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

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posted on Jan, 3 2008 @ 04:03 AM
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The economic impacts of the rise of unserviceable consumer debt levels along with the rise in oil prices (and the knock-on effect) were starkly described in this morning's Guardian newspaper..



Guardian Unlimited
Britain's total personal debt now totals £1.39 trillion, and consumers are paying out £93bn a year in interest on loans, credit cards, overdrafts and mortgages, according to the comparison website uSwitch.com.

YouGov research for the company found that an estimated 9.5 million people in Britain had "maxed out" on at least one form of credit over the past six months, and that 23% of the population were finding their current level of debt unmanageable.




posted on Jan, 3 2008 @ 04:43 AM
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Here's another one:


CRUDE OIL: Stephen Schork in his daily report notes that "NYMEX WTI
did not trade at $100.00 yesterday". Schork offers his theory on
yesterday's price movements as this: "some local on the Nymex floor
managed to get a $100.00 print on the board. But that does not mean the
market traded at $100.00. How do we know this? Because yesterday's spike
from $99.40 to $100.00 and immediate retrace back to $99.40 tells us
so." Schork notes that "Feb 08 WTI was bid at $99.40 without an offer.
When an offer for $100.00 came in, someone in the pit lifted it for 1
lot and then immediately turned around and hit the bid at $99.40 to get
flat again." The next question is why? Schork says: "because it only
cost him $600 to be able to tell his grandchildren he was the first
person in the world to buy '$100 oil'. Heck, by now he probably already
has his trade pad framed", adds the Schork Report.



posted on Jan, 3 2008 @ 05:31 AM
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OIL: Wires report IEA deputy head saying that he will not order
emergency oil stock release to respond to record prices.


Of course not, high prices is just what the Big Boys want



posted on Jan, 3 2008 @ 05:54 AM
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Originally posted by Extralien
You only have to browse through all the threads we post to see the big picture on how the world is going.


I do believe what you just said is what's wrong with the world today.

Anyhow...can any of you economic whizzes explain to me how the petro-dollar plays into this? How much oil in the world is traded in US dollars today, and how does that affect the strength of the US dollar and the prices of oil? Wasn't the war in Iraq "secretly" based on the petro-dollar and Saddam's wish to sell oil in Euros? This whole thing stinks to high heaven.

Maybe the government should invest in local green technologies. Produce them here, use them here, sell them elsewhere, release your dependence on foreign oil, create new jobs, strengthen the dollar in the process. Considering that energy costs comprise most of the money spent in the US, and the government is the biggest buyer of fuels, you'd figure that new, renewable energy sources would be a pretty big and hugely important investment to make. Oh yeah, big business. They always need more. I forgot about that.



posted on Jan, 3 2008 @ 05:58 AM
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OIL: Wires report IEA deputy head saying that he will not order
emergency oil stock release to respond to record prices.


They do explain how using some of the reserve oil wouldn't really ease high prices as the amount we import makes our reserve look like the smallest tributary of the Amazon. I suppose they could just give it away for the sake of the citizens of this country. Oh wait, it's greed again. Sorry. People better keep using their debt cards...errr...credit cards. Hmm, perhaps they should switch the plastic options from credit/debit to debt/debit.



posted on Jan, 3 2008 @ 07:05 AM
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Originally posted by Dulcimer
I would not put a cent of my money into gold. I don't care how high it goes.



Well, Precious Metals aren't for everyone Dulcimer. There are plenty of other investment opportunities...but unfortunately, at this point-in-time...they're not necessarilly as profitable for long-term...buy & hold investors.



Most investors don't understand precious metals to the degree that they would be comfortable committing a large percentage of their net worth...nor would it advisable. It's a relatively small market...[Gold]...but thorough research & education alone, require more time and energy than most folks have to spare. Even finding a qualified financial advisor/broker that truly understands PM's can be difficult...but prudent for the prospective Gold investor unless he/she has a-lot free of time, or simply wants to buy a few coins. jmo.

An honest assessment of personal risk tolerance....long-term, the ability to sleep well at night is probably more valuable to most of us seniors...than a few extra percentage points



Ooops!

*If your objection to Gold investment has more of a philosophical basis...well, I guess you can scratch everything I just said*


[edit on 3-1-2008 by OBE1]



posted on Jan, 3 2008 @ 08:54 AM
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I don't see us going being declared in a recession until June, 2008. The reason is, the 1st quarter results need to come showing that, 4th quarter 2007 stank to high heaven, and that people bought all those presents on credit. That combined with 100's of billions in mortgage resets will cause banks to cut lines of credit further, thus, increasing credit rates on already extended people to recoup the cost of bad business practices.

Just my humble opinion. I was going to postulate the coming end of the world, actually had it all written out, and what note, but not appropriate for this thread. Needless to say, if and when the recession comes, I hope we can stop the cycle prior to a depression starting.

Cheers.

Camain



posted on Jan, 3 2008 @ 09:17 AM
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Originally posted by RogerT

OIL: Wires report IEA deputy head saying that he will not order
emergency oil stock release to respond to record prices.


Of course not, high prices is just what the Big Boys want


GRRRR. In North Carolina and Tennessee its high- 33/ low 9 F currently its 16 in Tennessee.

