[OrangeHoof]

The price of gold had been falling with them but today we are seeing a major spike up in the price of gold. This could be a sign that major investors are trying to get their money out of harm's way and into the relative security of precious metals.

Now, I'm not one of these "gold bugs" and the price of gold had been up over $1700 last winter and is only now climbing back to $1600 so it is not foolproof but it seems a better hedge against market collapse than almost anything else out there.

Certainly, the price of oil was in for a major correction. Middle East fears did not pan out and the speculative price was way too high. But, combined with bad unemployment news, stocks tanking and what appears to be a stall in the global economy (or worse), it is noteworthy to see Gold's spike today in tandem with losses in almost every other sector.

What's newsworthy today is that European crude has fallen below $100/bl, following the lead of American oil which had crossed that threshhold a few weeks ago.

[Uncle Lonny]

I seen this oil crash acomin wen Grease collapsed.

Aint oil made frum Grease?

Or is it the other way around?

This high finance is so complicated!

[wayoverontheright]

The reduction in crude prices will have a tremendous positive effect on the economy, and should counter some of the negatives we’re now seeing.

The price of crude is now 77% of its peak price of $110 per barrel. This will act similar to what a 23% tax cut would do for the economy. Should affect everything we buy, including food.

We’ll see below $3 regular soon. I’m not saying things will boom, just that there’s enough good here to counter some of the bad. The bad news for Obama is that the drop is not supply driven, no way he can take credit, unless you consider the fact that demand is in the tank because of his horrible economic policies. I think the slide in crude continues, may get below $70.

[redgolum]

Don’t worry, we are lineing up to play whack a mole with Syria.

That should drive oil up.

[Carry_Okie]

Now, I'm not one of these "gold bugs" and the price of gold had been up over $1700 last winter and is only now climbing back to $1600 so it is not foolproof but it seems a better hedge against market collapse than almost anything else out there.

I am seeing the flight to gold as a positive feedback abetting the likelihood of market collapse. Parking wealth in gold retracts investment in productive assets, wherein their market price collapses and ROI with it. Hoarding reduces money velocity. Stored gold produces nothing. This flight from real investment is a curious byproduct of a usurious economy that necessarily inflates the money stock, where the eventual fear of dilution induces an inevitable collapse. Wars and revolutions follow. People steal gold in wars.

Maybe our money is better stored in lead.

[agere_contra]

This 3% rise in PM prices in four hours, right after a sharp little drop looks like a sharp Cartel buying of precious metals, coupled with panicky covering by speculative shorts who've been sucked in over the last few months. The poor BSLB report (or whatever the acronym is) is just the excuse - this has been planned for a long time.

JPM have steadily reduced their once-massive short position in silver to a low level, and now I think they're buying in quantity. Ditto for HSBC and gold.

[WellyP]

Found this site. Only 1 minutet delay in posting. http://www.livecharts.co.uk/

[zeugma]

WTI Crude Oil: $83.90/bl

Too bad gas prices are pretty much disconnected from BBL price these days. You can always bet on dropping oil prices in the run up to a presidential election.