“Legendary investor Jim Rogers remains a long-term bull on gold, but thinks the precious metal’s correction may still have a long way to go.
At around $1,600 an ounce, gold is down about 17 percent from last year’s record peak of $1,924.
Gold has been in a bull market for the past 11 years, and Rogers, who has owned it for longer than that period, tells Oilprice.com, “I don’t know of any asset in history that’s gone up 11 years in a row without a correction.”
Comments »Vix and More is out with a great analysis of the recent corn rally in relation to previous corn rallies over the last 20 years.
In other words, this could be just the beginning of a huge move in corn prices, particularly given that the price move of the last month or so comes on top of a much higher base.
Read the article here.
Comments »“Oil rose to its highest in a month in London as Statoil ASA (STL), Norway’s largest oil producer, prepared to halt production from the country as employers locked out striking platform workers after mediation talks failed.
Brent futures gained as much as 2.5 percent. The Norwegian Oil Industry Association, which represents employers, will ban all members of the Industri Energi, SAFE and Lederne labor unions who are covered by offshore pay agreements from midnight on July 9, Statoil said today on its website. Oil had advanced earlier on forecasts that the European Central Bank will cutinterest rates today and that U.S. inventory data will show crude supplies declined.”
Comments »Gold is currently down 0.23% and has traded around the unch line as traders wait on the ECB rate decision.
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Reports of missile tests in Iran and a possible attempt to close the Straights of Hormuz have oil ripping tits this morning.
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“Oil rebounded in New York on signs that central banks from Europe to China may ease monetary policy to spur economic growth and speculation sanctions against Iran will curb supply.
Futures gained as much as 1.1 percent, reversing earlier losses. The European Central Bank is forecast to cut interest rates this week to help curb the debt crisis, while a state- owned newspaper in China said the time is right to increase liquidity in the banking sector. An embargo targeting Iranian oil exports will probably have a bigger affect than previously estimated, according to Goldman Sachs Group Inc.”
Comments »Gold bugs are sure of more money printing in the U.S. and elsewhere as global markets show continued weakness.
Comments »But will it last for long? Read the article here.
Comments »Oil is rallying silly. Must be short covering at this point since buying for future growth prospects is silly…at least for the short term.
Comments »Gold is up $42 sticks or 3%……
Comments »WTI up $3.02, Brent up $3.10, Gold up $25, Silver up $1.10, Copper up $0.13…..
Comments »“Oil declined in London for the first time in five days amid speculation that the European Union’s economy will fail to grow, as the region’s leaders gathered in Brussels for a two-day summit.
Brent crude fell as much as 1.2 percent as the EU continued to battle the financial crisis that claimed Cyprus this week as its fifth victim. Economic confidence in the euro area slumped to the lowest in more than 2 1/2 years in June, the European Commission said. Germany reported that unemployment in the region’s biggest economy rose for a fourth month this year.
“The oil price is a reflection of the market’s expectation that there will be no growth in Europe for the next few years,” said Michael Hewson, analyst at London-based CMC Markets UK Plc who predicts Brent may fall as low as $76 a barrel in the next six months. “Although Iran could provide potential for prices to move higher in the short term, the overall outlook is down, based on the lack of economic growth.”
Comments »$XOM says they are ‘losing their shirt’ om natty gas. Current prices are not sustainable. HINT….
Comments »I’d say that it will be temporary and you should take down a piece on any weakness.
Comments »“Australia, the world’s biggest iron ore exporter, cut its price forecast and said rates may decline 11 percent from last year as slowing growth in China, the largest buyer, curbs demand.
The steelmaking raw-material will average $136 a metric ton in 2012, the Bureau of Resources and Energy Economics said in a report today. That compares with $140 estimated by the Canberra- based bureau in March and an average of $153 last year. Shipments from the country may total 479 million tons, down from the 493 million tons predicted in March, it said.
Prices dropped 2.2 percent this year as the Chinese economy expands at the slowest pace since 2009 and Europe’s debt crisis threatens global growth.”
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