Swiss Banks just told large depositors that they will charge them to hold their money ....

Large depositors may pick up physical gold to avoid bank charges...

Lets see how far this will push the gold ETFs

GLTA

I have a better method to determine if UGAZ will be up premarket....

If my furnaces are running when I go to bed and are running when I get up... it has been a cold night and natgas withdrawls will subsequently increase...

The cold has just settled in the midwest for the next 7 -10 days...

We have had a few sunny days and no cloud cover so the nights are pretty chilly... expect once we hit the new year we will have a long period of cold weather. . .

GLTA

I think it is following oil more often than not....

Keeping a eye on the news headlines...

Funny how Putin is pounding the table, blaming the west and stating that Russia will suffer dire economic effects for about 2 years (because of oil)...

At the other end of the table OPEC minister states that it will be difficult if not impossible for OPEC to give up market share in oil...

You think they have been talking via phone...hmmm

What is the deal with US/CUBA relations thaw... maybe those Russian flights close to international waters along North America were done for a reason... Russia was aware that this US /CUBA thaw was in the works...

Lots going on behind curtains...

Headlines always move the markets...

GLTA

Following oil down...

As soon as Saudi Arabia Oil Minister states that OPEC will not reduce output oil tanks and takes nat gas with it...

Venezuela and Iran have been very quiet lately... which means they may not be on board with OPEC stance...

Will pop once there is a disruption in oil or someone cuts production...

All about oil...

Tanked after oil went down...

Hope it does not break $55.80...

IMO

UGAZ was affected by the price drop in oil...

Oil took down most of the commodities...

Thinking that the oil bottom is aroung 55.00...

If it stays around this area through Friday we will see a small upturn.

FYI, China is hoarding all the excess oil it can at the moment...

If we get oil stabilized and cold forcasts UGAZ should get above $10 next week and head up from there through the winter months...

GLTA

JNUG continued up even as gold went down...

Buyers are picking up the beaten down junior miners lifting JNUG....

As the famous "Lucy Ricardo" would say....


Eeeeeeeeewwwwwwwwwwwwwwwwwwwwwwwwwwwwww!!!!!!!!!!!!!!!!!!!


Hey, nothing ventured, nothing gained.....


GLTA

Washington (CNN) -- The massive government spending package that has already passed the House is going nowhere fast in the Senate, where members from both parties are trying to make last-minute changes to the bill.
The Senate could vote as early Friday evening if an agreement is reached and Senate Majority Leader Harry Reid is warning senators not to leave Washington for the weekend. But it's increasingly likely that the spending fight that has dominated Capitol Hill in recent days could spill into next week.
The Senate is currently facing a Saturday deadline to approve the $1.1 trillion spending bill that would avert a government shutdown. But the chamber could give itself more time to consider the House-passed bill. Reid made a procedural move on Friday evening that would set up a vote on final passage in the Senate no later than Monday.

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Dysfunction at its best... alot of loose nuts and bolts in D.C. that could stall this... but in the spirit of the Holidays they will probably fund the government through early next year....

I wondering if the market tanked because we may have a govt shut down and not necessarily because of oil??

Hmmm...

Broke $58.....

No telling how low it will go...

If it breaks $55, Dow will break 17000... yikes!

Picked some up yesterday under $7...

It seems that the U.S. pundits and politicians will not do anything short term to stabilize oil, not even criticize OPEC.

They are sticking to the script that less money spent in your gas tank equals more consumer spending during the Holiday season, which is true to some extent...

I may step back a bit until the new year...when some U.S. oil producers go under and about 100,000 oil related employees are laid off.

GLTA

Going to be a red Friday tomorrow...

Oil hitting new lows after hours...

California getting hit hard with rain...

As it moves east will produce excessive snow in the mountains...may carry over to the midwest in a few days...

Warmer weather in the midwest this weekend may have put a damper on UGAZ. Also read that a -70 draw was expected by some nat gas bulls...

Keeping positive, winter is just about to begin...

GLTA

Buying sub $7...

Went down too fast...

GLTA

Going to filler up tonight...

SAUDI ARABIA SAYS ‘WHY SHOULD I CUT PRODUCTION?’ AS CRUDE FALLS

By Alex Nussbaum - 12/10/2014
11:27 AM

Dec. 10 (Bloomberg) -- Saudi Arabia’s oil minister indicated the nation isn’t planning to cut production even as crude fell to its lowest since 2009.

“Why should I cut production?” asked the minister, Ali Al-Naimi, who spoke to reporters as he attended United Nations global warming talks in Lima, Peru. “You know what a market does for any commodity. It goes up and down and up and down.”

The nation, the biggest producer in the Organization of Petroleum Exporting Countries, supplied 9.6 million to 9.7 million barrels a day last month. Brent crude futures in London fell below $65 a barrel for the first time since 2009 today.

“This is a market and I’m selling in a market. Why should I cut?,” Naimi said. Asked if the market will correct itself, he said “that is what markets do.”

Asked if he was worried about the market, he said, “do I look worried?”


To contact the reporter on this story: Alex Nussbaum in New York at anussbaum1@bloomberg.net To contact the editors responsible for this story: Susan Warren at susanwarren@bloomberg.net Reed Landberg, Tony Barrett

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Nope, not it... oil going sub $58-59 yikes!

Not yet, possibly new low tomorrow? $61-62.00?

Noticed that North American oil producers are suspending drilling budgets for next year....drilling at these prices is not economically feasible for them and they answer to their shareholders and the execs want to keep their jobs and bonuses.

I don't think the MidEast OPEC members are doing the same... they continue to pump and refine as normal...

