Dollar, Oil, Gold All Sharply Higher on Situation in Egypt

January 29th, 2011

WARNING: This is not a recommendation to buy, sell or hold any financial instrument.

Gold and oil typically move opposite to the dollar, but there’s nothing like a crisis with international implications to get them all moving up together. This is what we’re seeing as a result of events in Egypt right now.

The move on oil was the most noteworthy, with the Wall Street Journal reporting:

Benchmark crude-oil futures surged 4.3% to settle at $89.34 a barrel on the New York Mercantile Exchange. It was the biggest one-day jump for Nymex crude since September 2009, in both percentage and dollar terms.

I don’t see any substantial threat of closure of the Suez Canal at this time, but it’s something I’ll continue to monitor closely.

Posted in Dictatorship, Economy, Energy, Infrastructure, War | Top Of Page

One Response to “Dollar, Oil, Gold All Sharply Higher on Situation in Egypt”

  1. shoe2one says:
    January 30, 2011 at 2:05 am

    Looking at the silver continuous contract on the weekly chart, where is the 20 EMA?

    Next look at the Daily chart at the 100 EMA

    Coincidence?

Leave a Reply

You must be logged in to post a comment.