Good sites for gold/oil news?

Bradleyule

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I'm looking to keep up to date with commodities and would like to know of some good sites to keep an eye on for the latest news. Mainly on gold and oil but i will probably also read about silver. Also i read something about analysts predicted the price of oil to drop to $10 a barrel, where can i find this kind of information from analysts and what do they take into account for an estimate like that?

Any information is appreciated, thanks.
 
Kitco is a good source of information for current gold and metal prices.

They have a link for news that gives updates on metals as well.

It's a good place to start.


Don't know about oil...........nothing technical anyhow.... but it is not going to drop to 10 dollars a barrel. I have heard the same thing on tv and radio but it won't happen.

There are too many people (and govts) that want it to rise. Saudi Arabia gets 98 percent of its foreign revenues from oil and its budget relies on oil revenues that are just as dependent. They need 80 dollars a barrel to meet the expenses of their national budget. Currently it is around 30 dollars.

Russia gets 75 percent of their foreign revenue from selling oil and something ridiculous like 50 percent of their budget relies on oil revenues. They need 60-80 dollars a barrel to break even because all their oil is in Eastern Russia and the transportation costs are enormous.

Venezuela gets 90 percent or so of their national budget from oil and they need 60 dollars to finance their country. They need 30 dollars a barrel to break even on their oil. They have some of the biggest oil reserves in the West but Chavez nationalized the oil industry and did not invest in maintenance and developing new fields. He used money to satisfy his political friends.

Canada is suffering from low oil prices too.

And there are other examples, but you get the picture. There are too many govts and political motivations to allow oil to fall much lower.


The Baltic Dry Index is a benchmark used for shipping news. How many tankers and freighters are sailing and how many are drydocked. It is used as an indicator for oil traffic.

There are other websites that follow the number of oil wells and production in the US and Canada but I am not familiar with them.


Just my .02


http://www.kitco.com/

https://en.wikipedia.org/wiki/Baltic_Dry_Index

http://www.bloomberg.com/quote/BDIY:IND
 
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Venezuela increased the price of their retail gas from .10 a gallon to .40 a gallon on Wednesday. It has been subsidized for decades to keep the masses happy. I think it was the first time in 30 years that it was increased.

And they devalued their currency.


Saudi Arabia, Bahrain, Oman and had their bond rating devalued by two of the major bond rating agencies on Thursday. Saudi Arabia's credit rating is still A-. That is still excellent, but it's the fact that it was downgraded that is significant. See, a lot of nations dependent on oil are struggling right now. There is a very real motivation to see them rise again.
 
Venezuela increased the price of a gallon of gasoline from .10 a gallon to .40 a gallon on Wednesday.
They have kept it cheap to keep the masses happy. It was the first price increase in thirty years.

They also devalued their currency.


Saudi Arabia, Oman and Bahrain had their bonds devalued today. Saudi Arabia is still rated A- which is still excellent, but it was the fact that it was downgraded that is important. It was dropped 2 levels from A+ to A-.

A lot of nations that are dependent on oil revenues are struggling right now. If it dropped to ten bucks a barrel it would cost more to produce than most could sell it for. And they would be receiving about 66 percent less than they would be getting now (20/30 = 66 %). Too many nations have a real motivation to keep it from going lower and to even see it go higher.
 
It is a great place to start Kitco because based on what my friends told me it is a good source of information for current gold and metal prices. They have a link for news that gives updates on metals as well.
 
]Gold futures settled at a more than three-month low on Thursday


as consensus for an imminent interest-rate hike solidified on the back of comments from a Federal Reserve official who stressed the need for an early rate increase.

Here is the complete guide that will give you the most important details regarding How to invest in gold??



It's amazing how fast things change. Yesterday, it looked like there was no bottom in sight after the recent declines in the past two weeks.

On Thursday it hit a 3 month low and today it rose $30 because of the bad jobs report. 160k was expected and 38k was reported.
 
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