Friday, September 23, 2011
The plummet not worth mentioning.
If anything happens to the Dow-Jones Industrial Average, a.k.a The Dow, you'll see on nearly every news website. There was a big drop this week and it was front page on The Huffington Thing, as Princess Sparkle Pony likes to call it.
I looked all over that less than optimal website today, even in the so-called business section, but they don't seem to be noticing that three very important commodities, gold, silver and crude oil, are all plummeting this week. Here's the situation at market close, 2:00 p.m. on Friday.
Gold: $1657.20 an ounce, down from $1812.50 last week, 8.6% drop
Silver: $30.93 an ounce, down from $40.66 last week, 23.9% drop
Crude Oil: $79.98 a barrel, down from $87.92 last week, 9.0% drop
I'm of the opinion that lower crude oil prices are Generally A Good Thing for the world economy. My cause for concern is that all three of these commodities took a dive together just a few months before we found out the whole economy was in the toilet back in 2008.
Maybe this actually deserves the "Sweating the Small Stuff" label. I'm not an economist so I can't be sure. But a big sell-off of all three of these commodities in unison has me worried, and now that you've read it, you can join me in a feeling of unnamed dread.