Well, well, well. What an interesting time to be alive.
Someone had mentioned earlier how this weekend kind of felt like fall of 2008...checking the headlines, wondering how the markets would open on Sunday night and Monday. As it is, gold traded only about $5 higher before succumbing to what has become rather significant selling pressure above the $1345 level. As we head through this week, that level has become the one to watch. Geo-political events, rising crude prices and strength in silver and copper should help provide a push but, clearly, the Forces of Evil have decided to make their resistance there. See for yourself:
Here's a dollar chart to ponder overnight, as well. Once again, just when all seemed lost for the greenback and it appeared ready to plunge, world "events" step in to save the day. Hmmmm.
At any rate, it is struggling with the old 78.47 level as you can see here.
I also came across this brief interview of Peter Schiff. The dude that interviews him is such a tool that it's almost unwatchable...but...if you can bear with it, Mr. Schiff makes many of the same points you've heard me make ad nauseam here over the past few months:
Many have conflicting opinions of "debka" as a news source. I've read on several occasions that it uses the Mossad as source material for its stories. Whether or not that's true I have no idea but I've followed the site long enough to realize that their information is no more inaccurate than CNN or Fox.
At any rate, here is debka's latest take on the situation in Egypt:
Lastly, Ambrose Evans-Pritchard gets it. Anytime you see a link to one of his articles, click it and read it.
In this one, AEP discusses what you and I discussed back on Saturday, namely how soaring global food prices are affecting global political stability.
That's it for now. Get some rest. Its going to be a wild week. Turd out.