Commodities and Gold


My eyes are bleeding from the slow motion train wreck that is GM. The company should be BK as they will file on Monday. The government and the unions will own a majority stake so going forward things in Detroit should run like a well oiled machine. I’m looking forward to my oil change at a dealership and being asked to follow the yellow tape on the floor to get a ticket as I walk the velvet ropes.

We see preliminary GDP data at 8:30 and Chicago PMI will be released at 9:45. There was some favorable economic data that came out of Japan and India so commodities rallied but the greenback continues to fall. Spot gold was recently $9.40 higher from New York levels, at $968.40 a troy ounce. Front-month Nymex crude oil futures reversed early declines, and were recently up 32 cents on Globex at $65.40 a barrel. The contract had risen 2.6% in New York after a surprisingly large drop in weekly U.S. energy inventories.

Keep your eye on GLD and DGP, two watchlist names that are about to trigger.

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