Posted on 06/23/2011 7:59:02 AM PDT by blam
Gold And Oil Getting Killed Right Now, As Oil Falls Over 4% Since Bernanke Declared Deflation Dead
Joe Weisenthal
Jun. 23, 2011, 8:41 AM
The latest: The IEA just announced that they are releasing oil stocks due to continued instability in Libya. Read about it here>
Earlier: Yesterday at around 2, Bernanke declared deflation dead.
Today oil is getting killed following those weak Jobless claims.
It's now fallen over 4% since then.
Gold is also getting killed: It's off $30/oz!
Things were already negative, and that was before that bad initial claims report.
From FinViz, a chart of oil:
(Excerpt) Read more at businessinsider.com ...
Obama desperate much ?
He can release all the oil reserves, it`ll get sopped up then commodity prices will skyrocket again once it`s all consumed.
DJIA is down over 205.
Good thing I bought USD instead of gold then, eh? :)
We just wanted to give you a little bit of perspective on the news that the IEA is releasing a bunch of oil to counteract tight supplies.
That 60 million oil release? It amounts to about 17 hours of global oil consumption, according to the IEA, which says the world consumes 84.2 million/day.
percentage wise, you would still be fine in gold. These charts always make the movement more significant.
If you are a day trader these small movements are important, if you are a long term investor, you don’t buy and sell on a 1 day, 1 week, or even a quarterly trend.
bookmark
so.......
time to buy more gold?
Remember that line from “My Big Fat Greek Wedding”...
“It is true, the father is the head of the household.
But the mother is the neck, and she can make that head turn ANY WAY SHE WANTS IT TO!”
It is sort of like that with Obama, the Fed and commodities traders.
Didn’t Obummer just open up a 30M Barrels of oil onto the market to prop up his abysmal poll numbers? I think that is your reason for the oil prices.
http://finance.yahoo.com/news/Obama-ready-to-release-oil-apf-2233806614.html?x=0&.v=1
Not without QE 3, the fed has been propping up the stock market, all they have done is cause a false value bulge. The stock market is not the economy.
bttt
On the plus side, during the Depression oil was cheap.
Gold down on dollar up versus the Euro after Trichet comments. Greece is killing Euro which makes the dollar look good in a relative sense.
(when your ships sinks a floating piece of wood looks great)
When dollar goes up gold goes down.
Depends.
If you're looking to capitalize on volatility, it's silver you want to buy when you think it's bottomed. It'll go down a lot more than gold, and when it rebounds, it'll go much higher than gold.
On the other hand, if you're looking for a good time to convert some slowly-but-surely-evaporating Federal Reserve Notes into something that will preserve purchasing power, decide when you think gold has bottomed in its current decline, and then buy gold.
oil is falling because they are going to release emergency reserves of about 90mill next month to deal with the libya shortfall...you know libya- that illegal war the leftists are out in force protesting against....oh wait- my bad....
Gold is high vs the USD. Sell offs are inevitable.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.