To all who panicked following the programatic Goldman downgrade of Brent two days ago and dumped their holdings right into gaping maw of Goldman's overeager prop desk (which has once again seen some notoriety today although few actually care as everyone is now aware of the 200 West M.O.), our condolences. Crude has now recouped over 60% of the drop following that downgrade. In the meantime QE3 is today pegged to ON, as the inflation trade comes back again with a vengeance. Except Goldman to pull all punches and proceed with downgrading all the other commodities it is still bullish on, including gold and silver.
Elsewhere, gold is just pennies away from its all time high, and silver seems poised to take out $42 today.