The price of crude oil has spiked $7 and gold has surged back above $1,500 after the attacks on Saudi Arabia.
Oil & Gold Surge After Attacks On Saudi Oil Facilities
September 16 (King World News) – On the heels of the drone attack on Saudi Arabia’s oil facilities, Peter Schiff commented, “The drone strikes on Saudi Arabian oil facilities couldn’t have come at a better time for the world’s central bankers who have struggled to solve the problem of consumer prices rising too slowly. If consumers really get lucky $100 oil will raise the price of everything they buy!”…
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Ole Hansen, Head of Commodity Strategy at SaxoBank, noted, “The Saudi Aramco attack impact depends on the strength of short-covering, how soon supply can be restored and what kind of response/retaliation KSA choses to deliver. COT on WTI and Brent in wk to Sept-10 showed longs being close to the five-year average (see below).
Neutral WTI And Brent Crude Oil COT Positions May Help To Contain Oil Price Rally In The Wake Of The Attack On Saudi Oil Facilities
In the wake of the attacks, Graddhy out of Sweden noted, “As I have said since I called the commodities bottom back in Feb 2016 – we are in for inflation, not deflation. We have now broken back above my resistance line, back inside my blue triangle again. This confirms my FBO call. (See below).
BULLISH GOLD CATALYST: Serious Inflation Is Ahead As Commodities Now Poised To Enter A Major Bull Market
Gold & Oil
King World News note: Commodities as a whole should be trading much higher if the rally in the price of oil can see a sustained upside advance. This will not only ramp up inflation, but it will also act as yet another bullish catalyst for the gold market. Although it is possible for the price of gold to see further weakness in the days and weeks ahead, the attack on Saudi oil facilities sending the price of gold higher is a very good example of how surprises in bull markets tend to be on the upside.
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