Msg. 33591 of 45510 (This msg. is a reply to
33554 by
Decomposed)
Jump:
re: "I expect oil to continue falling - to $82 or so per barrel, but not much lower, this summer. After that, oil will resume its run." (Posted by me on June 20th.)
Oil is down hugely today, about six percent, to $91.07/barrel.
June 23, 2011, 9:29 a.m. EDT
IEA will release oil to offset Libyan disruption By Polya Lesova LONDON (MarketWatch) -- The International Energy Agency said Thursday that its 28 member countries have agreed to release 60 million barrels of oil in the coming month because of the ongoing disruption of oil supplies from Libya. The Libyan unrest removed 132 million barrels of light, sweet crude oil from the market by the end of May, according to IEA estimates. As part of the IEA move, the U.S. will release 30 million barrels of oil from the Strategic Petroleum Reserve, which stands at 727 million barrels. This is the third time in the history of the IEA that its members have decided to release stocks. "I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy," said IEA Executive Director Nobuo Tanaka in a statement.
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
As I said on 10-June, "...an industrial metal. It is one of the investments that, right now, I am MOST pessimistic about - short term, mid term and long."
My pessimism regarding industrial metals has nothing to do with fraud or attempts to manipulate the price, but on a world economy that is on the verge of collapse. When this this blows, it's going to make the Dot-com bubble seem like nothing.
On a slightly different subject, I expect oil to continue falling - to $82 or so per barrel, but not much lower, this summer. After that, oil will resume its run.
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