The rise of gold begins here!, page-32

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timber1956

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15/10/14

20:40

Post #: 14130725
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Originally posted by Daytr ↑

Hey Timber, well the relationship has certainly broken down to some degree in regards political volatility. As the Mideast was the centre of a lot of a lot of the world's conflicts & the US & the world was very reliant on OPEC. Obviously OPEC is still a big supplier but not as dominant as it once was & the Western world actually consumes less oil now than it did 15 years ago. So a combination of a more diversified supply of oil outside the Mideast & actual less consumption due to efficiency & alternatives such as gas has made the world a little less vulnerable to oil shocks. We are now seeing oil collapse as demand is seen cooling & production is rising, whereas gold is climbing or at least holding for some of the same reason being soft equity markets due to the same soft outlook on global growth. Russia & perhaps Iran I believe are also impacting what is going on in oil. Its Brent that has really been smashed, more than WTI. I've said this before, but tree are no reports in the media I've read anyway, however am sure Russia & perhaps Iran is selling oil direct to China which means they don't have to buy on the world market. I think the Russian sanctions are starting to hurt European growth as well as we have seen in Germany lately. I think it just goes to show what a Western centric media we have when no one mentions what impact Russian sanctions has on them, just what the impact is on Russia.

Another factor for gold is its demand season. Many had written off India but demand is bouncing back nicely with stats just released for September showing it was up 75 tons on last year.

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Daytr

Am I correct in assuming that there is no meaningful correlation between movements if the price of oil and the price of gold?
2 Upvote

0 Great analysis

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The rise of gold begins here!, page-32

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