Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The Saudis held their summit and announced an increase in production of 800,000 bpd and a capacity increase within a year of almost 2 million bpd. Its quite a substantial increase. You would think this news would put pressure on prices, right? Wrong! Speculators have already found excuses to continue to drive prices up, mostly Nigeria and Israel/Iran tensions. $140 oil is certain either Monday or Tuesday and $150 by the end of the week or the beginning of next.
Until the Enron loophole is closed, there will be no end in sight. If news that the ECB might raise rates is enough to justify a $16 price increase, this news should be enough to justify a $10-$20 drop. Unfortunately, speculators find ways to turn every bit of news, both good and bad into a reason to continue bidding up the price.
If everyone assumes it is such a sure bey that the cost of OIL is going up then they should invest in energy. You can purchase an ETF (trades just like a stock), that mirrors the cost of oil. Guess what its symbol is? OIL
Right now it is trading at $80.79 a share.
Other options are Energy Royalty Trusts like: BPT SRJ PVX PBT
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,804,235 times
Reputation: 3587
Oil is about to crash. Bet on it! The Saudis have made it clear they want a target price of $80 a barrel and they will do whatever is necessary to get it there.
If everyone assumes it is such a sure bey that the cost of OIL is going up then they should invest in energy. You can purchase an ETF (trades just like a stock), that mirrors the cost of oil. Guess what its symbol is? OIL
Right now it is trading at $80.79 a share.
Other options are Energy Royalty Trusts like: BPT SRJ PVX PBT
No, you're wrong. Light, sweet crude is trading at $137 right now. The symbol is CLN8. I'll be surprised if we don't top $140 by the end of today, and $150 by midweek. $200 by mid-July, and $300-$400 by year end, $500 in 2009, $1000 in 2010-2011. This Saudi summit was a 'last ditch' effort at stopping the rally and it had no effect. Get ready, things are going to get real, real, REAL BAD.
No, you're wrong. Light, sweet crude is trading at $137 right now. The symbol is CLN8. I'll be surprised if we don't top $140 by the end of today, and $150 by midweek. $200 by mid-July, and $300-$400 by year end, $500 in 2009, $1000 in 2010-2011. This Saudi summit was a 'last ditch' effort at stopping the rally and it had no effect. Get ready, things are going to get real, real, REAL BAD.
You are right oil is trading at $137 a barrel but you are wrong that there is only one stock or ETF that mirrors the cost of Oil. By ETF recommendations still stand. Check out the symbol OIL on Yahoo Finance. There is no symbol CLN8
No, you're wrong. Light, sweet crude is trading at $137 right now. The symbol is CLN8. I'll be surprised if we don't top $140 by the end of today, and $150 by midweek. $200 by mid-July, and $300-$400 by year end, $500 in 2009, $1000 in 2010-2011. This Saudi summit was a 'last ditch' effort at stopping the rally and it had no effect. Get ready, things are going to get real, real, REAL BAD.
Other than the 137 number above, you are just making up numbers out of thin air without thought or analysis.
I've seen the fever of speculation before:
Guys talking about Amazon.com hitting 1,000 a share.
Houses in California would go from 400,000 in 2007 to a million by 2009.
Siver at $35 an ounce? Sillyness...with the actions of the Hunt brothers it will be $100 an ounce before Nixon leaves the Whitehouse.
Daytrading is easy, anyone can do it. Quit your job as a chef or HR manager or do it on your breaks from waiting tables.
Gold is supposed to have a 10/1 ratio with oil historically. Silver is also supposed to have more of a 20/1 ratio with gold historically.
Gold will catch up to oil rather than oil coming back and we'll see both charge full steam ahead in a spectacular bull market, IMO.
Could you share support showing that these ratios should be relatively constant over a long period of time. Supply and demand can impact various commodities independently and extraction costs for the 3 resources would not seem to follow similar patterns.
Also realize how much of the "run up" in gold and oil that has been related to the US dollar falling in value.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
If prices are going up for sure, invest in OIL
