Tuesday, August 14, 2007

Is That A Hurricane?

Oil Gains as Storm, Weather System Threaten Gulf Oil Production

Aug. 14 (Bloomberg) -- Oil rose more than 1 percent in New York, the biggest gain in two weeks, on concern a tropical storm and a separate weather disturbance may damage oil platforms and pipelines in the Gulf of Mexico.

Dean is the first storm ``that potentially could be working its way into the Gulf,'' said Dominick Chirichella, an analyst at Energy Management Inc. in New York. ``Everybody is focused on it. Everybody immediately has visions of Katrina and Rita.''

Crude oil for September delivery rose 76 cents, or 1.1 percent, to settle at $72.38 a barrel on the New York Mercantile Exchange. Oil was at $72.75 in after-hours trading. Futures are up 16 percent in the past three months.

A low-pressure system in the south-central Gulf of Mexico could form into a tropical depression ``at any time'' tonight or tomorrow, and coastal areas in its path may not have much warning, the hurricane center said in its outlook at 5:30 p.m. Miami time.

LOL! Hurricanes are nothing to laugh at, but these Oil traders are buffoons. That's right, I said BUF-FOONS. A blind man could have seen this coming. Here are two valuable sites to have bookmarked:

NATIONAL HURRICANE CENTER, http://www.nhc.noaa.gov/

Latest Satellite Imagery, http://www.nhc.noaa.gov/satellite.shtml

I look at these two sites every morning from the first of August thru mid-October. A casual look at the satellite photos of the Gulf yesterday showed the makings of a tropical depression plain as the sun in the sky. It was no shock to me to learn today that a "storm" may be springing from the Gulf itself as I type this. And at this hour, what was yesterday a "ball of counterclockwise clouds" in the southern Gulf now covers almost all of the Gulf. This baby could wind up in a hurry.

Recall yesterday, Oil traders were convinced that Tropical Depression Four was not a threat to the Gulf and sold off their morning futures bids. These storms are ALWAYS quite unpredictable. This morning it became a named storm, Dean. At 11AM it was projected to bend northward towards the East Coast. By the 5PM update it was projected to go south of Cuba towards the Gulf. ...And the price of Oil is rising.

Gold...Silver...lame. Actually the fact that the two were quite firm today relative to the "strength" in the US Dollar has to be somewhat heartening. The Gold stocks again succumbed to the nonsense on Wall Street. Jeez, I swear I heard some talking head telling us yesterday that the markets were now "back to normal" after the central banks flooded the world with "liquidity". LOL...I have a hunch it will be a long time coming before these markets resemble anything "normal" again. And the longer they're paralyzed, the better for both Gold and Silver. Patience people, patience...our time is close at hand. The mother of all short squeezes is closer at hand than many would have you believe.

It was a short squeeze in Precious Metals that began the week of August 7, 2005 that launched Gold through it's $450 Gold Cartel capping saga and launched it to the May 2006 high at $730. It IS going to happen again. This $500billion cash injection into the World Economy will see to that. $700 Gold will fall once again, and dem Rat Bastids will be set to the curb with the rest of the Wall Street trash.

Again the Dollar was up today on "false strength" created by an ECB/US Fed currency swap that has been knitted together in the hopes that it will snare the subprime contagion that has been loosed upon the World by the villainous greed mongers on Wall Street. Do you get the sense that the trap isn't working? This monster is bigger than ALL the central banks coffers combined. There are suggestions that this "derivative deathstar" has been pumped up to the tune of $500trillion. That's Trillion with a "T". The central banking clowns couldn't print money fast enough if they tried to buy that out. Folks, the US Economy is a meager $3trillion annually. ...Ain't gonna happen. Financial Armageddon is approaching at light speed...and Luke Greenspan is retired.

Wholesale Inflation Up Sharply in July - (AP) A big jump in energy costs pushed inflation at the wholesale level up sharply in July. However, outside of energy, price pressures were moderate.

LOL, "outside of Energy"... Give me a break. NOTHING and NO ONE is immune to rising Energy prices. The CPI numbers out Wed. morning should prove that.

Oh look! The trade deficit was $2billion less than the previous month. Let's have a party! Wake up dumb asses! The trade deficit was $58BILLION dollars...there is NOTHING good about that.

The Commerce Department, in a new report, said the U.S. trade deficit narrowed in June by 1.7%, suggesting the economy expanded around 4% or even higher in the second quarter, and will probably grow more than economists had thought in the third quarter.

The trade deficit shrank to $58.14 billion in June, the department said. A $9.4 billion surplus in the service sector offset a $67.5 billion deficit in goods trade. May's deficit was revised down by just under $1 billion. http://online.wsj.com/article/SB118709362608997144.html?mod=googlenews_wsj

Lies, Lies, and more lies. I am sick to death of all the lies. How does $9.4billion equal $67.5billion? Must be that American Math. I hear they use sub-prime numbers...

A close above 673 Gold should kick start an assault on the downtrend line at 682. Support at 663 then 658. There is too much uncertainty right now for there to be much downside risk in Gold. Silver is at Golds mercy, and it's 50 day moving average [now at 12.91 and falling]. Rising Oil prices should keep the metals firm this week. All the central bank hand outs have definitely put a floor under them. Should a hurricane ravage the refining capacity of the United States once again, it will take more than Fed handouts or an emergency interest rate cut to save the American Economy...much more. Unfortunately for us all, there is nothing more.

Save yourself! Buy Gold and Silver today!

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