July 2009

The action in gold yesterday was brutal.  Take a look at this chart …

You can see that gold’s 2-day fall brought it close to Fibonacci support at 927. Gold is bouncing today, but it has to get above 959 to show real improvement.
So, the big risk is to the downside. If 927 fails, support at [...]

Here is some news I’m reading today …
•1)      CFTC: Speculators caused 2008 oil price crisis
In a major U-turn from its claims during the Bush administration, the Commodity Futures Trading Commission is now set to admit that speculation in oil markets - and not the forces of supply and demand - are behind last year’s massive [...]

Just a reminder, I’m tweeting every day at twitter.com/seanbrodrick.  The posts from this blog are linked there, and I also add slice of life and “what the heck am I doing now” posts, which seem to be 90 percent of Twitter.  So, if you’re a Twitter-phile, or you’re just plain obsessive — not that there’s anything [...]

I have a new video on solar power at http://www.uncommonwisdomdaily.com/videos/
If you want to read a transcript of this video, here you go:
www.uncommonwisdomdaily.com/wp-content/uploads/2009/07/UWD129.pdf
In Other News …
1) Here’s my latest interview with HoweStreet.com: http://www.howestreet.com/index.php?pl=/goldradio/index.php/mediaplayer/1305
2) Derivatives bill to clamp down on speculation
Congress will consider steps to curb speculation in the $39 trillion credit default swaps market and could [...]

Here’s an update of a chart I posted a few days ago.  All eyes on the dollar!

Will the dollar rally from here or go lower?  It’s hard to say.

Stacy writes in the comments section …
I thought it was interesting that Greenlight Financial took physical delivery on all of it’s gold holdings.  Gold is also the largest portion of their portfolio at this time.  As I understand it, this is a pretty odd move for this major hedge fund.  I also read about an [...]

It’s hard to pin down how I feel about the market today.  Commodities and equities are moving in synch, with the U.S. dollar sitting at the other end of the See-Saw of Pain.  In the short-term, it seems like both equities and commodities will float higher on a flood of government money.  In the longer-term, [...]

Zero Hedge was on top of the story about Goldman Sachs potentially front-running the market long before the New York Times caught on to it.  You can read the New York Times story here: http://www.nytimes.com/2009/07/24/business/24trading.html?_r=4&partner=rss&emc=rss
Zero Hedge stories on Goldman Sachs frontrunning are numerous.  You can find examples here and here and here.
By the way, Reuters broke [...]