Current Oil Price

biffvernon · Post by **biffvernon** » 08 Oct 2008, 14:38

Gold's up but still not up to where it was earlier in the year

grinu · Post by **grinu** » 08 Oct 2008, 21:12

Gold market has diverged - physical gold very difficult to get hold of and trading at massive premiums over spot price (upto 20%). Paper gold, which sets spot price, is experiencing lower levels of demand hence price drop - although watch this space over the next fortnight.

Post by **clv101** » 08 Oct 2008, 21:20

biffvernon wrote:Gold's up but still not up to where it was earlier in the year

In UK Pounds (and Euro), gold's never been higher, by a large margin. We're currently £1000/kg clear of the previous peak.

Vortex · Post by **Vortex** » 08 Oct 2008, 21:50

Gold is weird!

When you want it, it's scarce and expensive ... and when the Panic du Jour is over your gold has dropped 50% in value!

There must be people out there SELLING gold during panics and BUYING during lulls, and making a real killing!

The Web 'gold bugs' must be a prime market for these smooth operators!

MacG · Post by **MacG** » 08 Oct 2008, 21:55

Vortex wrote:Gold is weird!

When you want it, it's scarce and expensive ... and when the Panic du Jour is over your gold has dropped 50% in value!

There must be people out there SELLING gold during panics and BUYING during lulls, and making a real killing!

The Web 'gold bugs' must be a prime market for these smooth operators!

Well, these fellows over at GATA use to claim that central banks engage in exactly this kind of behavior. Don't know what to believe though.

PS_RalphW · Post by **PS_RalphW** » 09 Oct 2008, 10:39

Except our own Gordon Brown was persuaded to sell a large fraction of the UK's government gold holding at the lowest price in the curve a good few years ago, on the basis that fiat currencies will never need to be backed up by physical resources again....

skeptik · Post by **skeptik** » 09 Oct 2008, 12:38

Expect severe winter in U.S. East - AccuWeather
http://www.alertnet.org/thenews/newsdesk/N08558908.htm

HOUSTON, Oct 8 (Reuters) - The eastern United States could be on the verge of its coldest, snowiest winter since at least 2003-04, and homeowners should brace for huge heating bills if oil prices stay high, private forecaster AccuWeather said on Wednesday.
(more)

snow hope · Post by **snow hope** » 10 Oct 2008, 08:49

It is hard to believe how far oil has dropped since its peak on the 11th July 2008 - $147.11 I think.

Now down to $82.57

Moving towards 50% down.

SILVERHARP2 · Post by **SILVERHARP2** » 10 Oct 2008, 09:17

snow hope wrote:It is hard to believe how far oil has dropped since its peak on the 11th July 2008 - $147.11 I think.

Now down to $82.57 Moving towards 50% down.

I have to say it is comforting , I hope it lasts

snow hope · Post by **snow hope** » 10 Oct 2008, 11:31

Hey Silver, do you mean comforting in terms of personal costs?

$81.67 now.

Ludwig · Post by **Ludwig** » 10 Oct 2008, 11:44

SILVERHARP2 wrote:
snow hope wrote:It is hard to believe how far oil has dropped since its peak on the 11th July 2008 - $147.11 I think.

Now down to $82.57 Moving towards 50% down.
I have to say it is comforting , I hope it lasts

It's weird isn't it - there's always something to worry about! Oil's falling, but it's only because the financial system is collapsing all around us.

A non-POer friend bet me this summer that oil would be below $140 next summer. Sounded like easy money to me at the time - shows how much I knew!

energy-village · Post by **energy-village** » 10 Oct 2008, 12:06

$82.74pb and many countries are only beginning to enter recession territory (officially at least). It makes me wonder how low the price of oil would go if the western world enters something closer to a depression. $70, $50, $30, $10? We will soon see how effective OPEC is as a cartel (Nov).

Andy Hunt · Post by **Andy Hunt** » 10 Oct 2008, 12:12

Will it make any difference in reality if the oil price drops? After all, even cheap oil is unaffordable if the whole world is claiming jobseekers' allowance.

SILVERHARP2 · Post by **SILVERHARP2** » 10 Oct 2008, 12:52

snow hope wrote:Hey Silver, do you mean comforting in terms of personal costs?

$81.67 now.

more in global terms, I was hoping that commodites might fall this year based on the way the markets were looking back in the spring/summer, the upside I guess is that if it continues it should decrease global tensions in terms of potential resource wars etc.
Not sure what the effect on PO issues will be, I'm still not convinced that the supply side has been worked out but the effects of the financial crises should hit/contain/moderate demand for several years. So at least should provide a breather

Ludwig · Post by **Ludwig** » 10 Oct 2008, 13:23

energycity wrote:$82.74pb and many countries are only beginning to enter recession territory (officially at least). It makes me wonder how low the price of oil would go if the western world enters something closer to a depression. $70, $50, $30, $10? We will soon see how effective OPEC is as a cartel (Nov).

If, or should I say when, the dollar collapses, surely the price will soar again? Though at that point oil will no longer be traded in dollars. What will it be traded in though? Gold? Sorry if I'm talking rubbish, I'm a bit out of my depth here.