David Rosenberg, chief economist for Gluskin-Sheff, is a contrarian with a superior intellect than our own. That’s why we hang on most every word he says.

Gold was steady on Monday after briefly falling below $990 an ounce, as the euro trimmed some losses versus the dollar, but bullion looked vulnerable to a long liquidation after it failed to stay above $1,000 an ounce.

World stocks hit a 12-day low on Monday, depressed by recent weak U.S. economic data and failing to find support from the G20 summit, while the yen attracted fresh flows to hit an eight-month high against the dollar.

U.S. stocks jumped on Monday as more merger and acquisition activity in the last days of the third quarter encouraged investors following three sessions of losses.

Oil traded around $66 a barrel on Monday, steadying after an earlier decline which extended last week’s 8.4 percent slide, as the U.S. dollar lost ground and stock markets moved higher.

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The U.S. dollar slid to a 1-year low against the euro on Tuesday near $1.48 as deteriorating sentiment on the U.S. currency encouraged selling ahead of a Federal Reserve meeting and Group of 20 summit this week.

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World stocks retreated further from last week’s 11-month high on Monday as lower energy and commodity prices and caution ahead of a Federal Reserve meeting and G20 summit prompted investors to trim risky trades.