gain since September, as the global economic slump dragged down asset prices and boosted the appeal of the precious metal as a store of value. Silver and platinum also rose.
Gold was the biggest gainer today, followed by silver, among 19 commodities on the Reuters/Jefferies CRB Index. As recessions grip the U.S., Japan and parts of Europe, central banks may be forced to lower interest rates and pump more liquidity into the financial system, devaluing their currencies, analysts said.
``Hard assets for hard times,'' said Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago. ``Even with all the money central banks have thrown at the financial system, it's not enough to stop systemic risk. People are looking for something that's going to go up, and that's gold.''

Crude Oil Rises on Reported OPEC Supply Cut, Stimulus Packages

Nov. 21 (Bloomberg) -- Crude oil rose for the first time in six days as OPEC members cut production and governments step up efforts to revive economic growth.
The Organization of Petroleum Exporting Counties will trim supplies by 3.8 percent this month as members implement an October agreement, according to consultant PetroLogistics Ltd. The group will meet next week to discuss further reductions. The Bank of Japan said today it will consider pumping more money into the financial system.
“Shipping reports are showing that OPEC is starting to adhere to quotas, which is supporting prices,” said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut. “Their meeting in eight days is going to hang over the market.”