Oil rose to $70 a barrel on Monday after Nigeria’s main militant group said it attacked a Royal Dutch Shell oil platform, outweighing a fairly bearish report from the International Energy Agency (IEA).

* Nigerian rebels say blow up Shell wellhead in Niger Delta

Oil rose towards $71 a barrel on Friday after Nigerian rebels said they blew up a wellhead in a Royal Dutch Shell oilfield and as equity markets rallied on perceptions the global recession was easing.

Consumer Prices Increase Less Than Expected; Ten Banks Repay TARP Debt; Bankrupt Eddie Bauer Attempts Sale; Berkshire Hathaway Options Begin Trading; FedEx Losses Mount; Saab Cuts Debt; Gas Prices Keep Going, Going, Up; Boeing Gets First Air Show Order; China Will Invest Sovereign Wealth in Hedge Funds; Analyst: S&P 500 Will Hit New Highs By 2012; Bond Yields Drop; Mortgage Apps Plunge

Currencies get a tourniquet… BOE And ECB leave rates unchanged…Political uncertainty in the U.K…Aussie dollar to rally further? And Now… Today’s Pfennig!

Euro goes back and forth over 1.43…Eurozone unemployment rises to 9.2%…Australia’s GDP surprises! Is it protectionism? And Now… Today’s Pfennig!

Can you believe it’s already June? What a month May was for commodities. They are Lazarus, come from the dead to tell us all that the world will not stop turning if there is a financial crisis in the West. Or something like that.

As I pen this article, gold is at $950 per ounce and I believe it will head over $1,000 in the near term.  After that, my long-term target for gold is $2,000 per ounce and beyond.  This is an opportunity for you to double your money.  Buy gold… 

How did it get here, and where is it going? What a difference a year makes. While March lions and April showers were at work in 2008, so were these factors in the U.S. and global economies:

U.S. stocks and oil prices turned south on Friday as investors questioned recent rallies in the face of economic data that still shows a mixed picture of when economies will rise from a deep global recession.

When Ronald Reagan moved into the White House, total U.S. debt equaled 168% of GDP. The next 27 years took the total to 370%; it was heralded as a triumph of the Anglo-Saxon free enterprise system, but it left people with an additional $27 trillion of debt. And now, the economic system that created so many heavy balls and such long chains is in the recovery room – looked after by quacks and prayed for by most of the world.