January 3, 2008
Checking Up on Crude Earl & the Yeller Metal
Commodities Surge, Led by Oil at $100, Record Gold
“Crude oil reached a record $100 a barrel and spot gold climbed to $860.10 an ounce… ‘Anything priced in dollars has to move higher to make up for the declining dollar.’”
I recall a cocky jerk, back on November 1, you know, one of those nobody bloggers, saying Crude Will Hit $100 No Problemo. Sure, it traded down below $86 in the meantime, but who’s gonna call him on that?
That same smartass was looking for gold to hit $888. Doesn’t matter that he top-ticked a high with that call — the major trend will no doubt bail him out in the end, as it does most idiot guessers who happen to be on the right side of things.
Related: The Wind at One’s Back: Long Crude, Short Dollars
Sticking Firmly with a Totally Arbitrary Price Target for Crude
January 3rd, 2008 at 2:00 pm
Yeah, sounds like a real palooka shot taker.
January 4th, 2008 at 11:25 am
CM: one quick question, did you follow that nobody blogger’s prediction? I wished I did! ;-)
January 4th, 2008 at 12:22 pm
brandon: Which one? We have a lot of energies and precious metals among our long-term holdings, but I haven’t made any short-term trades in these things.
January 4th, 2008 at 12:29 pm
CM: Both, of course!