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

(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]

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.

Originally posted by Dulcimer

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

Gold prices surged 30 per cent in 2007 as the dollar sank against the euro and oil prices challenged the $100 a barrel level.

us.ft.com...

I'll take that 30 percent over the DOW's 6 percent last year any day. If you want to talk fluctuation take a look at the Stock Market over the last few months.

The stock market continues to be a trader's market. Look at what a short of the diamonds (DJIA index stock) at 14000 is worth now. You could have made that play twice in the last three months, up and down each time.

Gold will continue trending up until the US economy and its currrency is deemed to be out of the lows of its cycle. I personally don't think we've seen those lows yet.

Anyone interested in foreign markets' behavior tomorrow in response to our market's performance today can check out this link on Yahoo finance.

Edited for typos.

[edit on 1/2/2008 by titian]

It's funny that gold breaking the record isn't even making headlines on foxnews. There is however, a story about:

Japanese Robot Eats Snow, Poops Out Bricks of Ice

www.foxnews.com...

reply to post by Zoltan


When the housing Market collapsed it was during a time of the year that was not very good for our nations best interest, the illusion of prosperity was to be maintained at all cost because the upcoming holidays.

Now is all over, Americans did their spending and now they are more in debt one day after new years that they were before.

Americans Falling Behind on Credit Card Payments at Alarming Rate
www.abovetopsecret.com...

The gas prices already been predicted to get higher and higher by the summer, 100 dollars oil barrel is not the end of it, its just a mark.

Let see what else is going for this year just the second day of it oil prices to become an issue

In 2007 America saw….
•Manufacturing jobs continue to plummet
•Subprime lending erupt into a full blown crisis
•Credit markets tighten
•The rate of foreign acquisitions of U.S. companies increase
•The dollar drop to all time historic lows against a range of currencies, including the euro and pound
•The power of foreign state-controlled sovereign wealth funds continue to increase and purchase parts of major American companies
•The national debt surpasses $9 trillion

www.economyincrisis.org...

I think that is obvious what is coming this year . . . nothing but more head aches for hard working Americans.


[edit on 2-1-2008 by marg6043]

I hope this is not a dumb question, but I've always thought the process (simplified) was Recession, then the Depression, then WAR.

Does anyone believe or even see these current events leading to this process of Recession, Depression and ultimately War?

reply to post by Burginthorn

You're actually right. Such reminder is making me rather queasy.
The question is war with who.

It's official. I've just watched CNN broke the news on TV.

Oil hits record $100 a barrel

Video

well here comes the war and the amero! Scary that ww2 was recession, depression and war not good at all since we cant mass produce any of the new tech, a very scary Idea indeed.

Think of the economy this way. X people produce X services and goods, there is also X dollars floating about. If you either decrease the production of services and goods, or increase the amount of dollars, then the amount of services and goods represented by the dollar, i.e., the value of the dollar, declines.

We've poured massive resources into a war that has killed and maimed hundreds of thousands while simultaneously increasing the consumption of oil, and reducing the production, and all of those resources didn't go into producing goods and services.

So now why is it a big mystery that the value of the dollar takes a dive?

Look at what happened at the end of the Viet Nam war after those war debts caught up with us? We were seeing 20%+ inflation.

Now, if we stop making bombs and start making goods, the low value of the dollar will make those goods very attractive on the foreign market, and our trade balance will improve, our debt will lesson, and the dollar will strengthen.

It's all a function of what we choose to do with our human and material resources. We can make things people actually need, or we can make things that destroy people. The value of the dollar will reflect our choice.

I would not put a cent of my money into gold. I don't care how high it goes.

Originally posted by Dulcimer
I would not put a cent of my money into gold. I don't care how high it goes.

You know, back in the day, (around 1850-1860ad) a custom, hand made, out of the finest cloth, shirt cost an ounce of gold.
Today, a fine Italian silk, custom tailored, shirt cost:
an ounce of gold.




[edit on 3-1-2008 by hoppy]

Originally posted by Burginthorn
I hope this is not a dumb question, but I've always thought the process (simplified) was Recession, then the Depression, then WAR.

Does anyone believe or even see these current events leading to this process of Recession, Depression and ultimately War?

In case you've been away on another planet and missed at all, we've been at war continuously since Bush took office. We've spent more on the Iraq war than on WWII.

I wonder why we don't hear about this kind of stuff?

The current turn of economic events and looming global recession, with the ensuing shadow of war is merely part of a wider 50+ year economic cycle.

This is best explained by the theory of 'Long-Wave' economics put forward at the turn of the C20th by Nikolai Kondratieff and well worth a read

petrol and diesel in the UK has been around £1 - £1.05 a litre for petrol and £1.05 - £1.10 a litre for diesel for the past month or so (£1 = $2), if you think your pockets are going to be hit hard, feel sorry for us brits over here we already pay far too much and any increase in price will hit us even harder.

Originally posted by Nookster

Originally posted by Burginthorn
I hope this is not a dumb question, but I've always thought the process (simplified) was Recession, then the Depression, then WAR.

Does anyone believe or even see these current events leading to this process of Recession, Depression and ultimately War?

In case you've been away on another planet and missed at all, we've been at war continuously since Bush took office. We've spent more on the Iraq war than on WWII.

I don't see how you can compare the Iraq Campaign to previous wars. What did a loaf of bread or gas/gallon cost during WW2? That's right, a lot less than it does now. Of course with inflation we have spent more on this war than any previous one.

While we are comparing though, we have also lost a lot LESS troops than any other major conflict

reply to post by Yacov


I've served my 6-year 'statute of limitations' as a bankrupt, losing a well-paid job in the process, having to live hand-to-mouth on welfare, and being periodically homeless so I understand all too well the social and psychological impacts of economic change (albeit micro rather than macro-economic)

The worst aspect of the situation was standing by watching friends who chased the consumer-credit-lifestyle...was difficult to stomach (so to speak) having to decide whether to spend money on food, or on bus travel to prospective job interviews, hence the feeling of 'schadenfreude' as everyone around me begins to panic at the looming recession

Those who have never experienced such a 'fall from grace' will be in for one hell of a ride once the rollercoaster ride starts!

This just came out on the MNI wire about the $100 trade.

CRUDE OIL: WTI Nymex crude oil made another attempt at the $100.00
level -- hitting $99.97 high, tracking earlier rise in gold to fresh
record high and following reports of an incident at Germany's Ingolstadt
refinery. WTI Nymex crude contract hit fresh record high at $100.00 on
Wednesday, albeit briefly, with the high print achieved via 1-lot trade
between 2 locals at the Nymex floor, with prices trading at $99.53
before the trade. WTI Nymex crude oil now trades at $99.79.

So it really has yet to break $100, although it seems inevitable.

I wonder when we will see $200?