The April Case/Schiller Index shows that the decline in housing prices is not over yet. The best that can be said is that the rate of decline is slowing. On a seasonally adjusted basis, the 10-city composite index fell to 151.27, a decline of almost 1.0% from March. On an annualized basis, this is an 11.6% rate of decline. On a year-over-year basis prices are down 18.0%, so the rate of decline was lower in April than earlier in the year, but prices falling at an 11.6% rate hardly seems like a green shoot to me. The data on the 20-city composite was very similar with a 0.9% monthly decline and a 18.1% year-over-year drop. From the May 2006 peak housing prices are down 33.1% based on the 10-city index and off 32.0% based on the

Seeing beyond the blind curves of bailouts and meltdowns takes the keen vision of a veteran market observer, Roger Wiegand, Editor of Trader Tracks. In this exclusive interview with The Gold Report, Wiegand predicts a “severe bull market” for gold that will include both juniors and seniors. He advises selective buying and names several of his favorites.

The Gold Report: When we spoke in mid-July, at the height of the market, you predicted a major downward correction.

Roger Wiegand: The call was pretty accurate, although the oversell was surprisingly deep. The reason was the hedge funds had gotten into a position where they had to raise cash as crude oil was starting to sell with speed. Oil was a dominant part of their investment. When the price of crude oil fell swiftly, funds were forced to sell everything to cover investor redemptions. Now we’re at the bottom again, and prices are …