There is some increased demand in the price, but like he said, a barrel of oil can be bought with the same amount of gold as ten years ago.
And the price in dollars has gone up more than the price in euros. That shows you that monetary policy is part of the problem. The fed intentionally devalued the dollar as a strategy to reduce the cost of our national debt.
SOME increased demand? look at the world around you man!
“The fed intentionally devalued the dollar as a strategy to reduce the cost of our national debt.”
And this was before they started adding new printing presses to jack M3 up to the moon as part of the monetization of huge amounts of debt in the last 6 months in response to the CDO/subprime stuff.
Shadowstat reports IIRC show M3 going up at nearly a 20% annualized rate!!!