I remember in the summer of 2006 I would face my blank computer screen on a Friday and wonder, what I could write about? The media was all Goldilocks, all the time. Today, there is such a target-rich environment.

Gold didn’t do much of anything on Wednesday until well into the trading day in London.

You hear it everywhere in the press… “Oil is in a bubble and it’s all down to speculators driving up the price”.

There’s been a return to risk aversion overnight, as some news from the United Kingdom has reignited the fears that the banks may still be sitting on a ton of bad debt… Of course, as Pfennig readers, you already know this…

The Commodity Futures Trading Commission has launched a witch hunt to slake the blood-thirst of Congresscritters and their constituents looking for someone to blame for high oil prices.

Both gold and silver did virtually nothing on Thursday until shortly after London opened. Then (just like Wednesday) a sell-off began in both metals which lasted until shortly after the Comex opened in New York.

In the energy market Thursday, crude for July delivery retreated, closing at $126.62/barrel, down $4.41. June reformulated gasoline lost 5 cents, to $3.40/gallon.

Those Nasty Index Speculators. Is Correlation Causation? Where Are All the Tankers? Where Will Oil Prices Go? Is it 1980 All Over Again? The Middle East, California, and Help for Myanmar.

Not a lot happened in both gold and silver yesterday. The tiny rally in the Far East got sold off starting at 3:00 a.m. New York time, then rallied slightly in London and into the Comex open…and that was that once again. Ditto for silver.