I'm Reiterating my Buy rating for United States Steel Corporation (NYSE: X), first recommended on April 15, 2009 at a price of $27.61. Shares are up a cool 59.5% since that time.

The rationale for owning X's shares remains the same: US Steel will likely be a survivor in the consolidating global steel sector with sufficient scale to either produce raw materials and acquire raw material assets.

This post was written as part of a feature offering ideas from bloggers on ways to make more money in 2009. See all 18 suggestions.

Gold and the U.S. dollar are inexorably linked. The U.S. dollar represents the U.S. economy as a paper asset, while gold represents a standard of international value that transcends national boundaries. The value of both of these asset classes is very difficult to determine. Both are affected by geo-political events and both move up or down as a matter of perception.

Let's look at a few examples. With the large bank bailouts of 2008 and the coming Obama stimulus package, there are those who say that we are way overextended and have printed too much paper money. Those who take this position are the "gold bugs," the ones who are running away from paper assets to the safety of a hard asset like gold. This is where you find predictions that gold will rise to $2,000-$5,000 per ounce. It is this perception of the U.S. economy that drives investors to buy gold.

Then there are those who look at the world a bit differently. They see a world with 6 billion plus people that is running out of natural resources and that will not be able to meet the demand for basic commodities such as food, energy and raw materials. As a result of these shortages, commodity prices will rise to irrationally high levels. This in turn will cause rampant inflation and devalue paper assets even further and make gold even more valuable.

It's one of the the most frustrating and unfortunate aspects of the U.S. and global recessions: a noble sector, a win-win-win all around, is facing dire times.

The recycling sector is being decimated by the economic slowdown. Many industry players may not survive, the whole process of creating new from the old seems to be stalled, and all over the globe piles of plastic, cardboard, newspaper/paper, and metal, among other re-useables, are piling up, The New York Times reported.

And the reason is obvious enough: demand for consumer goods and other finished products is declining, globally, and that means the chief manufacturing centers of the world - - China being the largest - - don't need the recyclable materials that a year ago were so much in demand, The Times reported. Prices have plunged: paper, down to $20 a ton from $105 a ton; plastic bottles to 2 cents a pound, down from 13 cents a pound; aluminum to 30 cents a pound, from $1 a pound.

Economist Peter Dawson told BloggingStocks expanded storage capabilities during this recession means recyclers will be able to hold more than 10 times the recycled material than during the last U.S. recession in 2001-2002, but there are financial and storage limits.

It's another data point indicating both the comprehensiveness and seriousness of the global economic slowdown: China's exports fell in November for the first time in seven years, the General Administration of Customs announced Wednesday in Beijing, as demand decreased in key customer countries in recession, including the United States.

Another global slowdown sign

China's November exports declined 2.2% compared to a year ago to $114.99 billion. It was the first decline in monthly exports since June, 2001. Exports increased 19.2% in October. Meanwhile, November imports also fell, declining 17.9% to $74.9 billion -- that category's first decline since February 2005.

Economist David H. Wang told BloggingStocks Wednesday that the export decline is further evidence of the weakest global economy since 2002. "We have a very serious global condition. Slowing exports will lead to further manufacturing cutbacks in China, which will decrease demand for commodities even more," Wang said. "This will really hit mining companies and commodity producers and I would not be surprised to see five-year lows hit oil, copper, and coal in Q1 2009."

Wang added that the export decline underscores the need for both China and the west [U.S., E.U.] to take steps to create demand.

Most investors / readers know about inflation -- an increase in the price of a good or service not connected to an improvement.

But fewer know about its flipside -- deflation -- a decline in prices.

Moreover, while inflation is a serious problem -- it erodes purchasing power and makes it hard for businesses to project and plan for costs, moving forward- - deflation is an even bigger menace.

That's because deflation decreases the amount of money flowing to businesses for their products/services, reducing the money needed to keep commercial activity alive and the economy growing.

Deflation: a danger sign

Don't misunderstand: a price cut after a company becomes more-efficient, or implements a 'holiday or promotional' sale, is fine. Deflation is different: it's pervasive price cutting and asset price declines -- falling prices across the product/service spectrum -- usually driven by a lack of consumer / wholesale demand.

