Oil and Gold and Paris Hilton, Oh My!
I see that oil is up near $120 again this morning. Apparently, the markets are worried about
But the fact that an important Turkish pipeline can blow up and oil DOESN’T jump $10 a barrel shows, I think, that the overall mood in the oil markets remains short-term bearish.
Now, there is other news I think the market should be worried about, as I pointed out yesterday. Add to that, Nigeria’s oil output seems to be sliding down the slippery slope, putting in the good company of countries like
Meanwhile, there is other news in the precious metals arena. Gold production in South Africa is falling off a cliff, down 12.3% year over year. Remember when
Gold is strengthening this morning, but market watchers are saying it’s due to more credit write downs at big banks. Do more credit writedowns really surprise anybody? Seriously? Well, then, I think they better hold on to their hats for the storm that’s coming their way.
Meanwhile, a crisis in municipal bond markets is rearing its ugly head. Yeah, I think metals are starting to look pretty good.Finally, here's the funniest campaign video I've seen in quite awhile ...
It's good to keep your sense of humor at times like these.