-- Posted Thursday, 20 December 2007 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Thursday, December 20, 2007
“Phenomenally accurate forecasts”
Saudi clerics have issued what amounts to a fatwa against the dollar, but their efforts might be better spent finding ways to invest surplus petrodollars so that the benefits are felt outside the royal palaces. Officially, the Wahabists called on the Saudi government to fight domestic inflation by decoupling the riyal from the dollar. “We remind you of Prophet Mohammad's words that you are shepherds who are responsible for your flock," the group of 19 well-known clerics, said in a statement.
We can sympathize with rank-and-file Saudis who are more concerned about the price of bread and milk than about the cost of custom-outfitting a Boeing 777. But abandoning oil’s peg to the dollar in favor of, say, the euro, is not the answer, since such a strategy could backfire disastrously. How so? For starters, the world market for oil would dry up precipitously if buyers had to pay for the stuff with relatively hard money such as the euro. That is why persistent rumors that oil producers will eventually demand gold, the hardest money of all, for oil are so ridiculous. How much oil do you think the world could afford if it had to pay for it in something other than snide?
‘Spongy Money’ Works
Clearly, a spongy dollar suits global trade perfectly -- suits even Arab sultans and princes, who, by buying shares in Citigroup, and in downtown Las Vegas and Detroit, have revealed themselves to be almost as frivolous as the Japanese were in the late 1980s, when they binged on such trophy assets as Rockefeller Center and Pebble Beach.
While it is true that oil customers who settle up in dollars are effectively paying for it with confetti, there is as yet no shortage of opportunities for the sellers to convert the confetti into real goods and services. Moreover, the petrodollar moguls need not confine their buying spree to U.S. Treasurys and other assets that could be imperiled by a falling dollar. They need only copy the Chinese, who, while holding a considerable portfolio of U.S. debt, have diversified into oil, natural gas, timber and other natural resources globally with a vengeance.
Bottom line: A fatwa against the dollar would bring about economic martyrdom for oil producers and economic disaster for the rest of the world.
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Aloha Rick. I just want to thank you personally for all of your posts in Comex Gold and Silver. I have traded gold/silver futures for a decade and there is NO ONE who has identified prices as accurately as you do. FACT: Your New Year's Eve call of a high at 643.10 call was dead-on (even if floor traders ran it up a few days later to flush the momentum traders.) But your subsequent forecast of a pullback low at 603.00 was mind boggling! I Sold my longs at 643.10 and covered my shorts at 603.00 -- the exact bottom.
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Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2007, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Thursday, 20 December 2007 | Digg This Article | Source: GoldSeek.com
