Ben also Sinks Crude - Though Analysts see Little Long-term Effect
Jun 4th, 2008 | By Doug Casey | Category: Politics & EconomicsIn the energy market Tuesday, crude for July delivery collapsed, closing at $124.31/barrel, down $3.45. July reformulated gasoline fell 3.75 cents, to $3.3525/gallon.
Again, the Fed Chair’s remarks were the determining factor. “It looks like Mr. Bernanke has acknowledged that his policies have created a bit of a commodity bubble,” said Phil Flynn, of Alaron Trading.
But Neal Ryan, of Ryan Oil & Gas Partners, warned that “the dollar trade has a much greater impact on the metals sector than the energy pits.”
“Bernanke and [Treasury Secretary Henry] Paulson can talk down the precious-metals sector anytime they’re in front of the mike — they don’t have that power over the energy market,” Ryan wrote.
Source: Ben also Sinks Crude - Though Analysts see Little Long-term Effect
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.