June 13, 2006

WE'RE EXPECTING THAT KRUGMAN ESSAY ON THE COMMODITY BUBBLE ANY DAY NOW:

NY gold loses most in 15 years (Reuters, 6/13/06)

Gold futures plummeted 7.3 percent on Tuesday, the biggest fall in more than 15 years, closing below $600 an ounce on heavy selling due to a stronger dollar, soft oil price and concerns over interest rate hikes.

Silver dropped 13 percent and fell below $10 an ounce as speculative liquidation pummeled the precious and base metals, and platinum and palladium futures also tumbled.

Stop-loss selling hammered gold after the market retreated below first $600 and then $590, which were recent trend-line support levels, said trading sources. It was the biggest decline for bullion since a 7.4 percent drop on January 17, 1991.

Posted by Orrin Judd at June 13, 2006 6:37 PM
Comments

heheheheheHAHAHAHAHAHAHAHAHA!!!!

Posted by: Sandy P at June 13, 2006 7:27 PM

Win-win for Bush: commodities crash vs dollar = strong dollar which is left for dead for more than 2 years. Remember Warren Buffett betted the rise of Euro and the collapse of the dollar a couple of years ago? Well, he lost his shareholders' farms.

Posted by: ic at June 13, 2006 8:59 PM

17 January 1991. Date sounds familiar for some odd reason. Didn't CNN have a big special starring Bernie Shaw on?

Posted by: Raoul Ortega at June 13, 2006 10:38 PM

What ever happened to Bernie, reporting live from under the hotel bed, Shaw?

Posted by: erp at June 14, 2006 9:09 AM

Rats! My fiance and I just bought our wedding bands. I'd appreciated it if the market would have been about two weeks earlier on this.

Posted by: Jay at June 14, 2006 9:44 AM
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