Tuesday, September 11, 2007

Oil Closes at Record High (At Least in Dollar Terms)

Keep this is mind when Wall Street is calling a weak $ great news. Too bad that joe sixpack has to pay the price.....Got gold.....?

Ich möchte momentan weniger denn je mit den Amis tauschen. Abseits von Wall Street findet wohl kaum einer den fallenden $ so prickelnd...... Kein Wunder das Gold steigt.

Thanks to Bespoke

Oil closed at a record high today even after news came out that OPEC would increase output. Part of the reason for oil's rise is based on the fact that it is priced in dollars which are falling. So even if global demand is unchanged, the falling dollar results in a higher price.

When priced in Euros, oil is still 8% off its record high of 60.91 set on April 21, 2006.

Disclosure: long Suncor, gold, goldmines (HUI), NAK
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