If you live in the United States, there is a good chance the crisis in California is going to affect you. And if you own municipal bonds — either directly or indirectly through other investments — what’s happening in California could have a major impact on your finances.For years, state government budgets have been expanding as the economy grew and the rising housing market swelled property tax coffers. But the severe recession that has brought rising unemployment and a collapse in property values has drastically cut revenues from income, property, sales and corporate taxes.

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Gold price action on Monday looked similar to Friday’s. The bottom for gold in the Far East came shortly after 3:00 p.m. in Hong Kong…rose until shortly after London opened, declined a couple of bucks…but once the London a.m. gold fix was in [10:30 a.m. in London...5:30 a.m. in New York], gold rose to its high of the day shortly after 11:00 a.m. This high [once again over $940] lasted until 9:00 a.m. in New York, shortly after the Comex opened…then it got taken down eight bucks to its low of the day at 10:00 a.m. in New York…which just happens to be the London p.m. fix…3:00 p.m. over there.

U.S. stock index futures pointed to a weak open on Friday with investors set to take profits after a gain of more than 2 percent in the previous session.

Gold’s low price for the day came early in Hong Kong trading on Thursday morning. From there, and in fits and starts, the gold price managed to work its way slowly higher later in the Hong Kong afternoon…and into morning trading in London. But the real fireworks didn’t get started until 8:00 a.m. Eastern time…shortly before the Comex opened for trading…and at 9:00 a.m. [sharp], gold was up $15 before the usual not-for-profit seller showed up. After that, every rally attempt got firmly sold off, so that by the end of electronic trading at 5:15 in New York yesterday…gold was only up about six bucks.

U.S. stocks suffered their first weekly loss since May last week, further exacerbating trader concern that the bullish surge that sent share prices up as much as 40% from their March lows may have been overdone.

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Two weeks ago, at a financial conference, a member of the audience asked an all too familiar question, “What’s your view on the U.S. dollar?”