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James Turk History Will Repeat Itself, $11000 Gold 2013-2015
future gold price, gold prediction, forecast, outlook -
Gold Intraday chart
Gold and silver headed lower today below last week lows, gold is already about 35$ below it recent top currently trading around the 2005 high level. This pullback might have another leg down but I wouldn’t bet on it. I continue to see excellent risk reward opportunity in buying gold and silver , the higher risk is on the short side of this market and the appreciation potential is much higher then the total price of gold or silver. Physical buyers, long term buyers and those holding short positions should take advantage of the market weakness and accumulate; short term traders could probably wait a bit longer for a bottom confirmation. I have annotated a four hour gold spot chart with Fibonacci levels and Elliot wave count.
daily update here:
http://globalgold.blogspot.com/
GOLD ... ON HOLD?
Is the $60.3 billion November trade deficit now "paid for" as recent foreign capital-inflow numbers ($81 billion) suggest? Is the dollar's bear market over? Are we in a gold-holding pattern again?
The Dollar: Turning on a Dime
Without any change in fundamentals or even news about exchange rates the dollar turned on a dime as soon as the new year hit. On Friday, December 31, the dollar still fell to an all time low of 1.36 to the euro. On Monday, January 3, the rebound started without any advance notice whatsoever.
What caused that?
Manipulation? Investor psychology? A technical rebound? An "oversold condition"? Which is it?
Forex news reports cited all of the above in one instance or another, but what was the real reason? Are there any "real reasons" for anything anymore in financial-land?
We got a sudden repeat performance of the 2003 dollar collapse during September last year without any fundamental change in financial news or economic outlook from the earlier month dollar rebound and gold stagnation period. Now we get a sudden change back to the dollar-upside without any fundamental change in outlook. Fed rates had been rising and had been expected to rise further throughout the September-December dollar collapse, but as soon as New Years Eve revelers had slept off their hangovers, the dollar began to climb again.
Where are these things coming from? What is happening?
Who cares anymore? There's only one thing that seems to be certain: when the dollar is falling, the Dow goes up. When the dollar stabilizes, the Dow stagnates. When the dollar rises, the Dow falls.
Such has been the case since September 2003 with mind-boggling accuracy - and such is still the case now. The dollar-Dow inversion is alive and well, and is best depicted by looking at a chart showing the Dow and the dollar's main "foe": the euro:
Why does this happen?
The ordinary thinking goes that a low dollar is good for US exporting companies because their products become less expensive abroad. But the effects of this usually lag by at least a matter of months, if not an entire year or longer. So, how come there is this uncanny, almost instantaneous inverse relationship? What accounts for that?
There are no textbooks on this subject. You will find nothing online or in your local library. Ask your College economics professor, and he will be stumped for an answer. So, what's up?
Since September 2003, it almost appears as if the dollar now has the same adverse relationship to the Dow as it has to gold itself. Why is that so? What changed from before 9/03?
If so, what does that say about the current stock rebound? Is it just a reflection of the falling dollar, and no more? If this is so, then investors in US stocks should take note: if they are still skeptical of gold because the current gold-bull is "just the shadow of the falling dollar", then their cherished Dow Jones average has recently fared no better.
Here is another thought: what does that say about the confidence foreign investors have in US stocks? If they only buy them when the cheaper dollar makes them more affordable, then a stronger dollar becomes an economic no-no for US policy makers. If this is the perception of US markets, the US cannot afford a strong dollar policy any longer, any comments from the administration through it's snowy mouthpiece notwithstanding.
If this is true, then the situation we face also instructs us that the dollar has become adverse to even the confounded, rigged, and artificial representation of economic value we all call "the US stock markets." In short: the dollar is now absolutely value-adverse. An increase in the price of anything that has any kind of value to Americans now has to be purchased at the expense of a falling dollar!
The evidence appears striking. There seem to be no two ways about it. It's not so much that a strong dollar is bad for US assets, as it is that only a weak dollar can induce foreign investment in US or dollar-denominated assets anymore.
Or, seen the other way around: if higher prices for US assets can only be bought at the expense of a lower dollar, then we simply have a wash. We are treading water. We are going nowhere. The only thing we have is an illusion of an increase in the value of US assets tailor made for the domestic US population.
