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Oil and gold contest update #1
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.
To learn more about investing in natural resources using commonly traded ETFs, stocks, and mutual funds, see this description at Iacono Research. Or, sign up for a free trial.
4 comments:
While I detest the Bush Administration handling of nearly everything, this was clearly the right call. A huge majority (>95%) of mortgages are being paid timely, and if I’m going to bail out my neighbor’s foolish spending, could they hand over their toys (plasma TVs, video game systems, vehicles, new furniture, vacations, etc.).
As someone that purchased their first home in Florida in 2003 (mid-boom) with 20% down (how old fashioned) and at a value of less than 3 times my salary (again old fashioned) having my Hummer driving, beautiful people neighbors being foreclosed on is unfortunate for their children but exactly what they deserved. And the only aspect I’d like to alter is the ability to go and retroactively retrieve money from ultra-smug bankers, mortgage brokers and realtors that helped fuel this new paradigm by encouraging this foolishness.(and their well-paid lobbyists of course)
By the way, I subsequently left my job and was underemployed for a couple years, ended up relocating to NC in 2006 for a new job, and still own my house in Florida due to the market conditions. Now I have a renter (negative cash flow but close) and continue to pay my mortgaage while compromising my lifestyle to honor my obligations. That’s what responsible adults do. If I had listened to all the shrewd financial advice, I could owe an extra $150K and NEED a bailout, but drive to my foreclosure in a sweet car while wearing Armani)
Finally, when somebody has no equity (0% down or the like) and pays a teaser rate, or pulls all the equity out of their home to finance other investments/lifestyle, they are really RENTERS, and should not be considered homeowners- they simply were a conduit for a prior owner to transfer ownership to the bank. And I’ll be damned if I bailout the bankers, again.
Yes- it’s a rant, but this stuff is mighty frustrating.
Do you have a final list of names & guesses for the contest?
Tim,
I think there is a decimal point missing on the monthly performance promoting your paid site.
Oil $72
Gold $750
Geo. Soros and like minded friends will stop speculating (and cash out) on oil futures just as soon as there is a widely held consensus on who's the next President of the US. The futures are now being bid up to maximumize Republican pain; as soon as that's no longer needed, Soros et al will be early shorts.
We'll see confirmation in their funds performance; it should be such a sweet killing that they will not be able to keep silent.
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