Commodities Start Week Strong (GLD, SLV, USO)

Commodities, including gold, silver, and crude oil, are all higher Monday morning, following G20 meetings this past weekend. Spot gold is up 1%, or $11.95, to $1,338.65 an ounce today. The SPDR Gold Trust ETF

is up $0.95, or 0.73%, to $130.68. According to a Reuters report, "Analysts said the Group of 20 (G20) finance ministers on Saturday pointed to a status quo in currency markets, with the dollar staying pressured due to market expectations for the Federal Reserve to unveil a second round of quantitative easing as early as November." "It's a very bullish picture for gold," Carl Firman, an analyst at Virtual Metals told the news service. "You have this prospective QE2, dollar weakness, inflation fears," he added. "After Christmas we're looking at possibly $1,400." Elsewhere, silver is up more than 1.5%, to $23.48 an ounce. The iShares Silver Trust ETF

is up $0.25, to $23.02. U.S. light, sweet crude for December delivery has traded above $83 a barrel today, but has since declined to $82.60. The Reuters report notes that "Oil jumped by more than a dollar to around $83 a barrel on Monday, gaining for a second session as the U.S. currency weakened after a Group of 20 meeting and strikes in France disrupted oil supplies." The United States Oil Fund LP ETF

is up 0.5%, to $35.68.