At least one thing still remains of the old pillars of economic reality: There is at least that one perception of "value" left in investors' minds. At least they still do buy US assets (or dollar-denominated assets) when the dollar tanks. If and when that ever stops, if and when the international estimation of the value of US assets sinks so low that they won't even consider buying them when they are cheap, that is going to be the day when US economic supremacy is simply over.
How does all of this jibe with today's report of the huge November rise in net foreign investment?
It jibes perfectly.
Even if the figures are correct and not skewed at all, the dollar-Dow scenario explains perfectly why foreign investment has increased so much. Look how the Dow shot up after the election. Look how the dollar dived during the same time. If foreigners are simply scavenging for cheap US assets, then this points to one sad but undeniable truth: they will only continue to do so when the dollar is falling, making US assets cheaper for them.
At this point, it's time to make a prediction: If this explanation is correct, then the December TIC figures to be released in February should show a far lower net increase in foreign capital inflows. And if the dollar keeps climbing during January and boasts a significant increase at the end of the month, then we should see a reversal of net inflows during January when those figures are released in March.
Now, if this scenario holds true, then how far can the dollar rise?
Better question: how far can the dollar-faction afford to let the Dow to fall (as a result of the rising dollar) before foreigners will jump off the train and look elsewhere for bargains? A rebounding dollar will act like insect-repellant for foreign investors. They simply won't go anywhere near US assets if a rising dollar makes these assets ‘smell bad' (more expensive) to them.
And that means that the trade deficit will continue to loom large on the investment horizon, no matter what these (now no longer so surprising) capital inflow figures showed in November. Only a seriously falling dollar can attract enough foreign investment to "pay" for the US trade deficit. That means a rising dollar will simply crush the US equities markets.
There is another possible explanation for this upward explosion in foreign asset inflows:
I have seen people talking about covert US Fed buying of longer term treasuries to keep long rates manageable so that consumers won't get scared out of their pants by the two-prong pinchers of rising US prices and the rising cost of debt-repayments. Some astute analysts have observed that there is a lot of activity in the bond market coming out of the Caribbean money centers. These same traders have observed that an unidentified but huge entity acting through the Caribbean money centers keeps coming in to buy treasuries as soon as a sell-off begins to develop. Could that be the Fed?
Is it possible that the Fed is making good on Bernanke's threat and is buying long term treasuries? Are those the "foreign investment inflows" we have been told about today so boisterously? Here is a snippet from a Reuters article of today:
Michael Woolfolk, senior currency strategist at Bank of New York, reckoned however that much of November's asset inflow was speculative, given an increase in investments from Caribbean money center banks. These banks are known to be financing channels for most hedge funds, which have become major players in the daily $1.3 trillion turnover of the global foreign exchange market.
Looks like they may also be financing channels for the US Fed.
A rising dollar's seemingly inevitable negative effect on the Dow will force US insiders to do whatever they need to do to prop up their beloved stock-market con game. As the Dow goes, so goes investor psychology. When the Dow finally folds, we will get Prechter's predicted (but so far not occurring) deflation scenario. Individuals and businesses will pull in their horns. Credit will contract, not because rates are high but because everybody gets scared. Then, the Fed may be forced to reverse course and drop its interest-rate pants again, exposing the nakedness underneath for all the world to see.
But the above still doesn't explain why the dollar turned on a dime in the new year.
What we have witnessed so far does not appear to be a major dollar support action by anyone - unless it's an act of covert dollar-buying by the ECB and/or euro-zone member nations. If I were to go way out on a limb I'd say that, just as the US is trying to undermine the euro by dropping the dollar too far too fast, the euro-members may have figured out they can "mess" with the US by covert dollar-support. In doing so, they can apply a fair amount of pressure on the Dow, as is evident from this chart:
Funny world, isn't it, where nations and power-blocs now appear to try and hurt each other by supporting the opponent's currency?!!!
But it doesn't have to be covert EU dollar-support that drove this reversal. It may very well be that Japan is finally acquiescing to longstanding EU demands to stop selling yen to buy dollars, which in the past forced the euro to take the brunt of the ongoing dollar-depreciation.
It is too early to tell whether this represents a definitive policy shift by the Japanese, but it is interesting to note that, although the dollar bounced against both the euro and the yen in early January, its bounce against the euro has been sustained and continues, while it fell back against the yen to levels that are now lower than they were at the beginning of the bounce. And that despite the lift it got from the foreign capital inflows data.
