As speculators, we have to trade price not value.

The economy is recovering -- at least, that’s what everyone says. So why is gold hitting a record high? Something must be wrong.

Whether or not the US dollar continues its recent slide through the week ahead will almost certainly depend on the trajectory of the S&P and broader risk appetite.

There was a clear skew in the euro’s performance across the majors this past week.

The Japanese yen outlook looks clouded as the currency re-couples with broad trends in risk sentiment even as confidence is pulled in opposing directions by the EU debt crisis and US economic data.

The upcoming Bank of England minutes will provide some insight into policy makers thought process but may lose their value considering that the budget release could significantly alter their thinking.

The Canadian dollar is likely to face increased volatility over the following week as the economic docket is expected to reinforce an improved outlook for growth and inflation.

The big debate is between those who think the authorities are being too tight and those who think they are being too loose.

On the one side, the pols are pressured to cut deficits. On the other, they are pushed to create jobs.

There is always a way to make money. When prices were rising, unscrupulous speculators made money by pretending houses were worth more than they really were. Now they make money by pretending they’re worth less than they really are.