down 10% to 19.56
Comments »Copper Falls Nearly 2% on the EU Lowering Growth Estimates
Solar Glut May Force Prices Lower Despite Polysilicon Being Down 93%
Oil Ignores a Strong Dollar and Rallies Of U.S. Inventory Data
Oil was also said to rally due to better prospects in Europe. Oil is trading up $1.91 @ $97.65
Comments »Gold Falls For a Second Day on Dollar Buying
Dollar buying continued over fears of European sovereign debt problems. Gold fell a little over 1% to trade @ $1,771.
Comments »Oil Falls on Concerns That EU Debt Crisis Will Slow Growth
Potentially 25% of the Worlds Smelters are Unprofitable; Aluminium Down 23% Since May
Dennis Gartman: Gold Gains Suggest More Woes Ahead
”Gold rising in euro terms says to me that the market doesn’t expect good news from Europe,” he says. “All is not well.”
Comments »OPEC Invests in New Supplies As They See Demand on the Upswing
Oil Rises on Dwindling U.S. Stock Piles and Hopes for a Resolution to Europe’s Sovereign Debt Crisis
Oil Brings Crime and STDs to Small North Dakota Town
Hedge Fund Speculators Reduce Raw Material Holdings
Gold Hits a Six Week High on a Weak Euro and Uncertainty Over Italy
Einhorn Reported To Be Making a Splash in Gold Stocks
India’s Food Inflation Continues to Rise
GLD versus GDX
Not even close.
GLD
9-month Return 29.58
1-month Return 6.95
1-week Return 0.98
1-year Return 27.59
6-month Return 12.39
3-month Return 4.66
3-year Return 136.95
2-week Return 5.74
2-year Return 62.62
GDX
9-month Return 8.85
1-month Return 8.53
1-week Return 3.33
1-year Return 4.57
6-month Return -0.37
3-month Return 2.48
3-year Return 188.54
2-week Return 11.86
2-year Return 40.97
YTD Return -2.55
YTD Return 21.86
Comments »Should the Fed Target Nominal GDP ?
Crack Spreads Edge Higher
+2% to $24.40 and the spread between WTI and Brent is $17.5, both down significantly from recent highs.
Comments »Crude Oil and Other Commodities Buck the Trend and Prevent Markets From Free Fall
Speculation that the ECB will force the hand of Greece and hopes the clam will announce QE3 have oil and basic materials trading higher essentially holding up world markets at this point. Also in Europe automakers are trading well.
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