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Alert! US Crude hits $100, Gold reaches new record

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posted on Jan, 2 2008 @ 01:11 PM
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According to Bloomberg, it did happen. Guess it's time to check the food reserves...




posted on Jan, 2 2008 @ 01:16 PM
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Originally posted by cpdaman

GOLD IS GOING UP this appears to be a LOCK! . BETTER BUY IT IN JEWELRY, so they can't take it, if the civil unrest reaches a boiling point

[edit on 2-1-2008 by cpdaman]


You are joking, right?

For one thing, gold, as a commodity (which is what you are probably referring to with the 'going up' phrase), is NOT a "lock".

Secondly, please don't even THINK about buying gold jewelry as an investment. If you have to hold gold, get buillion. Don't think that any gold jewelry will re-sell at the going futures price of gold on the COMEX because it won't. It'll be bought back as scrap-gold at a fraction of the price you'd buy it today.



posted on Jan, 2 2008 @ 01:27 PM
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So, is this when people start using their credit cards just for fuel without the intention of ever paying it back? Because more than likely these same SOBs (banks) are the same ones who are profiting from these oil price hikes. Perhaps it is oil that is the beast that was and is not and yet is?



posted on Jan, 2 2008 @ 01:28 PM
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reply to post by marg6043
 



There's alot going on now, plus the ISM Institute of Supply Management's manufacturing index dropped to 47.7. It was predicted to be around 50 and was actually 3 points lower than expected.

That was a nasty-blow and we're seeing the Market react to this and quite a few other factors. What no analyst has said yet is that the DOW has fallen 4 consecutive days.

Look out!





posted on Jan, 2 2008 @ 01:38 PM
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Apparently the $100.00 print was a floor trade (Outcry Market), as opposed to an electronic trade.

Some deranged pit trader looking for his 15 minutes


ATB!


Pit Trading Vs Electronic Trading



posted on Jan, 2 2008 @ 01:54 PM
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By this summer we will dream about the days when it was only $100. I don't think the price will stay this low for long. It will edge up some then back off a little but keep gaining ground. We are only one event away from seeing $130 settle in for awhile IMO. That could be anything from unrest to a refinery fire or a well placed hurricane. Any combo and we will see it flirt with $150. The economy tanking this year will only help the price go up. Sooner or later the party is going to have to end for US. Until we start backing our money it will continue like this. The only difference between the sheeple and the government is that when the government over spends/borrows they just print more money and people can't do that. People will not be able to keep up and just add to the spiral. My pay has been the same as the year before and I am falling about $600 short every month. I will be starting another part time business to make ends meet because at thise rate we won't be able to make our bills in 5 months. Most will not have the options I have.

[edit on 1/2/2008 by BEER980]

[edit on 1/2/2008 by BEER980]



posted on Jan, 2 2008 @ 02:05 PM
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reply to post by Zoltan
 




good point.

also, if one decides to get gold bullion or coin,
Do Not let the broker keep it for you, get your own safe deposit box and have the physical metal or coin under your control/


me, i prefer gold stocks- -and to have the stock certificates in my possession
instead of a broker holding the certificates...for a number of complex reasons.


i see gold being used as a way to arbitage for the big investment funds & banks and marked volitity in gold prices all thru 2008,
especially as China is hoarding gold 2nd only to the USA, possibly as a way
for gold coin minting focused around the Aug '08 Olympics...and jumping on the gold demand by the masses - as currencies around the world decline in value



posted on Jan, 2 2008 @ 02:25 PM
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I'm expecting Asia to open up pretty ugly and Europe too tomorrow morning, the high Oil price, economic blues and the drop on Wall street is going to make tomorrow very, very ugly.



posted on Jan, 2 2008 @ 02:36 PM
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If, as oil and gas begin to get beyond a price payable by the ordinary man, there is one form of investment that could be comparable to gold metals and share certificates...a skill-tradeable practical-based education (such as in solar, structural, or mechanical engineering)

I don't know about the US but here in the UK student-loans for degree courses are locked-in interest rates set by the Dept of Education, unlike bank credit/loans which can be adjusted at the lender's discretion with a 30-day written notice, though not commonly escapable by the normal route of bankrupcy filing (although there are still exploitable legal loopholes, or so I hear)



posted on Jan, 2 2008 @ 02:38 PM
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I agree infinite, but like another posted already said up until the last days of trading in December the optimism was still been pushed that everything was to be okay.

