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"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Monday, April 21, 2008

Monday Is Chart Day -- Oil, Gasoline, Silver & More

So glad to be long oil stocks and natural gas today, with oil over $117 and natural gas climbing. Oil Rises to Record Above $117 After OPEC Says No Need to Boost Production Crude oil rose above $117 a barrel for the first time after OPEC said it will maintain production, rejecting calls from the U.K. and Japan to boost output.

Gold and silver underperformed energy last week – we could see some weakness in the short-term. That could be a set-up for a big move higher.

Codelco Opens One of Three Strikebound Copper Mines as Workers Defy Picket Codelco, the world's largest copper producer, reopened its El Teniente mine after night-shift employees crossed barricades of striking contract workers. Two other Chilean copper mines remained closed as the strike, which propelled copper prices to a record high, continued a fifth day.

More News You Can Use ...
Dollar Decline Decelerates With G-7 Blessing as Weakening Shows No Endgame Traders betting on intervention by the Group of Seven nations to stem the dollar's 7.7 percent decline against the euro this year may be disappointed.

Gold Erases Gain in London; Dennis Gartman `Abandoning Ship' From Outlook Gold erased gains in London after Dennis Gartman said he is ``abandoning ship'' on his outlook for higher gold prices.

Asia May Risk `Silent Famine' as Poor Can't Afford Food, UN Agency Warns A ``silent famine'' risks emerging in some Asian countries where food prices including rice are escalating beyond the reach of the poorest people, the World Food Program warned.

And Uranium Drops a Bit More
Long term prospects and short term supply-demand characteristics in the uranium market continue to clash with market watchers and researchers clinging on to a continuously bullish outlook for the commodity, only to see the spot price move into the opposite direction.

South Australian Grain Regions May Get Best Rain in Five Months
Grain farmers in Australia, the world's sixth-largest wheat exporter, rely on rain at this time of year to plant winter crops including canola, barley and wheat. The nation's wheat output is forecast to almost double to 26 million metric tons this year as farmers seek to benefit from prices that reached a record.

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