Further, if deflation persists it can, you guessed it, lead to lay-offs. Companies and factories with lower revenue and demand for their products / services scale-back production to reduce expenses by laying-off employees. Those laid-off employees then cut expenses as they search for new work assignments by cutting spending, resulting in even lower demand for products, further price cuts, and lower company revenues, and a vicious cycle can ensue.

"People want to own more gold when there's a perception of growing global economic and political turmoil," explain resource experts Roger Conrad and Yiannis Mostrous.

In their Vital Resource Investor, the advisor offer their long-term bullish assessment for gold as well their favorite gold mining stock: "Goldcorp (NYSE: GG).

"Every commodity bull market eventually ends when consumers permanently reduce demand with conservation and switch to alternatives, and the producers ultimately over-expand. This, however, only happens over a period of many years.

"To be sure, we've seen demand in the US drop for many vital resources, from copper to energy, as the economy has slowed. Demand from developing nations, however, remains entrenched by necessity, as these suddenly more affluent nations struggle to upgrade their vital infrastructure.

"And although we may see Chinese economic growth slow from its current off-the-chart 10% rate, that country will still face critical needs to build out its cities to meet the millions of new migrants that come every year. And that's a huge call on raw materials.

"Even with the poor outlook for the economy, there are many investment opportunities being created by high energy prices and the low dollar," notes Jim Powell. In his Global Changes & Opportunities Report, he explains, "American 'rust belt companies' look especially good."

"Surprisingly, rising fuel prices are making some American manufacturers more competitive and I could not be happier about the improved outlook for many efficient U.S. producers.

"U.S. machine tool makers are starting to take back some of the business they lost to Japan 20 years ago. U.S. imports of Chinese steel are declining dramatically, while domestic production is rising at rates not seen in years.

"The list of U.S. businesses that are benefiting from the new trade relationships will lengthen, but it won't happen overnight. It's not just a matter of being loyal to the home team. America will benefit from creating more real wealth instead of the flim-flam financial products that led to the phony boom.

Since 1975, Lakshmi Mittal has turned ArcelorMittal (NYSE: MT) into a global steel powerhouse. As a result, he's worth in excess of $45 billion. Actually, as an indication of his power, Mittal is now a board member of Goldman Sachs Group, Inc. (NYSE: GS).

And, no doubt, his dealmaking is likely to continue. In fact, there are reports that ArcelorMittal will make a play for Rio Tinto Group, which is the #2 ore producer in the world. The company is currently ensnared in a hostile takeover from BHP Billiton Ltd. (NYSE: BHP). Basically, ArcelorMittal may make an equity investment, which could exceed $10 billion.

Why? ArcelorMittal needs to find ways to stabilize its raw material supplies. After all, with pricing pressures, it's important to contain things.

Then again, this may ultimately be mostly noise -- to get traders excited. But, in light of ArcelorMittal's global power, investors will definitely listen.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

The U.S.'s recent economic doldrums, combined with a 4-year-plus economic expansion that produced less-than-optimal-results in several statistical categories, has caused investors' recollection of robust economic times to fade from memory.

For a refresher, albeit not an ideal case study, regarding what a robust economy looks like, consider China's economy: China's retail sales surged 21.6% in May compared to a year ago, Bloomberg News reported Friday, a rate seven times faster than May retail sales growth in the United States.

Retail sales increased to 870.4 billion yuan or $126 billion in May after rising 22% in April, on strong auto sales and building material purchases, Bloomberg News reported Friday.

China's economy grew 10.6% in Q1 2008, the Xinhua News Agency reported Wednesday, citing National Bureau of Statistics research, a pace well above what Chinese Government's ceiling for 2008 GDP growth.

Further consumer prices increased at annualized rate of 8.3% during March 2008, Xinhua reported, as China's infrastructure development and consumer demand for goods/service continued to place upward pressure on commodities and retail prices. China's GDP grew 11.9% in 2007.

In Q1 2008, industrial production jumped 16.4%, while investment in fixed assets, a category that covers categories from housing to new factory equipment, surged 24.6%.

