n any case, traders know that, whether it is the US or Europe or many other countries, governments are not being (as kaimu says) honest with the money. They are still printing excessively. Governments are still not prepared to drop key interest rates in advance of the onset of deflationary pressures because they are too scared that commodity price inflation will suddenly reappear. So, there will be a break in the commodity Bull, but it will be fairly short-lived. Oil is a consumable so the price, in a period of economic contraction, will drop further than the precious metals. Traders like me will be looking ahead and figuring that gold and silver is not a bad place to be later this year.
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