Intraday Market Thoughts

Archived IMT (2008.10.16)

by Ashraf Laidi
Oct 16, 2008 7:05

Oil prices drop to $72 per barrel, shedding 50% off their July highs, while gold slips to $838 per ounce, thus, further boosting the gold/oil ratio to 11.6 from the 5.8 lows of this summer, which is consistent with the notion of an incoming "global recession" as a result of notable bounces in the gold/oil ratio. SEE LAST MONTH's ARTICLE on the topic. The latest GLOBAL YIELD CURVE charts in the website show sharp steepening in the US, EU and UK curves, suggesting further central bank rate cuts ahead, another positive for gold.


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