Gold falls to six-week low on crude, dollar - MarketWatch
"Crude oil slumped nearly 4% to the lowest level in two weeks, after the World Bank predicted that the global economy will shrink 2.9% this year, a steeper fall than the 1.7% contraction it predicted in March." See World Bank story. See Futures Movers.
Again, interesting that crude isn't really affected by Iranian turmoil, more by the state of the dollar. Long term, is the dollar ready to strengthen? What exactly have changed? We have seen over recent weeks a stream of politically motivated fudged numbers that were spread as the background to Geitner's outrageous plan. The idea that the Dollar strengthen after the Fed gets more power is evidence to the power of the propaganda machine and group think, not to real improvement. The only real action so far is pouring freshly minted money intn the banking system and major industrial losers. Now, printing money to cover debt may be an actuary solution, but it does very little to strengthen the real value your currency can actually buy (even if you ignore the inflationary risk). GM fell because you and I did not see value in its products - pouring money into it can adjust its balance sheet but will not make its products more valuable to us.
Note to self: considering buying more. Readjust stop points.