Oil Jumps $17/Barrel Today to $121; Is Gold Far Behind?

RichR

So who said the commodity bull is dead?

But more precisely, who said the Fed is done destroying the value of the dollar?!?

Very scary stuff indeed!!!

Walmann

Up $25 to $130 last check.

RichR

And gold @ $1000 isn't looking too over the top right now!

cohodk

Never underestimate the power of a mania and a short squeeze. Nothing fundamental about the move. It will be down at least $7 tomorrow.

NumbersUsacom

Come on now, Clark Howard said the commodity bull was over, and if your "Clark Smart" then you know its over too..

roadrunner

Never underestimate the power of a mania and a short squeeze. Nothing fundamental about the move. It will be down at least $7 tomorrow

Yup, and just 2 weeks ago the dollar was in a longer term "bull" market by all accounts all based on sound fundamentals of course. What we're seeing now is just a dollar mania sell off during a time of panic. The dollar will be back above 0.80 in no time. All the gold-shorts are buying even more gold-shorts on this strength. Keep piling it on.

roadrunner

fivecents

Today is the day that all oil shorts for November have to be paid. It is panic buying today for those who got caught with their pants down.
I still think gold is on a upswing.

cohodk

<< <i>Never underestimate the power of a mania and a short squeeze. Nothing fundamental about the move. It will be down at least $7 tomorrow

Yup, and just 2 weeks ago the dollar was in a longer term "bull" market by all accounts all based on sound fundamentals of course. What we're seeing now is just a dollar mania sell off during a time of panic. The dollar will be back above 0.80 in no time. All the gold-shorts are buying even more gold-shorts on this strength. Keep piling it on.

roadrunner >>





Oil at $107 today. Closed at $120 yesterday.


Cant understand why everyone doesnt grasp the concept of currency relativity.

roadrunner

Oil closed at $107.

Yes, after a massive run up and profit taking. How far would oil have gone if TPTB hadn't stopped the trading on it? Possibly $140-$150. That's not market intervention right? I always thought the PPT was there to "prevent plunges" in our free markets. Did you ever see TPTB stop trading on financial stocks or the the S&P because they went up "too much" in one day (lol). Will never happen because no matter how high they go it's all good - and never from manipulation, just honest supply and demand.

What happened to the recent cry that oil was done for - $60 here we come?

roadrunner

chabot510

<< <i>So who said the commodity bull is dead?

But more precisely, who said the Fed is done destroying the value of the dollar?!?

Very scary stuff indeed!!! >>



The media is stupid for reporting that price. Anyone holding a big position to the last day of expiration is stupid. The most active contract was Nov. and that is the price that should have been reported in the news.

cohodk

If you noticed, but you obviously didnt, the previous month oil contract closed at $120 yest. Today the current contract closed at $106+ down about $3. So how could it be that it was only down $3 to 106 if yesterday it was $120?

Must be a conspiracy!!! ROFL!!!

I have never said gold was going to $60, but it is a great trading vehicle. And doing exactly as I predicted a month ago. I did say that it would be worth $50 if the average house was worth 50% less than today, and I will stand by that statement.

Honestly I hope gold goes to $10,000 and I dont know why you always think I am bashing PMs. I just say what I see and I have been EXTREMELY accurate over the past year regarding PMs and currency. And all without complaining of a conspiracy.

I stated when gold brokedown that it was dead and would make a great trading vehicle. So far it has not resumed an uptrend and has indeed been a great trading vehicle. I hope you are having as much fun as I.