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Strategies & Market Trends : Fidelity Select Funds
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To: Angler who wrote (177)2/16/2003 8:05:26 PM
From: gregor  Read Replies (1) of 5019
 
didn't we reach an agreement with OPEC to pay for all OPEC oil with dollars or a trade weighted basket of currencies pegged to the dollar. That worked well with the dollar soaring but now that the dollar has come down to earth a little it is hurting us two ways. I think the fall of the dollar has not been as much when compared to the yen and euro as compared to other currencies. I'll bet you can compare gold to the cost of a barrel of oil and come out with a close correlation. I don't think it is the war as much as the high price of oil that is hurting the recovery. Is'nt Greenspan the one that watches the price of gold so closely and threatens to raise interest rates every time gold spikes this time he hasn't mentioned gold, He is probably waiting for oil prices to come back down before he starts raising rates this cycle..gregor
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