So, is gold "on hold" again? Yes, for the time being - but that's a good thing if you are consistently buying and saving gold (as the Chinese and other Asians do) to align yourself with the coming changes in the world monetary system. Those changes are detailed only in the Euro vs Dollar Currency War Monitor.
If you are only trading gold or gold shares for paper-profits, your long-term priorities may be a bit off. If you end up selling gold in the face of a sustained rise in the dollar, you will be doing those who truly save gold a huge favor. They'll be glad to buy it from you - for even less paper cash than it takes to do that now!
Got gold?
Alex Wallenwein
Back to the 1970s:
Mary Anne & Pamela Aden
The Aden Sisters
January 20, 2005
Courtesy of www.adenforecast.com
Gold's bull market is alive and well since reaching a 16 year high in early December at $456. And the decline we've seen since then is normal.
Gold's 16 year high last month reinforced that the current bull market has now clearly outperformed the bull markets in the 1980s and 1990s in both time and price gains. This confirms the current bull market has now been the strongest since the 1970s and it could be similar, eventually reaching $800 or more.
It's not really surprising when you see the similarities compared to the 1970s. The most obvious is the high oil price. It rose over 400% in 1971-1974, which is about the same as the 400% rise oil has had in the last six years.
The budget deficits and an extremely loose monetary policy are also similar, as are the costs to finance an expensive war.
Furthermore, just as the industrialized world now has stiff competition with China and India causing disruption in the manufacturing and service industries, the 1970s had a similar situation with Japan and Korea. In both cases, it hurt the West.
China and India are also keeping upward pressure on commodities due to their growing demand. In the end, it's very possible we'll see rising inflation and slower growth, which would be very good for gold.
GOLD TIMING: On track
chart 1
Meanwhile, many of you know how well the 65-week moving average has worked in identifying the major gold price trend over the years (see Chart 1). Gold rose above this average in August, 2001, triggering a major buy signal, and it hasn't looked back. This moving average is currently at $408 and gold's major trend is up above that level.
Since August, 2001, the times gold declined to this average was during a D decline, which is precisely where gold is today, since what we call a D decline started last month.
Many times these intermediate moves will tell us if a major change is in the making and so far they're signaling the bull market is solid. The latest "test" was when gold hit a high last month. The previous C rise performed well taking gold to a new bull market high, which is normally the case during a C rise, and that was important for the strength of the major uptrend.
For now, a D decline is underway below $435 and we could see gold stay weak until the end of January to mid-February time period. This would be normal, but if it ends up lasting as long as the previous D decline did, we could see weakness until April. The end of this decline will be the next ideal time to buy new gold positions.
GOLD SHARES: Disappointing
Gold shares have been disappointing. It's been frustrating for investors to see gold shares end the year lower than where they started as they watched gold rise to 16 year highs.
chart 2A and B
We know that gold shares move with gold (see Charts 2A and B). The vertical lines show how gold shares rose during gold's previous C rises going back to 2001. But another pattern is developing too...
Of the five C rises gold's had since 2001, the 2nd and 3rd ones in the XAU gold share index were similar to the 4th and 5th ones. The best gold share moves took place during the 2nd and 4th C rises when gold shares shot up to new highs, strongly outperforming gold. In both cases, the following C rises (#3 and #5) were lackluster rises in gold shares, despite the strong gold price.
If this pattern continues, we could see the strongest gold share rise take place later this year with gold shares hitting new bull market highs.
chart 3
The only thing that bothers us is the big picture on Chart 3. This shows the gold shares to gold ratio going back to 1969. You can see the rise since 2001 has so far been a rebound rise within a major downtrend that goes back to 1969. The peak in the ratio occurred a year ago at the major downtrend. And the lack of strength in gold shares last month was not a good sign because the ratio failed to break above the major downtrend.
The bottom line... gold shares are at a critical juncture compared to gold. If the alternating strong-weak C rises continue, then gold shares will be the better investment. But if gold shares fail to strongly outperform gold this year and the ratio falls below its 2004 low, the alternating trend since 2001 will change and gold will then clearly be the better investment compared to gold shares.
If gold outperforms gold shares this year, however, it won't affect the bull market. Note from 1973 to 1980, the ratio fell sharply as gold strongly outperformed gold shares. In other words, an investor would've wanted to be heavily invested in gold at that time.
