Oil at $99.38 at 12 noon CST. Gold at $861.70

Javaman

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Wed Jan-02-08 12:41 PM
Original message

Oil at $99.38 at 12 noon CST. Gold at $861.70

weeeeee...

http://www.nymex.com/index.aspx

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mikelgb

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Wed Jan-02-08 12:51 PM
Response to Original message

1. commentary?

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Javaman

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Wed Jan-02-08 01:03 PM
Response to Reply #1

2. Kind of self evident at this point, don't you think? nt

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mikelgb

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Wed Jan-02-08 01:07 PM
Response to Reply #2

3. I'm an econ dummy

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GliderGuider

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Wed Jan-02-08 01:13 PM
Response to Reply #3

6. Try this:

Industrial civilization is in the shitter, and God's and is poised on the flush lever...

The slightly longer version is this:

The world runs on oil. The price of oil has gone up by 60% in the last year, and the expectation is that it will go up at least that much again this year. $100 per barrel is a MAJOR psychological barrier. In addition, the US economy is teetering like an over-mortgaged shotgun house during Katrina. It will probably let go this year too. And speaking of Katrina, how 'bout them ice caps? So everybody is saying "Oh shit!" and buying gold.

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GliderGuider

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Wed Jan-02-08 01:12 PM
Response to Reply #2

5. deleted

Edited on Wed Jan-02-08 01:13 PM by GliderGuider

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hedda_foil

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Wed Jan-02-08 01:08 PM
Response to Original message

4. I'll never forget that as early as '02, Andy Stephenson told me to buy gold.

Our beloved god_bush_n_cheney wasn't just a prophet about electronic voting. He actually advocated buying gold when it was still under $350. I don't know if he ever was able to do it for himself and Termite, and I know that I didn't do it (damn it!) but Andy saw what was coming down the pike long before the so-called "experts."

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Javaman

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Wed Jan-02-08 02:30 PM
Response to Reply #4

7. Good old Andy. :)

He certainly had his thumb on things.

Well, gold even at 862 (as of this morning) is still a good deal considering that the value of the dollar is still falling and oil is still going up.

This is going to be a very interesting year.

Odd that it's also an election year and 40 years later from 1968, another very interesting year.

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Delphinus

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Wed Jan-02-08 06:39 PM
Response to Reply #7

12. Odd that it's an election year

and I've yet to hear any of the major candidates talk about Peak Oil or spend an awful lot of time about global climate change (except, perhaps, Mike Gravel).

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Javaman

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Thu Jan-03-08 11:03 AM
Response to Reply #12

13. Or really talk to any length about the recession. all taboo topics.

can't have the mouth breathers of this nation wake from their stupor.

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bananas

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Wed Jan-02-08 02:41 PM
Response to Original message

8. It's hit $100 and climbing

http://www.guardian.co.uk/feedarticle?id=7192504

Oil, at $100, seen heading even higher
Reuters Wednesday January 2 2008
(Adds quotes from paragraph 10)
By Alex Lawler

LONDON, Jan 2 (Reuters) - Oil prices, which on Wednesday hit $100 a barrel for the first time, will probably go up further in the next five years unless economic growth falters and slows fuel demand.

<snip>

The surge to $100 for U.S. crude on Wednesday has brought oil near the inflation-adjusted record peak of $101.70 hit in 1980 when war between OPEC members Iran and Iraq triggered an oil supply crisis.

<snip>

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GliderGuider

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Wed Jan-02-08 02:49 PM
Response to Reply #8

9. It's funny how that "inflation adjusted" figure from 1980 keeps changing.

Edited on Wed Jan-02-08 02:49 PM by GliderGuider

I'd swear that when oil was trading at $80 last year, the "inflation adjusted" target was barely over $90. Now they're saying it's over $101. :wtf:

See, it's not so bad - nothing to worry about here, nosireebob. It's still a whole dollar below what it was the last time the middle east was embroiled in an all-out war...

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Javaman

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Wed Jan-02-08 03:01 PM
Response to Reply #9

10. I noticed that too. funny how that is...

but giving the fact that the dollar is pretty much in the shitter, they have to make allowances for the loss of value.

So I would think as the dollar goes down, the adjusted value of the dollar amount for oil has to go up.

just my two cents.

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phantom power

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Wed Jan-02-08 03:14 PM
Response to Reply #9

11. Actually, the dollar might be losing its value that fast.

In a way, it's just a slightly different expression of the basic Peak oil concept. Oil is getting more expensive. That can happen either by "true" price increases, or by declining value of currency. But the effect on the economy is pretty much the same. Our economic activity is purchasing less and less oil.

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