OK, Megles will owe me a billion chupa chups on a ridiculous gold price bet at end of September. I'll double up with you on USD30 oil within what?....a year?
Speculators indeed influence the price on the way up but OPEC controls supply. On the way up, assuming the selling price leads the increase in costs, OPEC makes money....why would they interfere? In a falling market all OPEC has to do is restrict supply and all the shorts get covered in a hurry. Don't underestimate the power of OPEC.
