On June 10th, the Commodity Futures Trading Commission (CFTC) called a public meeting of its Energy Markets Advisory Committee to address continually exponentiating oil prices.

Representatives from major investment banks such as Goldman Sachs, JPMorgan, and Morgan Stanley fielded questions regarding their banks’ roles in the oil futures market for the first time under the public eye. Many groups have raised suspicion as to whether the banks are using investors’ funds to bid up oil prices, while at the same time issuing predictions that prices will rise.

Donald Casturo, managing director of Goldman Sachs, stated: “There is a clear separation between our research and trading departments…The firm is acting within the terms of the law.”

Still, organizations like Industrial Energy Consumers of America remain skeptical of the truth in this statement. The CFTC announced the launch of an investigation to be conducted by a special panel consisting of Federal Reserve, SEC,

Source: Mineweb.com  05/27/2008
Gold opened higher on Tuesday as further supply disruptions in Nigeria, the world’s eighth-largest oil producer, and a weaker dollar, made the precious metal increasingly attractive. Spot gold stood at $927.00/927.90 an ounce by 0329 GMT, having earlier risen above $930, and up from $925.20/926.60 in New York late last week.

Both Britain and the United States were closed for public holidays on Monday.

A rise in oil prices above $133 on production problems in the North Sea over the weekend and in Nigeria on Monday when rebels blew up a pipeline, drove gold higher on Tuesday.

“I am tracking oil prices for direction. And the dollar is still weakening,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.”If gold holds above $910, it could go up to $950. If it falls below $910, it could go back to the $800s,” he added.

Oil bellwether NYMEX crude oil …