The meme during the 70s was that gold and oil moved together. Consumers of today have no such...

The meme during the 70s was that gold and oil moved together. Consumers of today have no such luck as the bear market in gold is met by a crude market refusing to budge. WTI's (USO +1.6%) gain today has the lead month just under $100/barrel and the highest price in nearly a year. Egypt's maybe-crumbling government is as good of an excuse as any for the recent rise. The energy sector (XLE +0.1%) ekes out a gain as the broader market falls.

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Comments (4)
  • Whitehawk
    , contributor
    Comments (3121) | Send Message
    The upside fear trade today is the dixie and crude. Tomorrow is another day. (A meme is over generations.)
    2 Jul 2013, 03:08 PM Reply Like
  • Jeb Handwerger
    , contributor
    Comments (636) | Send Message
    coal and uranium should rebound with this breakout in crude.

    2 Jul 2013, 09:04 PM Reply Like
  • montanamark
    , contributor
    Comments (1455) | Send Message
    LOL - gee maybe it would be different if ben encouraged TBTF banks to massive selling of oil futs in the wee hours


    who still believes PMs have any type of free "market"
    2 Jul 2013, 03:39 PM Reply Like
  • Jason Burack
    , contributor
    Comments (2119) | Send Message
    The London Gold pool ended in 1968 I believe (this was a public manipulation scheme) and the manipulation of gold stopped. Volcker doing the right thing and raising interest rates sky high stopped the gold bull market. The exact opposite is occurring today by central banks but they manipulate the gold price to prevent alarm bells.
    2 Jul 2013, 03:46 PM Reply Like
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