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Joined: Aug 2007
Posts: 56
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bywarren, have you been following oil prices? They will increase again when all the talk about alternative sources fades. Seen this show too many times.
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Joined: Sep 2002
Posts: 10,850
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ubbit. Im not bywarren but I do know a little about the commodity markets. Oil is down for the following reasons; (1) consumption is down (2) The Dollar is up against the Euro, Pound and Yen.
Gold and silver are down to a two month low, because the $ is up.
The question is, how far are the Central Banks going to go in manipulating the prices of commodities. Our Fed is just as involved as the other Central Banks.
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Joined: Mar 2001
Posts: 2,733
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My monthly royalty checks keep me appraised of the price of oil. Thanks for asking.
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Joined: May 2005
Posts: 3,955
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Oil will keep dropping -- there will be periodic ups and downs, but it'll be back under $100 very soon.
I will have a Belikin -- put it on klcman's tab.
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Joined: Sep 2002
Posts: 10,850
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GO SHORT, OTTER, GO SHORT !
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Joined: Nov 2006
Posts: 1,094
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And how do you think it will do today after Russia took over Georgia and is stopping the shipment of oil from that region?
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Joined: Sep 2002
Posts: 10,850
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Danny, I don't know who your question is directed to, but oil is up $1.00 to $115 this morning which should also affect the gold prices. As a matter of fact, I just looked at the London opening and it is up $4.00 to$863. The COMEX also has followed at $862. This should be an interesting day.
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Joined: Apr 2000
Posts: 111
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Better check your oil prices again!!
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Joined: Sep 2002
Posts: 10,850
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I get a running quote, i know what they are. Thanks
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Joined: May 2001
Posts: 476
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The dollar is up and oil is down for one reason only and that is because the US has been intervening in the currency markets. The US has been selling Euros and buying dollars using the Exchange Stabilization Fund (ESF). IMHO this is a desperation move to try and stem the bleeding dollar. Fundamentally it changes nothing, but so far it is having the desired effect. http://www.treas.gov/press/international-reserve-position.htmlAll credit for the below graph made from the above Treasury Department data goes to Bart13 over at www.siliconinvester.com That big drop in the blue line is Euros being spent to buy dollars. ![[Linked Image]](http://www.nowandfutures.com/images/esf_euro_yen.png)
Last edited by ChrisW; 08/11/08 12:51 PM.
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