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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: gregor_us who wrote (6020)	5/10/2004 5:02:12 PM
From: RealMuLan	Respond to of 116555

I don't know how high oil will go, but I think it will come back down before the election?<g>

To: gregor_us who wrote (6020)	5/10/2004 5:02:17 PM
From: gregor_us	Respond to of 116555

Oil and Gold. I continue to get more interested in gold than I've ever been. Gold needs to be higher right now. Gold is discounting too far out into the future, which I can only conclude Gold thinks to be a slower growth, mild-deflationary phase, in which higher interest rates have staved off the worst of all financial extremes. Although I still think higher interest rates merely lift the curtain and allow us to see the Deflation Monster in all his fire and glory, I see no reason for gold to not move substantially higher on a world flooded with Yen and USD. PS: IMO all weakness in the oil futures is bought immediately. I think oil is undervalued, and I think the large buyers which HAVE to buy oil thank their lucky stars every day they are still not paying 40-- because they would pay 40, and 45, and 50, if they had to.