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If Libyan unrest spreads, gas could reach $5
Gary Strauss on Feb. 21, 2011 USA Today News
If political unrest in Libya spreads to other oil-rich countries and the ensuing chaos disrupts crude oil production, gas prices could hit $5 a gallon by peak summer driving season, industry analysts say.
Benchmark crude oil prices soared Monday, rising about 6% to $95.39 a barrel for April contracts on the New York Mercantile Exchange as violence and a military crackdown spread in Libya, the first major oil-producer hit by a burgeoning anti-government movement. The increased violence prompted BP and Norway’s Statoil to pull oil workers from the besieged country.
“If this thing escalates and there’s a good chance that there’d be a shift in supplies, $5 gas isn’t out of the question,” says Darin Newsom, senior analyst at Read more…
Cables show China used debt holdings to press US
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| © AFP/File |
WASHINGTON (AFP) – Leaked diplomatic cables vividly show China’s willingness to translate its massive holdings of US debt into political influence on issues ranging from Taiwan’s sovereignty to Washington’s financial policy.
China’s clout — gleaned from its nearly $900 billion stack of US debt — has been widely commented on in the United States, but sensitive cables show just how much influence Beijing has and how keen Washington is to address its rival’s concerns.
An October 2008 cable, released by WikiLeaks, showed a senior Chinese official linking questions about much-needed Chinese investment to sensitive Read more…
Rising world food prices may soon hit Africa hard, but could be a future boon
Damaged rice is seen in a paddy field destroyed by flood- waters near a village in Manmunai West in Batticaloa district, about 199 miles east of Colombo, Sri Lanka, on Jan. 26. The floods inundated rice paddies, and according to the UN Food and Agriculture Organization, at least 15.5 percent of the main annual rice harvest could be lost.
Andrew Caballero-Reynolds/Reuters
Johannesburg, South Africa
Global food prices reached a historic high last month, a fact that may cause even the most comfortable of Americans to cinch in their belts and cut back on spending.
But what about the world’s poor?
“Global food prices are rising to dangerous levels and threaten tens of millions of poor people around the world,” World Bank Group President Robert Zoellick said Tuesday as he announced the bank’s findings that about 44 million people in developing countries have been pushed into poverty since Read more…
3 Ways to Prepare for Inflation
In case you haven’t heard,inflation is on its way. Unprecedented levels of government debt and deficits will likely weaken the value of the dollar at some point, thus raising the prices of everything it buys.
But, the Federal Reserve says there’s no significant inflation yet. In fact, it recently said there might be too little inflation and will likely keep interest rates low for the foreseeable future, further increasing the money supply. Meanwhile, commodity prices are going through the roof.
The price of copper has more than tripled since the end of 2008, oil is near $90 a barrel (also near the high since the financial crisis) and prices of several food commodities like corn and wheat are near all time highs. These materials are in turn used to make many consumer goods. It’s only a matter of time before higher input prices come out the other end in the form of higher prices for consumer goods.
In fact, inflation has started to Read more…
Dollar on the Edge of the Abyss
By Toby Connor
The dollar is now poised on the edge of the abyss.
The current intermediate cycle has rolled over and is making lower lows and lower highs. The current daily cycle has formed a swing high and is in jeopardy of rolling over into a left translated cycle. If the dollar breaks below the November intermediate bottom of 75.63 it will be an incredibly bearish sign as not only will the current intermediate cycle have topped in only 4 weeks but the larger yearly cycle will also have topped in only 4 weeks.
If that happens there is little chance the dollar will be able to hold above the March`08 lows as the crash down into the three year cycle low begins in earnest.
Silver Reaches New 30-Year High!
Silver reached a new 30-year high today of $32.87 per ounce up 89% since NIA declared silver the best investment for the next decade on December 11th of 2009 at $17.40 per ounce!
The gold/silver ratio is now down to below 43. NIA predicted a sharp decline in the gold/silver ratio both in its top 10 predictions for 2010 at 64 and in its top 10 predictions for 2011 at 46. We believe the gold/silver ratio will decline to at least 16 within the next few years, but it could decline to as low as 10. It wouldn’t surprise us to see gold reach $5,000 per ounce in 2015 and silver reach $500 per ounce at the same time!
NIA’s President Gerard Adams publicly exposed JP Morgan’s silver naked short selling price suppression scheme in Read more…
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