The commodities fad took a major step toward becoming an investment trend when investment giant Calpers -- the $240 billion California Public Employees' Retirement System -- announced it may increase its commodities investments 16-fold to $7.2 billion through 2010, Bloomberg News reported Thursday.

Calpers, the largest pension fund in the United States, said it would hold between 0.5% and 3% of its assets in commodities. Last year the fund invested $450 million in commodities.

Strong emerging market growth, particularly in China and in sections of Latin America, has created a bull market in oil, commodities and raw materials, and many economists say these assets are likely to outperform both inflation and selected investment classes in 2008, and possibly for a longer time period.

The Standard & Poor's GSCI index of 24 commodities is up 10% so far in 2008, following a 33% gain in 2007. Meanwhile, the Standard & Poor's 500 Index of stocks is down 6% this year, while U.S. Treasuries have netted a 2% return.

China's government said it hopes to limit inflation to 4.8% this year, but said it could have trouble doing so after January 2008 snowstorms worsened food shortages, the Associated Press reported Friday.

The storms, which disrupted food ships, might keep inflation high in February 2008, said Zhou Wenjun, an official of the cabinet's National Development and Reform Commission, The AP reported. Prices increased at annualized rate of 7.1% in January 2008.

CPI goal: 'good luck'

Economist David H. Wang told BloggingStocks Friday that China's effort is admirable, but structural and monetary policy factors will make it nearly impossible to hold inflation to the government's stated objective. (Wang lived in China for more than 20 years before moving to the United States for graduate school; he still studies China's economy.)

Oil closed Wednesday up 73 cents to $100.74 per barrel -- a new record high close -- in a session anxious to hear Thursday's report on weekly U.S. inventories. Oil had traded at a print record $101.27 earlier in this session.

The weekly Wednesday oil inventory report will be released this week on Thursday, one day late, due to the Presidents' Day holiday. Oil closed above $100 for the first time in its history Tuesday, at $100.01.

"It's been a wait-and-see market today, for the most part," independent energy trader Jim Dietz told BloggingStocks Wednesday afternoon. "Neither bulls nor bears seem to want to make a major stand ahead of the inventory report, but we did trade above $100 again. If we close above it today, that would be a bullish sign." Dietz added that he is currently flat -- or has no open energy positions.

China's central bank let the yuan appreciate slightly Tuesday night to 7.1452 yuan to the dollar from 7.1580 yuan, China's Xinhua News Agency announced Wednesday. The report also provided a hint regarding the pace of future currency appreciation.

"We will further improve monetary policy controls, continue to use quantitative measures, widen usage of price-related policy tools and increase innovation in monetary policy measures,'' the central bank said in the report, without elaborating, Bloomberg News reported.

Zhou Xiaochuan, head of the People's Bank of China, China's central bank, has said repeatedly in recent months that the yuan rate would gradually reach a "balanced" level and help bring equilibrium to the balance of payments.

At issue: The yuan

China is facing pressure on a number of fronts to appreciate its currency. Both the United States and Europe would like China, which maintains the yuan's rate in an artificially low trading band, to float its currency or at least let it come close to reflecting a fair-value rate in the years ahead. China keeps the yuan artificially low to reduce the cost of goods exported, which boosts exports sales. Both the U.S. and Europe say that rate gives China an unnatural competitive advantage in trade. China counters that it needs a low-valued yuan to increase wealth and protect young sectors of its developing economy.

China's inflation rate accelerated to its highest level in more than 11 years in January, rising to a year-over-year rate of 7.1%, up from a 6.5% pace in December, China's National Bureau of Statistics announced Tuesday.

The NBS said food prices surged 18.2% in the year-over-year period, as record snow storms blocked food transport, forcing prices higher.

Officials said the food shortages had eased, but that consumer prices were likely to continue to rise due to higher wage costs and higher costs for coal and other industrial materials.

China's government is attempting to cool its economy, in part to take pressure off wholesale prices, particularly commodities, but also to lower retail inflation. China's economy grew 11.4% in 2007. Many economists expect 8.5-9.5% GDP growth in 2008.