Gold regained 1.5% yesterday, rebounding from a bout of profit taking the previous day. The continuing grave concerns over the weakness of the dollar are keeping gold to the forefront of savvy investors and the outlook continues to be very bullish.

Crude prices surged to $70 yesterday, driven partly by news that Goldman Sachs has turned bullish on oil. This was the highest level in over 7 months and led a broad commodity rally.

Markets struggled to move in any direction yesterday, after several central bank meetings yesterday failed to raise any significant clues to what initiatives, if any, were being put in place to aid global recovery. The ECB kept rates at 1% and the Bank of England at 0.5%, as widely predicted.

Marc Westlake, our Head of Wealth Management delivered a virtual bloody nose to Warren Buffett on Bloomberg yesterday, chastising the Oracle of Omaha for dismissing gold as a hunk of metal that only appeals to people fleeing the dollar. Due to the increasing hordes now fleeing the dollar, gold has risen over 100% since 2005. Warren's stock at Berkshire Hathaway has risen just 6.8% over the same period.

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