Today the financial advisers in on TV were not looking very confident and the predictions already are not good taking into consideration that oil is up, dollar is down, an explosion in Africa last night is also to blame and the Dow is taking a hit.



posted on Jan, 2 2008 @ 02:49 PM
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I am working on a theory, the basics is this;

This economic problem is being allowed to grow in order for the economy to dominate the 2008 Presidential elections and not Iraq.

Think about, as US voters, would you be more worried about the economy or Iraq?



posted on Jan, 2 2008 @ 03:00 PM
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The grain markets seen some nice numbers today as well.

I think 100 dollar oil will happen off and on throughout the winter, but it will get back down to 80 or so later in the year.

The price of gold fluctuates a lot so I wouldn't put much into any spike in the price of gold.



posted on Jan, 2 2008 @ 03:00 PM
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Originally posted by aleon1018
So, is this when people start using their credit cards just for fuel without the intention of ever paying it back? Because more than likely these same SOBs (banks) are the same ones who are profiting from these oil price hikes. Perhaps it is oil that is the beast that was and is not and yet is?


Actually that happened approx 3 years ago believe it or not. In the past decade Americans have racked up significant debts compared to other time periods, mostly because of easier credit.

When gas stations started demanding pre-paid only via cash at the counter or credit card slots at the pumps, because people couldn't afford the gas and just drove off with out pay, more and more and more people use credit cards.

I personally use a check card for everything, that way it is taken out of my account without interest.

But I remember watching CNN last year (tried to find the article) and they said credit card usage at gas station pumps went up over 40% in that year alone.

Perhaps this is why America has not been effected by the rising oil prices. Oil rose 60% in 2007 and we didn't feel any negative effects in the market until really just this summer when things officially turned for the worst. Because people put the gas on plastic, they don't directly feel the effect of it. And no doubt, they don't pay off the card either. Add that to the mess.

If everyone stopped using those damn plastic cards, prices would drop dramatically, there would be less demand for material so far above our means because no one could buy with imaginary "IOU's" ..

Anyways,

I expected the DOW to drop below 13,000 today, with the manufacturing news.

I remember as the currency began its ever steeper decline, the optimist here at ATS where declaring this a godsend to America.. that our manufacturing is cheaper worldwide with a weaker currency thus it would pick up! ...

Well guess what.

Currency dropped even more since then, and manufacturing took an unexpected drop.. and then the currency fell some more because of it.

I personally cannot wait for the big retailers to disclose their earnings for the holiday spending.. I don't think people spent as much as usual, and I think it may be evident in that stores demanded less manufactured goods. IMO, a weak holiday season will determine whether we continue straddling a recession or officially take the slide into one.



posted on Jan, 2 2008 @ 03:01 PM
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Cramer rant

A MUST watch!!

Every poster should watch this video.



posted on Jan, 2 2008 @ 03:06 PM
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Originally posted by infinite
I'm expecting Asia to open up pretty ugly and Europe too tomorrow morning, the high Oil price, economic blues and the drop on Wall street is going to make tomorrow very, very ugly.



The Canadian markets are doing very well today......

Just because you have a high oil price does not mean market destruction.



posted on Jan, 2 2008 @ 03:46 PM
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reply to post by infinite
 


Sometimes he looks like ready to get a hart attack right there in front of the TV camera


But he is right, the fed is no our friend they are the holders of the big banks interest.



posted on Jan, 2 2008 @ 04:07 PM
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Originally posted by marg6043
But he is right, the fed is no our friend they are the holders of the big banks interest.


Bernanke said, on the record, he is more worried about inflation than the markets. He will only bail out the market if it turns into a blood-bath, i.e only if his hand is forced.



posted on Jan, 2 2008 @ 04:53 PM
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"$100 is just the beginning," said Zachary Oxman, senior trader at Wisdom Financial in California.


news.bbc.co.uk...

Unreal, yet it's not as though we've not had any warnings. It was bound to happen. We all knew that things were going to get worse and will continue to do so.

You only have to browse through all the threads we post to see the big picture on how the world is going.



posted on Jan, 2 2008 @ 06:40 PM
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www.infowars.com...

THIS is the NWO future and its Doubleplus bad.



posted on Jan, 2 2008 @ 06:43 PM
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Originally posted by citizen smith
Ahhhh! the comfortable glow of smug satisfaction of not owning a gas-guzzling car or having a mortgage or credit/loan debt is warming me already...bring on the reccesion!


no one is immune - you don't know what tomorrow brings - so called security or no

...and the US trillions in debt dollar WILL come home to roost like a wounded bird-
the new empire will be the old roman empire EU with just as chancy a future
Ezekiel 38
.02
y




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