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 oil price spike.
In the summer of 2008, oil prices on the open market reached an unprecedented $147 per barrel. Many economists argue the spike helped push the US into an economic free-fall last autumn.
•2) A humor columnist gives us a hilarious take on Goldman Sachs’ view of the world.
•3) Gold Retreats to More Than One-Week Low in London on Dollar’s Strength Gold fell to the lowest in more than a week in London as a strengthening dollar dimmed the metal’s appeal as an alternative investment.
XX Sean’s note: The US dollar bounced yesterday, and that caused a lot of dollar shorts and gold longs to cover. But the dollar isn’t out of the woods yet. Take a look at this chart …
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Hi Sean. I’m concerned about the performance of your picks in the gold report. I bought 6 of them a week ago, after your alert recommending it was time to buy, and they’ve all declined since. Did we buy them too soon? Can you offer some input at this point? The ones I bought are GDX, GG,SLW, KGC, JAG, and GTU. Every single one is down. Please let me know what you think.
Thanks,
Debra