Meanwhile, until the trend clarifies, it's best to keep half of your portfolio in metals and half in gold shares. Then as it becomes clearer, we'd adjust and go heavier into the strongest area. For now, keep your gold coins, gold contracts, gold mining shares and the new gold ETF, GLD.
Mary Anne & Pamela Aden
info@adenforecast.com
INO Daily charts (gold, silver, usd, euro):
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The Weekly Gold Perspective:
by Julian D.W. Phillips
Gold - Authentic Money
January 19, 2005
That was the week that was
The Funds ruled the roost during the holidays until last Wednesday. Then came the explosive news that took Technical features out of the picture and reminded us all that gold is moving as a currency, and driven by structural decay in the global economy. The Trade deficit came in at $60.3billion in November. The Euro leapt up away from the $1.30 area in minutes, taking gold with it up to $427. But how important it was that the funds did what they did, by taking the quiet holiday period to play with the Technical structure, press the price down $36, clearing out major speculative positions in the process, removing that awful feeling that one was buying at the top, and bringing the price to levels all present buyers feel comfortable with. The made the professional gold market players happy, as well as helped all to realise that the fundamentals weigh heaviest when they kick in hard, like the Trade deficit. Our forecast of 2005 being a year of ‘volatility’ is already being proved correct, but brace yourself for much more this year.
The Euro price of gold moved down to Euros 319, but held around 320, before steadying and building a foundation at the Euros 322+ level. This all happened because the opportunities the Technical picture offered, resulted in the huge fund liquidation taking net long positions to 249 tonnes from the peak last year of 610 tonnes and from a level of 516 tonnes in November. This leaves little room for them to push the price lower, so we expect consolidation for a while.
We have also established as fact our forecast and many statements that we have made over the last year that a strong U.S. economy sucks in imports and exacerbates the Trade deficit.
The weaker bias, we forecast last issue, appears, at first sight, to have been dismissed, being replaced by a period of consolidation. It is now for the market to decide whether the U.S. Administrations words, claiming yet again that they favour a strong $, in the face of action that says the opposite, hold any more water than they did the last time! This will decide the near term direction of the Euro/$/Gold.
The Indian market saw strong buyers of gold through London, in the last quarter of 2004.
The wave we now see in the gold market should take it further up the beach than the last one did, as the tide pushes harder.
Latest
At the time of writing, gold stood at $422.70 and in Euros 322.770. The Euro is worth $1.3096.
The Dollar – Is the rally over? Or is the future better for the Greenback? - The U.S. $ Index
Fundamental Features:
In 2005 the $/ started the year holding tight to the gold price. The jump in the Euro on the publication of the startling deficit number of $60.3 billion in November, sent the $ down rapidly. It had rallied to just below the $1.30 level, but then leaped to $1.32 almost immediately on the press release. This has brought a new feature to the surface one that is critical for us to assimilate. We can discard the thought that there is a link between the Dow and the gold price. Both fell and both rose together during the last week. On the interest rate front the picture starts to break away from the apparently sound concept of a ‘return’ on your money. The interest rates available on the $ have been higher than on the Euro, so if return on investments were what counted [and several Central Bankers have trumpeted this as justification for turning from gold] there should have been a major capital flow from the Euro to the $. But there has not been. What has grown in importance is the concept of the capital value of a currency. The longer term prospects of the value of the $, irrespective of the return one can get, is now more important to investment managers. This is a departure that we have been waiting for. It reflects dropping confidence, a main driver of gold. Gold gives no interest rate return of its own, but does have great capital gain prospects. With the market showing a move away from the return concept, gold will hold its own by comparison to currencies in this changed ‘climate’.
France is not selling Germany’s ‘option’ to sell 120 tonnes in 2005!
Until an announcement to the effect that France has taken over the option to sell Germany’s 120 tonnes in the year Sept 2004 to Sept 2005, we do not accept that it has. One of the foundations of the Central Bank Gold Agreement was to provide “Transparency” to European Central Bank sales in the future. Such actions would go directly against that objective.
Ceilings not sales!
We must remind ourselves that the 2004 Central Bank Gold Agreement only set “ceilings” on sales of gold by the signatory Central Banks; it did not state that these amounts would be sold. To date the evidence of Central Bank sales confirms that far less than the ceiling limits have been sold.
