R C Macaulay
Fri, 27 Jun 2008 06:54:10 -0700
Howdy Steven,Actually, what the articles states is the dollar devaluation is the driving force behind the rush of investment professionals toward a safe haven in crude oil futures. This haven is much better than gold. The price of crude is now the best gauge of the true value of the US Dollar. Is it possible to read something into these events? YES ! The truth. Money talks.. what is it saying .. powers that govern are scared.. and .. one does not play poker with scared money ! When people get scared.. they do crazy things. When people do crazy things.. bystanders get hurt.. moral.. do get caught standing by. Duck for cover. Cover your ears and keep your cool.
Richard Steven wrote,
I found the following article amusing in a macabre sort of way.
http://money.cnn.com/2008/06/27/markets/oil.ap/index.htm Especially the statement:
Meanwhile, the head of Libya's national oil company said the country may cut crude production because the oil market is well supplied, according to news reports.
I'm surprised Iranian's Oil Minister didn't beat him to the punch line.