Gold almost hit 1490, silver past 43.
http://www.youtube.com/watch?v=pt1wNi4SZ68
This PM bubble is just getting started.
Highest price in history:
http://www.goldalert.com/gold-price-roars-to-new-all-time-high-at-1479/
Gold Price Roars to New All-Time High at $1,479
can someone prove to me that it's not excessive wealth hedging against inflation that's driving the costs up so much?
My friend and I debated last night, his reasoning was that the Quantitative Easing the Fed has done has driven the worth of the dollar down which is pushing the cost of buying goods (gas, anything we can export) on the global market more relative to other currencies. IE 1 [other currency] buys 1 [quantity] of [thing] and the dollar used to buy 1 [other currency] but now only buys 0.8 [other currency] so you have to spending $1.25 to buy the same amount that 1 [other currency] gets you.
Argh...have to go fill up today.
Gasbuddy says $4.39 is the cheapest 91 oct from a quality station.
No way, it's only $2 according to the P&N experts
Troll much?No way, it's only $2 according to the P&N experts
FYI gas in Washington DC is averaging $4.05/gallon:$5 gas in DC yesterday. Unfortunately for the station owner they couldn't get the pumps to charge more than $5.00 due to a software glitch.
Goes to show you that the current prices are purely speculative in nature.
yep, nobody but speculators say it's a demand issue
supply is there, and we aren't even close to eating it all up
I feel like we are going to 5 gallon gas just for the lulz
oh, SO glad I still have my 30MPG 4 cycl beater! Truck has sat idled and lonely for a few months now
I believe that those who are driving the prices up have stakes in the alternative fuel supplies/technology. It's a win-win proposition for them.
From everything I've read, Libya is still pumping at least 40% of their regular capacity (something's gotta pay for the guns), US demand is actually declining slightly (a few %) due to prices, and yet the cost of oil keeps rising. The funniest thing is that oil stocks like XOM and SU are holding steady at pre-Libya levels (~Egypt uprising levels).
And, according to the CIA fact site, Libya is 18th of top 20 oil producers, producing only about 7% of the oil supply. They really arent a big player.
They normally make 2M/day I think, total world supply 80 something.And, according to the CIA fact site, Libya is 18th of top 20 oil producers, producing only about 7% of the oil supply. They really arent a big player.
From everything I've read, Libya is still pumping at least 40% of their regular capacity (something's gotta pay for the guns), US demand is actually declining slightly (a few %) due to prices, and yet the cost of oil keeps rising.
The funniest thing is that oil stocks like XOM and SU are holding steady at pre-Libya levels (~Egypt uprising levels).