The Biden 1,9 trillion package will only strengthen commodities this year, bearing in mind gold is quite elevated from its long term average The recent uptick in oil prices could be the market speculating on these increase in money available from the Biden Bill. Eventually a higher oil price will affect all goods and services in production and distribution costs. IMHO, oil might get to $70 a barrel (WTI) this year with a strengthening AUD. OUCH!
