GOLD SINKS BELOW $1500
The shiny yellow metal hasn’t traded below $1500 since July 2011.
Meanwhile, oil is getting whacked for the second straight day. It’s off 3 percent.
The chart below show’s this morning’s action in the gold market.
Thinkorswim
http://www.businessinsider.com/gold-is-getting-smashed-2013-4
The Gold Collapse Is Great News
The big story today (and actually for awhile) is the collapse in gold, which has just fallen below $1500/oz.
If you look on Twitter, or anywhere else econ types chat, there’s a lot of [...]
investing.com
February 8, 2013
Gold prices fell on Friday after European Central Bank President Mario Draghi warned that the eurozone economy won’t see noted recovery until closer to the end of the year.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were down 0.24% at USD1,667.35 a troy ounce in U.S. trading on Friday, up from a session low of USD1,665.95 and down from a high [...]
by WashingtonsBlog
Giant Gold Bullion Dealer Says that Hurricane Sandy Is Preventing Delivery of PhysicalGold Today
We’ve extensively documented that central banks and large gold dealers – in a giant ponzi scheme – have overstated their gold holdings.
We’ve noted that traders who have already paid the full price for delivery of specific bars of gold arehaving trouble receiving them.
In light of the foregoing, CME’s declaration that a natural disaster (called “force majeure” by lawyers) prevents it [...]
From Bloomberg:
U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said.
Growing supplies of crude extracted through new technology including hydraulic fracturing of underground rock formations will transform the U.S. into the largest producer for about five years starting about 2020, the Paris-based adviser to [...]
California Refiners Ration Gasoline as Prices Near Record
Gasoline station owners in the Los Angeles area including Costco Wholesale Corp. (COST) are beginning to shut pumps as the state’s oil refiners started rationing supplies and spot prices surged to a record.
Valero Energy Corp. (VLO) stopped selling gasoline on the spot, or wholesale, market in Southern California and is allocating deliveries to customers. Exxon Mobil Corp. (XOM) is also rationing fuel to U.S. West Coast terminal customers. Costco’s outlet [...]
Gasoline station owners in the Los Angeles area including Costco Wholesale Corp. (COST) are beginning to shut pumps as the state’s oil refiners started rationing supplies and spot prices surged to a record.
Valero Energy Corp. (VLO) stopped selling gasoline on the spot, or wholesale, market in Southern California and is allocating deliveries to customers. Exxon Mobil Corp. (XOM) is also rationing fuel to U.S. West Coast terminal customers. Costco’s outlet in Simi Valley, 40 miles (64 kilometers) [...]
Gasoline station owners in the Los Angeles area including Costco Wholesale Corp. (COST) are beginning to shut pumps because of supply shortages that have driven wholesale fuel prices to record highs.
Costco’s outlet in Simi Valley, 40 miles (64 kilometers) northwest of Los Angeles, ran out of regular gasoline yesterday and was selling premium fuel at the price of regular, Jeff Cole, Costco’s vice president of gasoline, said by telephone. The company hasn’t [...]
From Bloomberg:
Federal Reserve Bank of Philadelphia President Charles Plosser said new bond buying announced by the Fed this month probably won’t boost growth or hiring and may jeopardize the central bank’s credibility.
“We are unlikely to see much benefit to growth or to employment from further asset purchases,” Plosser said in a speech today at the district bank in Philadelphia. “Conveying the idea that such action will have a substantive impact [...]
Hurricane Isaac and a deadly blast at Venezuela’s Amuay refinery pushed gasoline to an almost four- month high and threatened to revive a debate about energy costs in the run-up to the presidential election in November.
Futures jumped yesterday in New York as Isaac forced closures of Gulf Coast refineries and reduced rates at others. That market is also reeling from an Aug. 25 explosion in Venezuela that killed at least 48 people [...]
via Bloomberg:
Oil entered a bear market in New York as it headed for the biggest monthly drop in more than three years on speculation Europe’s worsening debt crisis and a slowing U.S. economy will reduce fuel demand.
Futures today are 20 percent lower than their highest settlement this year, a definition of a bear market. Prices slipped as the cost of protecting Spanish bonds against default climbed to a record yesterday and a [...]
From Carpe Diem:
1. Natural gas futures prices fell to another 10-year low today, to $2.208 per million BTUs on the New York Mercantile Exchange. In nominal dollars, that’s the lowest price for natural gas since February 2002… And adjusting for inflation, it’s the lowest price since July 1995, almost 17 years ago.
2. Michigan-based Consumers Energy announced today that it will lower natural gas prices starting next month for 1.7 million [...]
From Bloomberg:
The U.S. exported more gasoline, diesel and other fuels than it imported in 2011 for the first time since 1949, the Energy Department said.
