Jay Hancock's blog: Why have oil and gold prices diverged? - Business news: Stock markets, banks and economic observations with columnist Jay Hancock

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May 7, 2008

Why have oil and gold prices diverged?

Oil hit $123 a barrel today. Gold fell to $869 an ounce. Since the Bear Stearns crisis on the Ides of March, oil has risen by about 12 percent. Gold has fallen by about 12 percent. Somewhat strange. On March 15, as the financial system collapsed, shorting gold and going long oil would not have been my first investment move.

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About Jay Hancock

Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.

Follow @jayhancock1 on Twitter