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    Maybe I Spoke Too Soon

    Posted by Jonathan on July 27th, 2004 (All posts by Jonathan)

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    Here’s what I wrote June 10 about oil prices.

    Here’s how the market looks now.

    Time will tell.

     

    This entry was posted on Tuesday, July 27th, 2004 at 12:29 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

    3 Responses to “Maybe I Spoke Too Soon”

    1. In-Cog-Nito Says:
      July 28th, 2004 at 2:38 am

      Ha, that’s nothing. Look at AMZN and BEAS, down big from where I called it. Glad I’m out of those…

    2. Rahul Says:
      July 28th, 2004 at 12:36 pm

      I think Robert Schwartz has it absolutely correct in the linked post. I think current oil prices are more indicative of US dollar inflation, a logical outcome of the Fed’s incredible money supply boost over the last couple years. We saw inflation in real estate, and now we’re seeing it in oil (which OPEC only prices in dollars). This will probably end up distributing inflation to most commodities.

      Its amazing that the Fed can distort the economy to such an extent and be praised for it too.

    3. Jonathan Says:
      July 28th, 2004 at 1:50 pm

      I agree that the Fed is a chronic problem. However, inflation as an explanation for high oil prices would seem more likely if gold were also near a high. Supply/demand seems like a better explanation for oil.

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