Here are five important stories I’m reading today. If you haven’t already, you should read them too …
#1) U.S. EIA raises 2010 world oil demand forecast
In its new monthly energy forecast, the agency said it now expects an increase of 410,000 barrels per day in the fourth quarter of 2009 from the same period a year ago. Its previous forecast estimated just a 240,000 bpd rise in fourth-quarter demand.
World petroleum demand is still expected to drop overall in 2009 to 83.67 million bpd, well below the 2008 level of 85.46 million bpd.
The EIA estimates world oil consumption will rebound in 2010, climbing by 1.1 million bpd compared with 2009. Last month the agency had projected a smaller increase of 910,000 bpd.
XX Sean’s note – Merrill Lynch says oil is going to $100 a barrel next year.
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading.
XX Sean’s note – this news, along with the news that Australia’s Central Bank unexpectedly raised interest rates, sent the U.S. dollar into a downward spiral today and lit a fire under gold and silver.
Speaking of which …
#3) Gold Jumps to Record as Inflation Outlook Fuels Investor Demand
Gold rose to a record on speculation that currencies will depreciate, spurring inflation and boosting the appeal of the precious metal for investors seeking to preserve their wealth.
XX Sean’s note – the SPDR Gold Shares (GLD: 107.95 -0.65 -0.60%) is taking out major overhead resistance today. Where will it close? Stay tuned. But today’s heavy-volume breakaway gap action is just the beginning of what could potentially be a huge move in gold.
Nonetheless, the Wall Street Journal insists that Gold Is Still A Lousy Investment.
#4) Will California become America’s first failed state?
Much has been made globally of the problems of Ireland and Iceland. Yet California dwarfs both. It is the eighth largest economy in the world, with a population of 37 million. If it was an independent country it would be in the G8. And if it were a company, it would likely be declared bankrupt.
#5) And just for fun … New virus-built battery could power cars, electronic devices. Personally, I think it’s amazing what our civilization might achieve in the next decade or so … if it doesn’t collapse first.
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