G.F.M.S. and our Track record!
The latest survey from the reputable consulting firm G.F.M.S. has just been released reviewing 2004. Their fact-gathering abilities, forms the foundation of an accurate global gold picture. We attempt to forecast the next period ahead and rely on such firms to lay the foundation for our future forecasts and to establish our forecasting track record. We are happy to say that the record we have established has been sound. We dislike the concept of bragging, but realise that you the readers and Subscribers need to know whether you are getting your money’s worth. In a nutshell, what we forecast has been accurate on the supply side, and the demand side, but more importantly, our reading of the monetary scene and its impact on the gold price and attitude of the leading market players to gold has been absolutely correct.
These were the highlights of the G.F.M.S. report: -
Official Sales: - Constrained selling by the signatories to the Central Bank Gold Agreement (CBGA) was the prime cause of the decline in “Official” sales for the year as a whole, though quite numerous purchases by others, most obviously Argentina, were significant. We at G – AM have specialized in this aspect of the gold market and will continue to do so over 2005 and onwards.
De-Hedging: - The report singles out the major importance of producer de-hedging, which is estimated to have risen by over 50%. G - AM have forecast that de-hedging will continue to occur until the level of hedging is consistent with levels which provide financing for the mines, no more.
Mine production: - Was also, and slightly unusually, said to have been a contributor to price strength in that it fell unexpectedly by a sizeable amount of 110 tonnes or 4%.
Exchange Traded Funds: - The report this year devotes a greater amount of space to investment, partly to accommodate an analysis of a relatively new area, exchange traded funds or E.T.F. ’s. G.F.M.S. noted, “the E.T.F. ‘s, especially New York’s streetTRACKS, are looking quite exciting at the moment. Their combined holdings after all aren’t that far off the 200 tonne mark”.
Acceptance of higher prices: - The consultancy lastly feels sentiment was critical. This is normally seen in the context of where western investors and the major mining companies think the price is going but on this occasion the report ranks of similar importance the growing acceptance by the traditionally price sensitive countries of prices above $400 as fair and sustainable. G – AM will continue to focus on the relationship between the global macro-economic and Monetary scenes, the global gold markets in different currencies and the gold price.
International Gold Prices in their Currencies:
London. Euro €: $1.3096
London dominates the physical market in gold. The Comex market exercises a primarily short-term surface action for gold. We expect in 2005 the London Fix will exercise even greater dominance over the daily prices than it did in 2004. Whilst the $ is still the prime currency in which the gold price is made, its relationship with the Euro is the one that has defined it most as a currency, over the last year. The gold market keeps a very close eye on the Euro price, which defines the real price of gold presently.
Euro Fundamentals:
The Euro appears little changed since our last report, with it still standing above 320 at Euros 322 for an ounce of gold. It has held steady at these lower levels since the recent correction from Euros 336.
As we pointed out last issue gold is below its long-term level of Euros 330. Euro interest rates are on a par with Euro-zone inflation at 2%, which is why the Euro interest rates was held at 2% this week. U.S. $ rates are higher, which is why there is the struggle going on, on the exchange rate front. Question is, is the total return on the $ worth more than the total return on the Euro. The answer to this question will point the Euro’s direction. Are interest rate increases enough to give true value?
India: Rupees: ($1: Rupees 43.60)
Present Price [excluding duties, etc] Rs.18,429.72 per ounce [last week: Rs.18,685]
Key Fundamentals for the Indian Market.
The harvest was not bad at all. It was sufficient to remove the past economies of Mothers sacrificing their gold for their daughter’s dowry and their financial security. We expect the acceptance of $400 and above as an acceptable price to pay, to continue. With approximately 600 tonnes purchased last year, we expect this year to see a similar performance.
South Africa: South African Rand ($1: R6.0465)
Key Fundamentals for the South African Market
Some relief on the Rand exchange rate front, but expected to be short lived as the Rand weakened through the R6.00 level to the $ in a reaction to the strength in the $. But then the deficit saw the Rand leap to R5.94 to the $ before weakening to R5.99: $1. Now it is weaker and above the R6.03 level again, while the $ consolidates.
