Six times a year, the Agora Financial editors converge from all over the world on Baltimore to exchange ideas about the state of the world and what it means for your investments. Much of the discussion yesterday was frankly grim.

The gold price lost about eight bucks (silver was down about 20 cents) from the open in Sydney on Thursday morning until about fifteen minutes before the Comex opened in New York yesterday morning.

Foreclosure filings in the US rose 48% on the previous year in May, providing further evidence of a deepening housing market slump.

“While the U.S. housing market is still searching for its bottom, the situation is much livelier just south of the border.” says Sara Nunnally in Taipan Daily. “Mexico’s housing sector is seeing a strong resurgence.”

This time the not-for-profit sellers showed up shortly after the London open and promptly dropped the price of gold about $20 for the second day in a row…and silver for about 40 cents.

‘Imported inflation is generating the greatest damage in Latin America, even when domestic demand remains strong,’ says Paola Pecora.