Shipments abroad of petroleum products exceeded imports by 439,000 barrels a day, the department said today in the Petroleum Supply Monthly report. In 2010, daily net imports averaged 269,000 barrels. U.S. refiners exported record amounts of gasoline, heating oil and diesel to meet higher global fuel [...]
Brent crude hits all-time high of $121.10 per barrel in London
AP/The Independent
February 21, 2012
Oil prices jumped to nearly 105 dollars a barrel – a nine-month high – in Asia today, after Iran said it halted crude exports to Britain and France in a dispute over its nuclear programme.
Benchmark crude was up 1.75 to 104.99 dollars a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. Earlier [...]
From Bloomberg:
A shale-driven glut of natural gas has cut electricity prices for the U.S. power industry by 50% and reduced investment in costlier sources of energy.
With abundant new supplies of gas making it the cheapest option for new power generation, the largest U.S. wind-energy producer, NextEra Energy Inc. (NEE), has shelved plans for new U.S. wind projects next year and Exelon Corp. (EXC) called off plans to expand two nuclear [...]
From Bloomberg:
The International Energy Agency, the adviser to U.S., Germany andJapan, isn’t planning an immediate release of emergency oil stockpiles (DOESCRUD) in response to the tension in the Middle East.
“We remain prepared to respond to any significant oil supply disruption, but as no specific supply disruption is under way, we are not actively considering any action at the present time,” the Paris-based adviser said on its website today.
Crude oil gained over the last three [...]
The Standard & Poor’s GSCI Gauge (SPGSCI) of 24 commodities fell to close at 644.91 at 3:50 p.m.
The UBS Bloomberg CMCI Index (CMCIPI) of 26 raw materials rose to 1,520.804 at 4:11 p.m.
PRECIOUS METALS
Gold rose the most this month, capping an 11th straight annual advance, on speculation that demand will climb from jewelers and investors.
Gold fell 4.7 percent in the previous six sessions to the lowest level since July 7 as the dollar gained [...]
Oil prices slipped below $98 a barrel Tuesday on worries about slowing economies in Europe, despite expectations that U.S. crude inventories are falling and demand could be increasing.
By early afternoon in Europe, benchmark crude for December delivery was down 52 cents at $97.62 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 85 cents to settle at $98.14 in New York on Monday.
In London, Brent [...]
Traders work in the gold futures pit at the New York Mercantile Exchange.
Gold traders and analysts are the most bullish in at least seven years as investors accumulate metal at the fastest pace since August to protect their wealth from a widening European debt crisis.
Twenty-one of 22 surveyed by Bloomberg expect bullion to rise on the Comex in New York next week, the third consecutive increase and the highest proportion in [...]
By RHIANNON HOYLE
LONDON—Emerging-market countries continued to top up their gold reserves in August, with Russia, Thailand and Bolivia among those to add to their holdings.
Central banks have bought gold as some seek to diversify foreign-exchange reserves that have grown along with emerging market export industries. The purchases have helped drive the price of gold higher, because they absorb supply and boost market sentiment.
This year, central-bank officials also began buying in [...]
Sept. 23, 2011, 11:16 a.m. EDT
Gold trades under $1,700, loses 4%
Silver plunges 10%; copper also lower as global selloff continues
SHARE: MORE Email Print Comment 302 By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures slid below $1,700 an ounce on Friday, losing more than 4% as turmoil in global financial markets continued and investors rushed to sell metals positions to raise cash.
Gold for [...]
Debbie Carlson
Kitco News
September 4, 2011
(Kitco News) – Renewed worries in Europe over Greek debt and a lack of job growth in August in the U.S. are just two of the reasons market watchers expect gold to post price gains next week.
The most-active December gold contract on the Comex division of the New York Mercantile Exchange settled at $1,876.90, up 4.4% on the week. December silver settled [...]
By Claudia Assis and Chris Oliver, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold surged to a record Monday, finishing just below $1,900 an ounce amid ongoing concerns about the health of the global economy and talks U.S. officials may offer a fresh round of economic stimulus.
Federal Reserve Chairman Ben Bernanke is set to discuss his economic outlook Friday at the annual gathering of central bankers in Jackson [...]
Kurt Nimmo
Infowars.com
August 9, 2011
Photo: Mark Herpel.
Commodity analysts at JP Morgan are predicting the price of gold may hit $2,500 or higher per ounce by the end of the year, the Financial Post reported on Monday.
Prior to Standard & Poor’s downgrading of the debt rating of the United States, the bank thought spot gold would reach $1,800 by the end of 2011. It has since revised its projection.
On Tuesday, [...]
