uh oh... ag <21 ?

[lektrode]

comments would be nice - anything resembling a bottom here?
(dont wanna use ole mega's line w/o auth ;)

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[verdo]

Re: uh oh... ag <21 ?

Frankly, I don't think gold can hit a true bottom until stocks finally come down from the levels they're at now. But we're at least close. It's hard for me to not buy silver at these prices though

[doom&gloom]

Re: uh oh... ag <21 ?

I feel like they pushed the beachball under again, and it popped up to the surface once more.

[EJ]

Re: uh oh... ag <21 ?

I feel like they pushed the beachball under again, and it popped up to the surface once more.

I can't recommend that members spend much time watching the gold price chase the "100 Years of Natural Gas" and "U.S. as the Next Saudi Arabia Level Oil Producer" memes. For a complicated set of reasons having to do with the way central banks hedge future USD reserves held to buy oil at higher prices due to PCO starting around 2001, which reserves are hedged against catastrophic currency risk with gold, the temporary U.S. oil glut is also holding down gold prices. This may go on for another two to three years. Watching it day-to-day and week-to-week is detrimental to one's mental health.

Some day we will look back on the 2011 to 2015/16 period of faltering gold prices as The Good Old Days with respect to just about everything else. The next time the oil price begins to rise again in earnest, and gold with it, it will be for the duration and without respite save for the occasional PCO price spike induced recession. It will be unpleasant. Meanwhile we make hay while the sun shines in the private equity market and enjoy the relative peace and prosperity here in Fortress America.

[charliebrown]

Re: uh oh... ag <21 ?

Thankyou for posting EJ.

If someone in the MSM would use google, and think, they would be confronted with a crude production number of 6 MBD, and a consumption of 18 MBD.
The thought of us tripling our oil production to become energy indepent is laughable.

All it takes is hot war to break out anywhere and oil prices will leap. A hot war with iran takes all surplus oil off world markets.