Red-Hot Resources

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

Friday, October 17, 2008

News and Charts, TGIF Edition

If you bought my new gold report, this chart will interest you. It's weekly chart of the GDX ...
Agnico Expects Share Declines, Bankruptcy for Some Junior Mining Companies Agnico-Eagle Mines Ltd., the Canadian gold producer planning to increase output fivefold, said smaller mining and exploration companies may go bankrupt as their cash dwindles and the credit freeze makes borrowing more difficult.

Gold Poised for Biggest Weekly Loss in Two Months in London on Stocks, Oil Gold headed for the biggest weekly loss in two months in London as global equity markets rose and crude-oil prices declined, reducing demand for the metal as a haven and an inflation hedge. Palladium fell to a five-year low.


U.S. Consumer Confidence Falls the Most on Record; Housing Starts Decline Confidence among Americans fell by the most on record and single-family housing starts hit a 26- year low, posing an increasing threat to consumer spending that accounts for more than two-thirds of the economy.

`Armageddon' Loan, Bond Prices Fail to Lure Investors as Funds Liquidate Credit markets have fallen so far that they are providing a ``once in a lifetime opportunity,'' and investors are still selling.


OPEC Brings Forward Crunch Meeting

Even Saudi Arabia, the cartel’s most powerful member, which initially opposed the 500,000 barrel a day cut announced last month and is close to the US, appears to be in agreement that the group needs to reduce its production.

Oil Rises More Than $3 on Signs OPEC Will Announce Output Cut Next Week Crude oil advanced more than $3 a barrel in New York on signs that OPEC will announce a production cut at a meeting next week.


China's Economy Probably Slowed, Increasing Pressure for Further Rate Cuts China's economy probably expanded at the slowest pace in almost four years in the third quarter, adding pressure for interest-rate cuts and government spending to prevent a slump.

Gross domestic product grew 9.7 percent from a year earlier, according to the median estimate of 12 economists surveyed by Bloomberg News, down from 10.1 percent in the previous three months. The data is due to be released on Oct. 20.

Have a great weekend.

Labels: , , ,

Check out my new gold and energy blog at