Friday, May 09, 2008
Despite what you might hear on CNBC right about now regarding plunging U.S. stocks, it was a good week for hard assets - oil was up almost 9 percent and gold rose more than 3 percent. Here's the anxiously awaited first update to the fourth semi-annual "Guess the price of oil and gold" contest.
With the June WTI crude oil futures contract closing at $126.19 per barrel (WOW!) and the spot gold bid price ending up at $884 per ounce, this puts CG snuggled up closest to the little yellow marker above, followed by the R. Smith, timothy, and AS#2.
For a list of all 111 guesses and other titillating information about this contest, see the post from two weeks ago: Oil and gold guesses - the fun begins.
This chart will be updated about every two weeks until mid-June and then weekly updates will commence. The winner receives a free one-year subscription to the investment website Iacono Research where, after a difficult few weeks, the model portfolio did a lot better than the U.S. stock market and is back into positive territory for the year.