Janet Yellen, OPEC, Oil And GoldFriday September 30, 2016 08:16
(Kitco News) - Although Janet Yellen looked like a deer in the headlights when asked about potential conflict of interest with respect to Fed policy makers applying for positions with the Clinton administration, I would like to turn to an equally ludicrous set of clowns. OPEC announced that an agreement had been reached to cut production by approximately 800,000barrels/day in November. I’m sure all members will abide by the quota, especially our global friend Iran. Putin may even be on board until he is not. The U.S. frackers are licking their lips. But, let us give them the benefit of the doubt. OPEC curtails production, non-OPEC members play along and oil goes to $70 or higher. Global growth remains tepid and should decrease with higher energy costs. Inflation rises as all oil related products jump 50%. What does the Fed do? Raise rates? Hold and risk being behind the curve? Keep buying the dips, the worst still lays ahead.
What you missed on this week's For Pete's Sake show:
By Peter Hug, Kitco Metals Global Trading Director; email@example.com