There is an expectation that interest rates in South Africa, will be cut again. However, the country is enjoying a structural boom presently, and there is a fear that if rates are cut it will inspire over-spending and excessive stimulation. This is a weak argument against the continuing stress to exporters, including the gold mines. The sustained pressure on exporters eventually leads to them disappearing off the South African scene. In the latest issue of “Global Watch – The Gold Forecaster”, we take a close look at the South African gold and Gold share prospects [Subscribe below].
[The South African Rand is the price paid to the Gold Mines. With South Africa producing 11% of the world’s new gold, and some leading Mines operating there, the balance of future gold supplies is directly affected by the strength or weakness of the Rand, so the Gold Price in Rands is a key one to the gold market.] Last week the gold price, per ounce was R2,583.75, today it is R2,555.86.
Silver $6.585 [Euros 5.028]
The future for Silver in 2005 is favouring a similar market to the one it saw in 2004. Industrial demand is strong enough to absorb any selling from the photographic industry. Chinese sales were down 22 % last year. The same sort of reduction should occur this year. The funds will continue to sit like vultures over this market playing it both ways to give a far greater volatility than gold in 2005.
Sectorwide Upside Breakout Alert:
Clive Maund
19 January, 2005
Further to the "General Buy Alert" posted on clivemaund.com on the 8th January, there is now additional evidence that PM stocks are about to break higher and enter into a new uptrend. A bullish falling wedge pattern has developed in the HUI index above what is clearly very important support at 200.
On the 6-month chart we can see that the index has steadied for long enough above the 200 level to make the channel line drawn beneath the early January low valid, which is good news indeed because it results in a very clear - and very bullish - falling wedge. Although now falling and providing some resistance immediately above the index, a closing break above the 200-day moving average, which would be simultaneous with a breakout from the falling wedge pattern, is expected to lead to a strong move up. This would be similar to what happened last September. Note also on this chart how the RSI and MACD indicators are starting to turn up from low levels, suggesting that an uptrend is imminent and also signifying that there is plenty of leeway on the upside.
A look at the longer-term charts gives us more of an idea just how important this 200 level is. Zooming out to a 1-year chart brings into full view the trading range that developed between mid-April and mid-August last year. The early sellers in this range are a potent source of support at the current level.
Looking now at the 3-year chart we see that the HUI index is right on its long-term uptrend line. Of course it could break down from here, but as I have just made clear above it is looking much more likely now that it will break out upside - and if it does then we should see a substantial uptrend that comfortably surpasses the earlier highs, although we can expect it to tarry around the former highs before breaking out into open country.
We are now at a major cusp, and the weight of the evidence points to a vigorous uptrend starting from here. This is an optimal buy spot. A break below the clear support at 200 would, however, be bearish, and it is therefore considered wise to place general stops beneath the 193 level, this amount of leeway being considered prudent to guard against an attempted intraday shakeout being engineered by big money with the aim of scooping up your shares on the cheap, and also to take account of the position of the lower line of the wedge. Note that an upside breakout may well involve a "kicker move," with the HUI index up between 8 and 12 points in 1 day. There are a lot of traders sitting on the fence right now and if this situation resolves itself to the upside they will pile in, particularly as the current situation is so finely balanced.
Silver is also expected to pick up strongly and with the big silver stocks having been beaten back severely to sit just above strong support levels, there is clearly lots to go for with the silver stocks.
Oil is now strengthening as earlier predicted and this is having a positive influence on the precious metals. With an attack on Iran looming, it is hard to see how the price of oil could fall, and despite the fact that the attack or attacks will probably be confined to precision bombing and sabotage, for the time being, it can be expected to generate considerable friction internationally. This will be a supportive influence on the precious metals.
A wide range of big PM stocks are now looking ready to advance and provide important additional evidence to support the view that a breakout and new uptrend are imminent.
Clive Maund
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Links of Interest:
American Oilman:
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Bloomberg Energy Prices:
http://www.bloomberg.com/energy/
CNN Commodities:
http://money.cnn.com/markets/commodities.html
EIA Energy Statistics:
http://www.eia.doe.gov/
EIA Petroleum:
http://www.eia.doe.gov/oil_gas/petroleum/info_glance/prices.html
INO Energy:
http://quotes.ino.com/exchanges/?e=NYMEX
Oilfield Directory:
http://www.oilfielddirectory.com/realnews.html
Petroleum Stocks.com:
http://www.petroleumstocks.com/
WN Energy News:
http://www.wn.com/s/oilprices/
Light Crude Oil changes course again:
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