And in NC its cold too!! Daggone their hides!!


I went to the mailbox yesterday and it was cold!! Just what we need oh lets jack up the prices so the American people can't afford to buy gas or oil. What of the people who had 4 to 6 inches that possibliy lost their power during the winter storm in the mountain area's along the Tenneessee North Carolina border? Now thats sorry that they won't tap in the reserves to ease the gas pinch.



posted on Jan, 3 2008 @ 09:36 AM
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reply to post by OBE1
 


Good of you to post the metals chart. I'll have to star-you for that effort.

If anyone has been in the Market for some time and done the homework on the fundies, its easy to love trading gold. I've done so for a number of years, mostly buying into a few of the select mining stocks that don't hedge their gold. Gotta admit, '07 was a good year...but if anyone is reading this stuff and thinking about jumping into the gold market, first do your homework; second, don't buy on the current high. Study the charts and learn when and why gold trades up and down....gold is correlated to our dollar and to worldwide geopolitical issues. Some will buy and go long, others can turn a trade in minutes, depending on personal goals. If anyone wants to get 'in', decide on your personal financial goals while you are assessing this metal. "Look before you leap."



posted on Jan, 3 2008 @ 09:45 AM
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reply to post by camain
 


I agree with you, our corporate ridden government even when it doesn't give a darn about the American nation and its citizens still have to maintain the illusion of a caring for the people government, so bringing the bad news right after all that holiday credit card spending is not a good idea, "God forbid it can cause riots of home grown terrorist and martial law could be installed" they can not have that, no in an election year, the illusion of democracy has to be kept for the consumption of the American people that still believe our nation to be free.





[edit on 3-1-2008 by marg6043]



posted on Jan, 3 2008 @ 09:46 AM
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Originally posted by RogerT

OIL: Wires report IEA deputy head saying that he will not order
emergency oil stock release to respond to record prices.


Of course not, high prices is just what the Big Boys want


Lowering the reserves actually raises prices .. if you had not noticed that every time they report the reserves dropped some the price of gas rises. It shows we are consuming more and reserving less, obviously, not good.



posted on Jan, 3 2008 @ 09:47 AM
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reply to post by Leyla
 


Don't worry the oil and gas will stay the same for the time being, things will get stiff by the summer.



posted on Jan, 3 2008 @ 09:50 AM
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reply to post by Rockpuck
 


Yes but as today our reserves are not enough in case of a crisis, we have been played like marionettes in the big game of the oil monopoly.



posted on Jan, 3 2008 @ 09:57 AM
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Originally posted by Dulcimer
(super off topic)

Doesn't the bible say somewhere that grains will cost two days wages or something?

Edit:

Revelation 6:6

Then I heard what sounded like a voice among the four living creatures, saying, "A quart of wheat for a day's wages, and three quarts of barley for a day's wages, and do not damage the oil and the wine!"






[edit on 2-1-2008 by Dulcimer]


Very interesting!



posted on Jan, 3 2008 @ 09:58 AM
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reply to post by camain
 


Yep. By June 08, there won't be any way to wriggle out of declines in the GDP. I did a quick check at BEA on the 2007 2nd quarter (3.8%) and it rose in the 3rd quarter (to 4.9). We can bet on a decline for the 4th quarter, and in all probability, a decline for the 1st quarter of 2008.

Swirl this around with the other economic factors and June 08 becomes the target date for everything to align. Honestly, I'm surprised that the US is just now starting to show big default/non-payment numbers on the credit cards. It'll get worse, though. Winter has just begun in the US, and between heating oil and high oil/gas prices, the choice to eat or pay a credit card is a no-brainer for most who have been living on credit. At the rate the US is heading, there will be very little "middle class" left. Those who remain will be those without a mortgage or other indebtedness and who have chosen to pretty much stay off-grid.



posted on Jan, 3 2008 @ 10:00 AM
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Originally posted by the b rain
To add to that idea also from the bible

(New International Version)
New International Version (NIV)
Copyright © 1973, 1978, 1984 by International Bible Society
Mark 13:20
If the Lord had not cut short those days, no one would survive. But for the sake of the elect, whom he has chosen, he has shortened them.

If the coming period is prophesy fulfilled......all forms of misery lie ahead.


No it says the days will be shortened for the sake of the elect.



posted on Jan, 3 2008 @ 10:28 AM
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I remember when I was 17, and dating my husband, gas was 25 cents a gallon, and we had to scrape together lose change to get gas in his old jalopy,

another day, same ole story, nothing is new under the sun.



posted on Jan, 3 2008 @ 10:42 AM
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I'm hearing it has just gone over $100 again

Was just mentioned on CNN.

Sorry, misread. Didn't hit $100 again

[edit on 3-1-2008 by infinite]



posted on Jan, 3 2008 @ 10:57 AM
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No you are right, now it's official:


OIL: Feb crude traded at $100 in recent action, matching the sigle
contract high traded yesterday.



posted on Jan, 3 2008 @ 11:21 AM
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reply to post by Stormdancer777
 


This brings me memories also my husband and I also use to look for pennies to pay for gas back in the seventies


Those where the days of 25 cents for gas.




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