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CaptHenway
Posts: 32,479 ✭✭✭✭✭
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Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
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Gold likely to follow.
Gold has a world price entirely unaffected by accounting games between the Treasury and the Fed. - Jim Rickards
Trying to get a coin in...
Prices for some PMs will likely go up. Don’t mind if gold goes up, need to divest a few Au coins.
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“RIYADH/DUBAI/LONDON (Reuters) - Yemen’s Iran-aligned Houthi group said it attacked two plants at the heart of Saudi Arabia’s oil industry on Saturday, knocking out more than half the Kingdom’s output, in a move expected to send oil prices soaring and increase tensions in the Middle East.”
https://www.reuters.com/article/us-saudi-aramco-fire-idUSKCN1VZ01N
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1942forever?
Shouldn't be more than a temporary ripple based on the news story I read. Will affect less than 5% of world oil production. Other producers will be glad to step in and take Aramco's slice.
Saudi's produce about 10% of the world's oil (I always thought it was more but that it was was reported). I don't think prices should fluctuate much if any as our reserves are excellent and the Saudi's said they would be back to normal on Monday....we'll see.
If they go up it's all greed (of course it probably is that anyway, 'eh?).
bob
At first I thought this was another one of those "gassed slabs" toning threads.
Did someone say OT and ARAMCO?
--Severian the Lame
They say that most production will be back up by Monday. Had this happened when markets were open, it would have been a wild ride.
It always amazes me how these things hit the pump price immediately. It's not like whatever's in that underground tank cost them any different than yesterday. But I use my old Economics textbook as a shim for a bike trainer, so...
Would be a great false flag type of exercise
Hmmm
Thank you. I was waiting for that one.
How will this attack impact the price of gold?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Heads will be literally rolling.
Monday should be interesting, though the futures are still in the green...not by much. Cheers, RickO
Oil 2018 data (est):
4500Mt produced worldwide
583Mt by Saudi Arabia (SA)
5% of world supply is 225Mt
225Mt of 583Mt is 38.6% of SA production
Nearly 40% of SA capability is affected.
Not going to be fixed by Monday, regardless of the “news.”
Give it a month or two.
I> @ricko said:
Those are Friday's numbers. The future markets are closed
You are correct... where is the 'embarrassed' icon?
Cheers, RickO
Just being hyped up to raise the price of oil so that the companies can max profit. That is what we are for, to pay for goods so that the very rich can live well.
I only have to fill my gas tank every 3 or 4 months and fortunately, I still have about 2/3 of a tank.
I hope the prices stablize by around November or December.
Good time to put some gold eagles in the Apmex cart before the futures open.
Metal pricing opens in 3 hours overseas. Will be interesting to see what the automatic computer programs do to the markets.
My US Mint Commemorative Medal Set
In shouldn't affect us as we have enough oil in the U.S. to be totally independent from foreign oil. But you know how that works!
great that we are finally self sufficient and little of the Mideast oil ever made it to our shores. Most was from Mexico, Canada and S America.
Still a world market though and if a substantial quantity goes offline, prices will increase.
Hotdiggity for oil stocks !
I give away money. I collect money.
I don’t love money . I do love the Lord God.
This group has taken responsibility. (called Houthi)
Their motto is...(as seen on their flag)
"God is great, death to the US, death to Israel, curse the Jews, and victory for Islam"
Kinda long but I guess it works for some people.
My Saint Set
What a bunch of THUG's!!!!
I'm sure it loses something in the translation.
I can't imagine this attack going unanswered. Perhaps that's when gas prices will go up.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
From CNN:
'Oil prices have recently been low. Brent, the global benchmark, closed at $60.22 per barrel on Friday. The price closely followed in the United States, known as WTI, closed at $54.85.
Saudi Arabia, the world's largest oil exporter, had cut back on production of crude and other energy products as part of an OPEC effort to boost prices. The kingdom produces approximately 10% of the total global supply of 100 million barrels per day.
Other analysts expect a smaller oil market rally in the short term. "A small $2-$3 per barrel premium would emerge if the damage appears to be an issue that can be resolved quickly, and $10 if the damage to Aramco's facilities is significant," Ayham Kamal of the Eurasia Group said in a research note.
Two other analysts told CNN Business they believe prices could jump $15 per barrel because of the amount of Saudi oil affected by the attacks.'
Even $15 per barrel is not that much of an affect on gas prices.
With respect to the Houthi - they are freedom fighters for Yemen - right now the Saudi's have occupied Yemen and closed off all aid so there is a major humanitarian crisis ongoing because 10s of millions of folks in Yemen are starving to death. You can help if supplies can get in:
https://secure.unicefusa.org/donate/help-yemen’s-children/34863?utm_campaign=20190801_Monthly&utm_medium=cpc&utm_source=google&utm_content=yemenmonthly1&ms=cpc_dig_2019_Monthly_20190801_google_yemenmonthly1_delve_E2001&initialms=cpc_dig_2019_Monthly_20190801_google_yemenmonthly1_delve_E2001&gclid=EAIaIQobChMIs8b8pdrT5AIVXR-tBh3zDwyKEAAYASAAEgLUqfD_BwE
Who knows what their message above says - anyone here read their language? From their perspective that when they see their country folk starving to death in the millions via Saudis, a regime backed by other countries including US, I can imagine they may be a abit upset at US government. Just sayin' Does it really help their case to blow up oil refineries? Probably not, but desperate people will do what they can.
PS these boards are supposed to be numismatic, I merely responded because of the RW misinformation. Now can we go back to what these boards are supposed to be about?
Best, SH
Same as yesterday here in Vegas.....filled up at $3.05 Saturday and same just now.
bob
Try three times a week with the top grade.
Gold opened up $15 in overseas markets. Let’s see what it does from there.
This photo highlighting golds rise over the attacks on Saudi Arabia could be much improved (the contents):
https://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2013/04/23/100665307-106658224.530x298.jpg?v=1487901376
Since Friday, gas down 4 cents/gal. here.
Close to Midnight Sunday. Looks like gold peaked at around +$20, and is about +$14 at the moment.
According to money.cnn.com the Dow futures are down 122.
Nothing drastic on either one, really.
Filled up at $2.19 regular.
No. Oil was another matter. Up as much as $8.50 per barrel, currently about +$5 on HUGE volume. 500 million barrels traded overnight in CLV alone.
The lead singer from "The Cars" passed away, too. (RIP)
Likely no impact on automobile prices ?
And Eddie Money...
Likely no impact on the value of Money?
Death travels in three's...sadly.
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The retribution is going to be what really drives prices up.
The US and the Saudi's will put together a coalition and all hell will rain down on Iran. This terrorist attack can't go unanswered.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
Got it for $3.05 day before yesterday and decided to fill the other one today: at $2.93.
24-48 hour hype....day traders made out
bob
the oil guys?
Gold has a world price entirely unaffected by accounting games between the Treasury and the Fed. - Jim Rickards
If you believe that group pictured pulled off a coordinated drone and cruise missile strike in SA, I have several bridges to sell. Go gold (for you guys, I still don't like gold).
Yes, the oil thugs killed a journalist living in the United States of America and working for the Washington Post.
I'm talking about the terrorist whoever they are!
Not the affect on oil that was expected.
Gold has a world price entirely unaffected by accounting games between the Treasury and the Fed. - Jim Rickards
things are not always as they seem to be.
Gold has a world price entirely unaffected by accounting games between the Treasury and the Fed. - Jim Rickards
You have been reported and flagged for lying about a Personal Message. I will not discuss the trash you sent me in the first place.