Commodities and Interest Rates
Commodities fell today as Ben Bernanke stated in House Financial Services Committee testimony that the interest rates on direct loans to banks may be raised sometime soon.
Bernanke was quick to add that the low interest environment overall isn't going to go away, and there will continue to be an "extended period" where that is the case.
Some commodity companies like Exxon Mobil (NYSE:XOM) and Freeport-McMoRan (NYSE: FCX) fell, along with copper, which dropped for the first time in the trading week.
Gold also fell as the U.S. dollar climbed slightly on the news.
Commodities and Interest Rates
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