Is This The Correction?
October 22, 2007
Gold made an attempt at “correcting” from it’s phenomenal rise over the alst 90 days a couple of weeks ago, but it lasted only a few days. Last Friday saw a major drop in the Dow and today the Asian markets have dropped as much as 3%. Oil is finally falling from the $90 level and gold (off $16 before the opening bell), as well as all comodities, are off substantially. Stay tuned. 
Pelosi Stumbling as House Leader
October 22, 2007
Democrat Nancy Pelosi’s pledge of a new direction took a detour when she fumbled an Armenian genocide resolution and raised questions about her leadership as the highest ranking member of the U.S. Congress. Pelosi, 67, speaker of the House of Representatives and next in line to the presidency after the vice president, swore she would push the controversial resolution to a vote, then blinked when some fellow Democrats withdrew their support in the face of furious reaction from Turkey. Continue Reading »
Giuliani Woos Religious Right
October 21, 2007
Republican presidential front-runner Rudy Giuliani appealed to religious conservatives on Saturday to look beyond his support for abortion rights and focus on shared values, such as fighting crime and his vow to relentlessly pursue the war on terror. Continue Reading »
The War Expands
October 21, 2007
Does anyone think that there will ever be peace in Iraq? About the only way that has happened is for there to be a dictator who summarily kills anyone who opposes him and rules with an iron fist. Can you say Saddam? After the Turkish government ruled that their military can go into Iraq after Kurdish rebels, the situation is getting worse fast. And after the last two days of actions, Turkey is finding , like the U.S., saying you’re going to do something and doing it are two different things. Continue Reading »
A Black Friday?
October 19, 2007
As I write this at 7:20 am, realizing that today is the 20th anniversary of Black Monday, I have to wonder what today might bring. There is so much going on out there that’s really not logical or possible- for very long. I mean, how far can the price of a barrel of oil go before it bankrupts the world economy? The $90 price for a barrel of oil is simply unsustainable! It’s insanity! -
$770 & Rising!
October 19, 2007
Gold rallied to its highest level in 28 years on Friday as investors poured money into the precious metal due a struggling U.S. dollar and tensions between Turkey and Iraq. Spot gold hit a high of $770 an ounce, its highest since January 1980, before dipping to $766.65/767.35, still above $763.90/764.70 seen late in New York on Thursday. Gold has gained 20 percent this year on fund buying driven by record-high oil, the Federal Reserve’s surprise move to cut interest rates by 50 basis points, a weak U.S. dollar and recently, tensions in northern Iraq.
Scary Stuff!
October 18, 2007
I love to see gold rising slowly, but this $6-$10 a day increase is almost as wild as is the price of a barrel of oil that now sits just under $90! Can you imagine what we’ll be paying at the pumps next month? Meanwhile gold was up another $6.40 to close out at $768.70. This is not good. My bet is that there’s a bear in the woods that we’ve not seen.
An Interesting Morning
October 18, 2007
The US$ hit a major low this morning and gold would normally jump $10-$15 on the depthof the US$ dive. So, far gold is only up $5 which tends to indicate to me that we’ve hit aresistance level. Options from here as I see it are: 1-Gold to rise over next 2-3 weeks 10%….2-Gold to stay in a trading range (little movement) 50%….3-Gold to drop a little 30%…..4-A correction of ten percent- 10%
The Death Of The Candidate!
October 17, 2007
Okay, for those who know the United States Constitution, who is it that replaces the President if he were to die in office? If you said Dick Cheney (Vice President), you were right. Now it gets harder. If both Bush and Cheney are taken out, who is the head man? If you said Robert Byrd you were right. Robert Byrd? Yep, the Senate pro tem gets the nod. And if he gets nailed, wse have a woman for president. Her name is Condi Rice, Secretary of State. So much who takes over if the president dies in office. But, here’s my serious question. If the party’s nominee for President dies (while not yet in office), what happens then (tongue in cheek). Continue Reading »
$800 When?
October 16, 2007
Gold hit a 28-year high today, underpinned by record-high oil prices and geo-political tension that raised the precious metal’s profile. Prices later slipped as profit-taking set in, with the dollar’s slight gains versus the euro making bullion dearer for holders of other currencies. But having surged past $760 an ounce, some dealers have said the market is well positioned in coming sessions to close in on the $800 mark last seen in 1980 when bullion hit a record $850. Support was seen coming from further dollar weakness and strength in crude prices that would highlight gold as a hedge against oil-led inflation.
Fox blasts U.S. xenophobia
October 16, 2007
Former Mexican President Vicente Fox doesn’t get manybreaks these days. He was slapped around on The O’Reilly Factor, had a new statue of his likeness yanked down by an angry mob in Veracruz, and along the way promoted his memoirs, which were published in English. But he’s not letting up on the immigration issue. Continue Reading »
Another $8 Up
October 15, 2007
Gold had another UP day and the December contract settled at $762. Oil was up another $2.44 to close above $86 for yet another record. This oil balloon is going to pop or break the planetary bank if it’s not stopped. Oil prices surged as high as $86 a barrel Monday for the first time after OPEC said crude production by non-member countries is likely falling even as global demand for oil is rising.
Hyperinflation Is Coming!
October 15, 2007
The Fed is locked into a no win position. They are afraid of deflation and they want to fight inflation, and the result will be hyperinflation. I’ve been saying this for years now and the indicators keep telling us that it’s happening, albeit, very slowly. Once it takes hold, there’s no stopping it. I think we are seeing that now. This morning as I write, gold is up another $10 to $763, Silver is just under $14 and the price of a barrel of oil is $85+. Continue Reading »
Gold Is Catching Up!
October 15, 2007
“If gold and silver were fairly adjusted for inflation, gold would be over $2,000 per ounce, not just $740. Silver, instead of being valued at $13.33 per ounce would be nearly $25. Some traders and investors view gold’s forthcoming top at $873 and silver’s at $50 based upon non-adjusted inflation valuations in 1979-1981. Watch what comes next in the on-going gold and silver bull market of the century. We are only in the 3rd or 4th inning. The outcome will be truly astounding!” - Traderrog
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