Crude oil is headed to $150-$160, plus a look at silver as 90+ loan delinquencies skyrocket.
A Huge Warning
June 1 (King World News) – Michael Burry: Adjusted for inflation, the SpaceX, Anthropic and OpenAI IPOS will raise as much or more than the 300 internet and TMT IPOs did in 2000. KING WORLD NEWS NOTE: The US stock market is at the end of a historic mania. The hangover (collapse) will also be one for the history books. The question is will the stock market crash quickly or crash slowly like it did in 1973-1974?
Silver
Otavio Costa: Silver prices vs. global production:
When structural demand collides with stagnant production.
You can’t just flip a switch and grow mine output overnight.
Discoveries are rarer, permitting is harder, grades are falling, and development timelines keep getting longer.
Contrary to what most believe, this is not a speculative bubble.
It is the market adjusting to a new reality of structurally higher resource prices.
Wake me up when production actually starts surging…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
90+ Day Delinquencies Skyrocketing
Peter Boockvar: This is an updated chart from the WSJ a few days ago on the % of delinquencies that are 90+ days.
What is considered delinquent is a bill that hasn’t been made in 30 days, so, the 13% is not an absolute delinquency figure but of those considered ‘delinquent’, the extent at which it’s 90 days or more. The actual 90 day delinquency rate according to the NY Fed for Q1 was 7.1%, steady over the past 2 years, though around the highest in 15 years. The 90+ day delinquency rate for autos is at 2.97%, just below a 15 yr high.
US oil drillers continue to respond to higher oil prices by putting more rigs to work. The Baker Hughes crude oil rig count rose by another 4 as of Friday. That’s the 5th week higher and by 22 over this time frame.
Crude Oil Headed To $150-$160
We need it as we heard this warning last Thursday from Neil Chapman, a senior VP at Exxon last week speaking at the Bernstein conference.
“Commercial inventories of crude oil, of liquids, think petroleum, gasoline, diesel, jet fuel, they’ve all run down. And running down those inventories has mitigated or offset, supplemented by the release of strategic petroleum reserves, which most of the Western countries have done. All of that has mitigated the impact. You can model this. We’ve modeled it. I think a lot of people in the industry have modeled it. We’re approaching unheard of inventory levels. I mean, really, really low levels. You can debate whether that’s going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you’ll see price shoot up. I mean, I think dated Brent, most people, well, a model would say dated Brent will shoot up. Once you get to that really low inventory level, up to $150, $160, the models would tell you that.
And then what happens is when the price gets to a certain level, demand destruction brings it back into balance. Prices go so high, it becomes unaffordable and that’s what happens. And so we’re at that level right now. And I think crude being in this sort of $90 to $110 for the last whatever it is, six weeks, has really been mitigated by running down inventories. It can’t last forever. So we’ll see what happens. Predicting this and the exact timing, it’s always a challenge. But that’s the way we see the picture.”
Shipping Costs Exploding Higher
The Baltic Dry Index was flat on Friday but at the highest since late 2023. We know too that spot trucking prices have been rising to record highs. I highlight these transportation costs because we know these price changes flow through to the rest of us.
China Paying Massive Premiums For Silver
To listen to James Turk discuss China paying massive premiums for physical silver as well as what surprises are happening in the gold and mining share markets CLICK HERE OR ON THE IMAGE BELOW.
JUST RELEASED!
To listen to Alasdair Macleod discuss the collapsing Open Interest and gold and silver being drained out of COMEX vaults CLICK HERE OR ON THE IMAGE BELOW.
ALSO RELEASED!
China Paying $10-$12 More For Silver Than What Is Being Quoted On COMEX CLICK HERE.
Gold & Silver Are Being Drained Out Of COMEX Vaults CLICK HERE.
Gold & Silver Open Interest Collapses To Lowest Level In 13 Years! CLICK HERE.
Gold, Miners And Commodities Poised To Radically Outperform CLICK HERE.
The Great Unwind, Gold, Silver And Mining Stocks CLICK HERE.
The Truth About Gold And The Coming Stock Market Crash CLICK HERE.
Everyone Needs To Read This And Be Prepared For What Lies Ahead CLICK HERE.
Look At Who Is Long Gold, Silver, Miners, Oil Fertilizer & Uranium Stocks CLICK HERE.
Huge Gold & Silver Catalysts, Plus Look At What Just Collapsed Below 2008-2009 Lows! CLICK HERE.
Celente Says This Is One Of The Greatest Dangers Facing The World Today CLICK HERE.
COLLAPSE WARNING: This Is The Scariest Chart Of 2026 CLICK HERE.
COMEX Gold & Silver Inventories Are Collapsing! CLICK HERE.
They’re Lying To You About Gold, It’s Not In A Bubble And Headed A Lot Higher CLICK HERE.
One Chart Says It All: Something Is About To Snap CLICK HERE.
Gold Miners Now Doing Largest Share Buybacks In History CLICK HERE.
Another Major Oil Price Spike Will Be Hugely Bullish For Gold & Silver CLICK HERE.
World Economy “On Borrowed Time” As Massive Oil Crisis Looms CLICK HERE.
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