Red-Hot Resources

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

Thursday, November 06, 2008

Ugly Thursday

The morning rally in gold has faded. The market is going downhill in a hurry. Whatever bounce associated with the election seems to be fading.

Barack Obama's Yuan Calls May Place U.S. on Collision Course With China Barack Obama's calls for changes in China's yuan policy may put the president-elect on a collision course with the U.S.'s second-largest trade partner, which is holding the currency stable to support its export-led economy.

Euro Falls Against Dollar After ECB Cuts Rate to Lowest Level in Two Years The euro fell against the dollar, the yen and the pound after European Central Bank President Jean- Claude Trichet said the economy ``weakened significantly'' and the International Monetary Fund cut growth forecasts for the region.

Oil Falls, Tracking Equity Prices, on Concern Slowdown Is Cutting Demand Crude oil fell to an 18-month low, following equities, on signs that fuel demand will contract as the global economy slows.

Market paralysis ignores uranium's compelling projections The Melbourne-based financial services group BGF Capital Group says that the frozen minds of investors and developers may well see a critical shortage of uranium in two to four years time.

Global Oil Demand May Contract In 2009, 1st Time In 26 Years A starker economic outlook has some high-profile energy analysts predicting the world will consume less oil next year than this year, notching the first annual contraction since the early 1980s as emerging markets, led by China, cool off.

CIBC World Markets, in a recent report, is now saying that the current recession is caused by high oil prices. Here's a chart from the report, which shows that four of the past five recessions have followed oil price spikes ...

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