Swings In Oil, USD and Gold – What’s Going To Stick
Chris Temple joins me today to address some of the wild swings we are seeing in major sectors. Oil touched $75/ barrel but quickly reversed today and the USD could not hold above the 95 level. The USD reversal is also driving gold higher but double digits which was due to a couple reasons.
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Off topic :
Just a follow up on the Polymet, Twin Metals.
Governor Dayton vetoes bill.
https://www.twincities.com/2018/05/09/dayton-vetoes-mn-bill-repealing-wild-rice-water-standards/
Just a follow up on Twin Metals, Polymet .
Governor Dayton vetoes bill repealing water standards. May 9th
Here in Aus were paying around $1.50 per litre (around $5.70 per gallon). This is just highway robbery. But without sufficient regulation and an over reliance on transport, what is one to do?
I dont know the finer ins and outs of all factors affecting fuel prices. However oil price is one defining factor and its become evident that oil price increases are a convenient excuse to over inflate the fuel price. When oil increases in price, fuel quickly follows and often overshoots to the upside. When oil decreases in price, there is a lag in the fuel price decline and it is often minor compared to the drop in oil price.
We are stuck between a rock and a hard place. Crude oil sits at $74 a barrel yet when it was $100 a barrel a few years back, fuel prices in Aus were the same if not lower than current prices. What gives???
Filled up this morning at $2.99 a gal. for 10% ethanol diluted Phillips gasoline made in SLC. Agree that it will drift higher until after school begins. Personally I don’t believe most people have extra dollars to give to the Saudis or the oil shale shysters. Can’t help a recovery but it can help bring on a recession…..JMO