Gold for December delivery GC1Z +0.61% added $10.80, or 0.7%, to trade at $1,627 an ounce on the Comex division of the New York Mercantile Exchange.
Click to Play
Market alarm on stagnant debt talks
WSJ’s Paul Vigna looks at the mentality of traders going into a weekend filled with uncertainty and who may be wary of Asian markets opening on Sunday. Also, weak GDP figures were released. And. strong numbers from [...]
Crude raced higher Tuesday as energy bulls pushed Nymex oil back toward the $100-a-barrel mark, prices last seen before world governments said they would release crude from their reserves last month.
Photo: CNBC.com
IEA Oil Reserves
West Texas Intermediate jumped 2.1 percent to $96.89 a barrel on the New York Mercantile Exchange, decidedly above the $94.45 close of June 22, the day before the announcement on the release [...]
By Myra P. Saefong and William L. Watts, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures rallied Tuesday as ongoing concerns about global debt problems fed investment demand for the precious metal, lifting prices by more than $30 an ounce — their biggest one-day dollar gain in eight months.
Gold for August delivery GC1Q +2.19% rose $30.10, or 2%, to close at $1,512.70 an ounce on the Comex [...]
Oil dropped in New York, headed for its first monthly decline since August, on speculation that fuel demand will falter amid a slowdown in the U.S. economic recovery and Europe’s continuing debt crisis.
Futures slipped as much as 1 percent before reports this week that may show U.S. employers hired fewer workers in May and manufacturing cooled. Concern that European governments will struggle to resolve the region’s debt crises weakened the [...]
As gas prices hover near $4 a gallon, nearly seven in 10 Americans say the high cost of fuel is causing financial hardship for their families, a new USA TODAY/Gallup Poll finds.
More than half say they have made major changes to compensate for the higher prices, ranging from shorter trips to cutting back on vacation travel.
For 21%, the impact is so dramatic they say their standard [...]
AAP
ENERGY
Crude oil prices rose for the second day running in choppy trade.
New York’s main contract, light sweet crude for June, rose 68 cents to close at $US99.65 a barrel in volatile trade marked by fairly wide swings.
Advertisement: Story continues below
In London, Brent North Sea crude for delivery in June added 85 cents to settle at $US113.83 a barrel.
Shortly before the New York Mercantile Exchange opened, the benchmark West Texas Intermediate [...]
Oil prices tumbled 4 percent on Wednesday as U.S. gasoline futures plunged limit down, triggering a brief halt in trade on the New York Mercantile Exchange.
Gasoline traded down 25 cents at midday in New York, a move that stopped trade on NYMEX crude, heating oil and gasoline futures.
Losses carried on as trading resumed with a new limit of 50 cents. Prices completed erased gains from Monday and Tuesday, when traders [...]
Oil prices slipped to near $103 a barrel Wednesday as traders weighed mixed signals about the strength of energy demand in the U.S., the world’s largest economy.
By early afternoon in Europe, benchmark crude for June delivery was down 51 cents to $103.37 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.33 to settle, or 1.3 percent, at $103.88 on [...]
From Oil Price: “It’s Time for Obama to Spook the Oil Markets”
The fate of the Obama presidency hangs not on a birth certificate or the red ink on the federal budget but by the hose nozzle of your local gas station.
Electoral discontent is measured by the price of a gallon of gasoline. Heading past $4 toward $5, that is a lethal trajectory for President Barack Obama.
Enter [...]
From WSJ:
NEW YORK—Silver futures posted fresh losses, trading well below $40 an ounce, as some investors opted to shed positions rather than put up additional capital required by a new round of trading-cost increases by exchange-operator CME Group Inc.
Gold prices echoed silver’s losses, with the yellow metal dangling close to $1,500 an ounce.
Silver for May delivery was down $1.908, or 4.8%, at $37.475 per troy ounce in early morning trade [...]
CME Group Announces Further Margin Hikes For Comex Silver Futures http://www.kitco.com/reports/KitcoNews20…
CME Group is hiking silver margins again, with a late-Wednesday notice the fourth such announcement in the last two weeks.
CME Group, which operates the Comex division of the New York Mercantile Exchange, announced margin increases that will become effective at the end of business on Thursday, with yet another increase [...]
(AP) Gasoline futures on Tuesday traded at the highest level since July 2008 after three Texas refineries were idled following a power outage.
Here’s how energy contracts traded on Tuesday.
On the New York Mercantile Exchange:
—Benchmark crude lost 7 cents to settle at $112.21 per barrel.
—Heating oil gained 2.84 cents to settle at $3.2273 per gallon.
—Gasoline futures gained 2.87 cents to settle at $3.3072 per gallon.
—Natural gas lost less than a [...]
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