Mideast OPEC members will store crude until sometime next year when North American productions is at its lowest and many drillers have gone under or closed shop.

They will not sell it at $63.00.... more like $83 or $93... supply vs demand...

GLTA

I expect more of the same tonight until oil stabilizes...

EU is gonna tank big time soon with Greece, Argentina, Venezuela, China...

Russia is going to implode as well, but limited information is provided until it seriously affects the bond market...

I think gold can move either way, bc it is a commodity following oil.... may be down 2-3% tomorrow...IMO.

GLTA

Volatility is just starting....


Thought someone would blink and stabilize oil prices...


Does not look like that will happen any time soon...


If oil breaks $58 this month, sh@t is going to hit the fan...


GLTA

Your guess is as good as anyone's...

Variety of world events move commodities... no real timeline...

Will move suddenly if it directly affects commodity eg nat gas pipeline down or storage facility issues... IMO

Second Cold War about to start right about




now.......




GLTA

Google Putin, Russia... past 6-24 hours.

Russia will become the next China in terms of isolation, they are in for a rough couple of months as oil continues to drop...

If Putin feels cornered, he will no doubt revive the conflict in Ukraine, may begin other conflicts, and ban imports from most Western countries...

This will definitely rattle the global economy...

GLTA

Don't worry about the drop....

Russia is about to do something pretty stupid.... will spike the commodity sector.

GLTA

Up 3% after hours....

I am a bit concerned that it broke $9 today...

I thought the weekly draws would cause this to spike or at least stabilize, but apparently I was wrong...

I am thinking this will definitely pop on colder weather and may pop in the spring if the supply deposits in the spring are affected by oil production declines...

GLTA

I see loading up before the close and inventory numbers out tomorrow...

It may still be a larger draw than normal as we had a few cold days last week...

GLTA

FYI - Oil going up because of low inventory numbers...the quickest way to raise oil prices is to stop taking it out of the ground...

You will begin to read news reports here and there that oil producers will be shutting production down for maintenance that is necessary.

If you drive a taxi you put it in for repairs when you expect to generate the least amount of revenue...hence lose the least...

GLTA

Gold going up because US not creating enough jobs...

The underemployed, e.g people working sporadically, are starting to skew the numbers...

GLTA

678k shares bought at 10.66 and it does not budge???

Let's hope it does not break 10...

You are right....


The current price of oil does not make economic sense right now...

Russia and Venezuela's economies are going to implode if oil stays below $70 all of December...

Like I said before, someone will blink and I think it will be OPEC...

GLTA

Wow!

This was trading near $18 about a week ago...

Not for the novice...

GLTA

Cmon old man winter!!!

CHINA WINNING IN OPEC PRICE WAR AS HOARDING ACCELERATES: ENERGY

By Bloomberg News - 12/1/2014
10:41 AM

(Energy column news alerts: SALT NRGI <GO>)


Dec. 1 (Bloomberg) -- China is emerging as the winner from OPEC’s battle with rival oil producers as the world’s biggest energy consumer stockpiles crude.

The nation’s efforts to boost reserves may increase its imports by as much as 700,000 barrels a day in 2015, according to London-based Energy Aspects Ltd. That’s more than half the global glut forecast by Citigroup Inc. after the Organization of Petroleum Exporting Countries refrained from cutting output at its meeting last week. Brent crude has slumped 41 percent from its peak in June.

The dwindling number of investors still betting on a rebound in prices can at least count on Chinese demand. OPEC decided to maintain output targets even as a shale boom boosts U.S. production to the highest in more than three decades and causes a global supply glut. As crude extends its slump to the lowest level in more than four years, China is seeking to build a strategic petroleum reserve.

“This is a golden time window to acquire more strategic oil stockpiles at lower costs,” Gordon Kwan, the Hong Kong- based head of regional oil and gas research at Nomura Holdings Inc., wrote in an e-mail Nov. 28. China will be “a big beneficiary” from the OPEC decision, he said.

China boosted imports by 8.3 percent, or 460,000 barrels a day, in the first nine months of this year, the fastest pace since 2010, customs data show. The country will overtake the U.S. as the world’s biggest oil consumer within two decades, according to the International Energy Agency in Paris.


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The problem with hoarding oil is that eventually there is not enough left to hoard and price may spike....

The Swiss vote was a non-event, no one expected it to pass, just caused people to sell along with other commodities...

Gold should be hovering around $1210, oil will also hover above $70 - $75... IMO.

Good time to get into flipping commodities... GLTA

Yep! This is definitely following oil prices...

Oil will not last too long in the $60s as too many people stand to lose money and the producers know we will pay for $100 oil and keep consuming...

Some one will blink and this will go back up just as quickly as it came down...

I am not concerned about UGAZ price as winter has not begun. This will rise again...

Added some sale priced oil connected funds today...

GLTA

I am still convinced that nat gas at times is following the price of oil.

We should have reached $18.50 today, IMO.

OPEC meeting is tomorrow concerning price stabilization of oil.

Funny how they scheduled their meeting on a U.S. National Holiday...

Friday should be interesting, good or bad...

Happy Thanksgiving!!!

The volume sold at the release of the report should have been telling...

This happened last week, but then it spiked up going into the close...

I think once December is here we will trade in a narrow range, hopefully a bit higher than now.

GLTA

Yeah kinda strange... hedge funds piled in before report and sold at release...

Looks like it is building support above $16.

It is December next week so it may be a slow steady climb from here..

GLTA

Agree...

Have my DGAZ buy in at $2.50....

Flip'em like hot cakes!!! ;)..

If number is above 130, I think this will pop to $18.50... don't know if it will stay there though...

Will be interesting tomorrow premarket and when it opens.