Oil price cliff diving and a whiff of deflation is in the air
Oil has traded as low as $68.57 today, its lowest since August 2007. Gold is down $40 to below $800 an ounce. And all other commodity prices are getting pummeled.
Now, I certainly foresaw some major declines in commodity prices as a major recession took hold, the speed of everything unfolding has surprised me as well. The decline in prices is good news for consumers who were getting beaten up by high fuel and food costs, but you have to wonder if this is too much of a good thing.