Great line on the Kitco site: “Good students don’t earn a cobalt star.” It took us a while to get it – must be the great sun shining outside.
Gold closed this week at $1658.70 per ounce, silver closed at $31.52 per ounce, crude oil finished the week at $102.83.
The most manipulatable (is that a word?) commodity here is crude oil. Since so many Middle Eastern and a few South American governments control oil production, they can supply or hold back at will. They must be going nuts right now. Obama? or not Obama?
They are sophisticated, well-educated traders in the one thing that interests them: the oil market. Rising gas prices at the retail level mean trouble for the big O. Do they want him for another term? Since he seems to be supporting the enemies of the biggest producer, Saudi Arabia, that may be a troublesome question for OPEC (Organization of Petroleum Exporting Countries) .
And now for our Model Portfolio Index, which was a sea of red today: