Friday, October 31, 2008
Here it is - the anxiously awaited first update to the fifth semi-annual "Guess the price of oil and gold" contest. The yellow diamond indicates the current prices.
Let's see, oil ended the week at about $68 a barrel, up about $4 for the week but down a whopping 33 percent for the month. October has been equally unkind to gold which closed at about $723 an ounce, down $7 for the week and 18 percent lower for the month.
Crude oil went below $62 earlier in the week and gold dipped below $700 at one point sometime in the last few weeks.
Were the October lows the bottom? We'll find out soon enough.
Current prices put FJ's guesses ($66, $713) closest with Cuba ($70, 701) not far behind. Dave, abhikush, and another Dave (Dave R) hold down the next three spots in the top five.
For a list of all 89 guesses and other titillating information about this contest, see this item from earlier in the week - Oil and gold guesses - the fun begins.
This chart will be updated about every two weeks over the next month or so and then weekly updates will commence. The winner receives a free one-year subscription to the companion investment website Iacono Research where the model portfolio had a good week, but has a rather large hole to dig out of.