Now, how many times does that happen?

Can’t remember it ever being so darned “in your face”, as the young folks say.

But there it is.  Veteran investor and all-round motorcycle enthusiast, Jim Rogers, who’s been on the commodity soap box for the last decade, just dropped a bomb.

Taking his cue from an Indian legislative initiative that might curtail the import of gold to that country, Rogers says the result would be catastrophic.

“Now if they did that it would be devastating for gold. Gold would certainly go down 40% – 50% from its top.”

That’s a pretty big move.

Rogers says we’ve only had one serious correction since 2001 in the PM’s, so we’re due and it’s healthy and the commodities bull is in tact.

Just watch that dead money.

And while you’re at it, have a look at the daily chart of the CRB Index here:

We’ve been addressing this theme for a while, and the chart makes it clear.  The long term trendlines from the last market top (in red) are putting a roof over the index, as are the moving averages, all of which have rolled over and are trending downward.

If this last …

The market was down this morning as, yet again, more disappointing news was released. The gauge of future economic data fell in April for the first time in seven months and the Philadelphia Fed business conditions index hit its lowest since September, fueling worries about a stagnating economic recovery.

Spain raised 2.5 billion euros in a 3- and 4- year bond debt auction, but its borrowing costs rose sharply, highlighting worries about the country’s economy and raising concerns about Greek debt contagion. Jack de Gan, chief investment officer at Harbor Advisory Corp said “The whole equities market is being driven by a macro trade based upon contagion fear in Europe, and really the problem is undercapitalized banks there.” He continues to say “We’re in a vacuum waiting for something to happen in Europe and if Greece isn’t going to have elections for another month, markets are going to be backing and filling,” and says he expects volatility to continue.

Despite the disappointing economic news, Wal-Mart Stores Inc (WMT) has posted better-than-expected profits.The world’s largest retailer posted profits of $3.74 billion, or $1.09 a share; that’s up from the $3.43 billion, or 97 cents a share, in the year prior. Total …

The market opened higher today as better-than-expected housing and industrial production data was released. The U.S. Commerce Department said that homebuilders broke ground on more new homes last month than in March. New housing starts rose to a seasonally adjusted annual rate of  717,000 in April from a revised 699,000 in March. This topped average economists expectations of 680,000, according to a survey from Thomson and Reuters. The Dow Jones Industrial Average was up 66 points and the Nasdaq was up 16 points.

The bad news, however, is that the gains are being constricted from the continuing worries that the political deadlock in Greece could fracture the European Union and destabilize the continent. After being unable to form a new government, Greece is now facing new elections in June.

Groupon (GRPN) shares were up 16% after its earnings and revenue beat expectations. Business in North America jumped 33% last quarter. They brandished a first-quarter report that included higher sales, lower marketing costs, and an 89% revenue increase.

Keeping in step with the positive news, Deere & Co. (DE) reported their second-quarter earnings were up 17% to $1.06 billion, compared to the $904 million this time last year. Sales of agricultural …