Posted on 10/23/2008 10:59:28 AM PDT by expat_panama
Commodities slumped for a second straight session Wednesday amid two-year highs in the dollar and a slowdown in China — the world's fastest-growing economy — which intensified fears of global recession.
Falling stock prices also weakened raw materials markets, which have taken their direction lately from equities despite commodities often being touted as an uncorrelated asset class.
"A lot of investors are beginning to use equities markets as a guide to decide how the economy will be doing, and it's all bearish at the moment," said Clarence Chu, a trader at Hudson Capital Energy in Singapore.
The price of copper, regarded as a barometer of economic health, fell more than 7% in New York and London, nearing three-year lows.
U.S. crude oil also slumped more than 7% to below $67 a barrel, fetching less than half of its record high price of $147.27 set on July 11. U.S. gold futures fell 4%, hitting a one-year bottom.
[snip]
(Excerpt) Read more at investors.com ...
Ever since we crested peak oil, the price has dropped.
This too shall pass..
We want $9 a barrel, 19 cent a gallon gas along with a 12 oz. Marvel Comics glass for every fill up over 12 gallons.
I hope that people are starting to wake up to what bastards the MSM is made up of. Now lower oil/gas prices and a stronger dollar are bad things?
Seems like deflation would be a good thing if not for it’s effect on the housing market(bubble)
BUSH’S FAULT ! (Am I first?)
So this means that the US economy and thus the dollar are STRONGER than they were a few months ago. Therefore the stock market “crash” is just a normal market correction.
yeah
LOL
Somebody please explain why expensive oil and cheap dollars were bad before, and cheap oil and sought-after dollars are bad now.
T. Boone Pickens has been pretty quite of late too. I'm thinking he's trying to figure out some other use for all that land he was going for his wind farm.
Because a Republican is still in the White House?
we need to get the speculators out of the market /s
The only wind he appeared to be generating had a distinct odor to it...
I’ve refrained from commenting on the fact that the U.S. dollar is trading at a 17-month high for the only reason it’s doing so is because our economy is less effed-up than the rest of the world’s.
I want S&H Green Stamps..
And those slurpee cups with baseball players on them.
This is good news, especially for those who are planning to spend several weeks in the South of France this winter. Our money is stronger against the Euro than it has been in two years, meaning world markets have a lot more confidence in our economy than CNN does, and our gasoline is getting cheaper by the day. Why is this bad?
I’ve noticed that ever since Sarah said “drill baby drill” the price of oil has plummeted.
Gold @ about $700... those who panic bought @ $1000 lost 30% in one month.
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