I see oil reaching 100 USD?!

come on now, after all the hooping and hollaring ive done lately, you know im not on the sidelines:

G...sh, just a couple points higher please....

call me crazy, but i really think OPEC is shorting oil futures:

99.825 is the high my chart shows today, but media in a tizzy about $100 being touched.

mine shows 99,90,...still we didnt hit,...well i closed gold stocks way too early...

Here it says it hit...

http://biz.yahoo.com/ap/080102/oil_prices.html

Dollar sub-100 will be history by week's end. :surprised

FYI

CNBC Asia this morning (NY evening) is stating it was a single floor trade that hit $100 even, no more, no less.

They are implying manipulation.

Sorry I have no T&S details.

Some trader who wanted to be first to pay $100 bought a single contract.

NEW YORK, Jan 2 (Reuters) - U.S. crude oil futures traded at $100 a barrel on the New York Mercantile Exchange floor on Wednesday.
A NYMEX spokesman confirmed the trade, which some market-watchers had questioned as electronic trading in the February light sweet crude oil futures contract CLG8 was not near the $100 level when the floor trade occurred . (Reporting by Robert Campbell)

Then it broke above the mark today. Now that the $100 level is out of the way I see it maybe going to $103/104 area then back down to the $90's

Gold & oil can only continue to move upward if the USD continues to move downward.

IMHO, you can wipe yer backside with that USD. It is completely worthless. Fortunately there are still some suckers out there willing to buy it.

We Americans (the ones who spend those ass wipe USDollars) have an expression "every dog has its day". Currencies go up and currencies go down. Remember that and the fact that markets don't care about opinions - just buys and sells.

I always tell people, never underestimate the US, but as every day goes by, I know I'm not the only trader out there losing faith in their ability to pass that buck on to the next sucker.

IMHO, that dog day you write about has come and gone long ago.

Humble opinion you say. :

BTW you don't understand the expression. There are many "bloke" expressions I'm sure I would have a problem with.

Is is when you are down that you are considered in the dog category. Therefore my use of the expression means we will have our day again in the future when we are no longer down. I don't do the crystal ball routine and for that matter do believe anyone that does so I'm not going to venture I guess how long it will take.

But I do know British Empire is no longer and if not for North Sea oil who knows where the UK's economy would be these days. And hey don't look now but Jaguar/Rover will now be Tata Motors. Who'd a thunk it - Brits working for Indians. Glass houses come to mind.

I get ya, I just think those good times won't be coming back anytime soon. You do make some good points, but I think the negatives far outweigh the positives on the USD.

If the Fed continues to put more paper into circulation, it only makes sense that the value of that paper will diminish, theoretically. In order for the USD to sustain current levels while the Fed keeps pumping out more paper, other nations will have to pump out more paper too.

Although this liquidity drive is occuring globally, the EU & UK, as far as I know, are the only others coming close to matching what the US is pumping out. Therefore, there are still plenty of other currencies out there to invest in.

Why would one continue to hold a position in the USD when, for example, you could hold AUD? I use Australia as an example only because I'm here on the ground, and am most familiar with it. I'm sure others out there reading this could make similar arguments for other countries and their respective currencies around the world, and I'd really like to hear from them!

Australia has run an annual budget surplus of $10B+ for at least 5 years straight. Australians have much lower debt ratios per capita then in the US, UK or EU. The ground is full of natural resources the rest of the world wants. The housing market is strong and the lending practices are normal, unlike in the US & UK. The country is similar in size to the US, and has only 1/15 the population. The corporate tax rate is a flat 30%, not that I like it at 30%, but it's certainly better than other developed nations. I could go on, but I'll get to the point, and that is, what incentive does Australia have to pump addition paper into the market? If Australia does NOT pump out additional paper, what is going to keep that USD where it's at against the AUD? What magic trick do you think the US is going to perform to get their gravy train moving again?

I've been watching for months now just like every other trader/investor out there, and I'm confident I'm not the only one that thinks this administration is clueless and Bernanke is pissing his pants.

One answer is the current administration's days are numbered. I follow all the major sports (well US variety anyway) and have learned never believe No.1 has fallen until it actually happens. Time will tell what we will do with our current mess.

In sports, if you wait for No.1 to actually fall, then it's already too late to place a bet. Same thing in fx. If you wait for the USD to fall too far, then you've already missed the opportunity. It's those who can anticipate the fall, and put their balls on the chopping block (figuratively speaking) who will profit from it.

Also, patriotism is great, but leave it at the door when you enter your trading room. It can make you see things that aren't there.

I don't bet on sports because that would get in the way of enjoying them - at IMO. But it seems everyone likes to believe in the underdog. The reason they are the underdog is because most times they LOSE.

As far as patriotism goes, that I do keep seperate from my trading. But there have many calling for the US downfall for many a year.

HOW "BOUT THAT GOLD!!!

Ok, we've seen oil hit the $100 mark....however which way it was done....it will still go higher.

Anybody hoarding/holding GOLD!

Anybody see $1000.00 oz......or more???

Myself, I don't know.....though I have been holding Gold for years now.

Just keeping this Fresh.......

Fxj

I hold.

I think $1k+ is realistic, beyond that, I dunno, who's gunna afford it? That makes Silver the next big play IMO.

There are plenty of people out there that believe $2k+ is realistic.

There are estimates that put gold somewhere around $2700 in order to match the 1980 value after inflation.

There are also others out there that tally the gold up to old standards, and accounting @ $35 per ounce, according to supposed US reserves, gold should be somewhere around $35,000!

Considering gold went from $35 in 1971 to what it is now, I wouldn't be surprised by anything.

But silver being poor man's gold, is set to at least double in 2008 IMHO.

I just had a funny conversation with someone today about that silly USD. They fully expect it to tank, and yet they see oil stabilizing under $100. I told him he was dreaming. Those Arabs are no dummies. What do you think is going to happen to the price of oil as gold goes up and USD tanks?

You can't have it both ways.

nah 1k is unrealistic,...maybe later this year, i guess, also oil at 66 wouldnt suprise me...if opec talks about cuts, then its probably demand diminishing,...europe is making "very" low oil consuming cars...and dolar should be well over 1.50 already but it just cant do it?...i remember i was buying euros at 1.25, so someone might be buying dolars at 1.50, if we get there....anybody share same view?...