Gold & Oil prices = UP

United States
November 5, 2008 7:00am CST
Yes, it is true. Not only are European markets largely going DOWN while Asian markets are going UP as an intial reaction to Barrack Obama's election, additionally gold and oil are UP. Check the latest quotes here. They are about 1/2 way down the page. http://money.cnn.com/data/premarket/ I say some of the richest smartest people in the world do not trust Obama's judgement. Some of these richest smartest people in the world are betting on currency declines, major inflation, a return to high gas prices and a decline overall in the economies of the major part of the western world. What do you say?
3 people like this
11 responses
• United States
5 Nov 08
I can only adopt a "wait and see" attitude as only time will tell.
2 people like this
• United States
5 Nov 08
That is the wisest advice. It is quite possible that as Obama takes office he will find much of his thinking is impractical and change his policies. Don't even rule out the possibility Obama never intended some of his economy wrecking proposals and won't implement them anyway.
1 person likes this
• United States
5 Nov 08
I think we are well aware that most all politicians make campaign promises they have no intention of ever implementing.
2 people like this
• United States
5 Nov 08
Just imagine, here we are hoping a politician did lie!
1 person likes this
@mxypoo (1)
• China
6 Nov 08
i from China you are garbage!!
2 people like this
• United States
6 Nov 08
I hope we get to talk more in the future. I agree that America has made some "garbage" decisions recently. Welcome to myLot.
1 person likes this
• United States
7 Nov 08
Thanks. Slowly I'm learning to try and put the best spin possible on other's remarks. It really irritates people trying to be mean when you don't get mad.
1 person likes this
@James72 (26832)
• Australia
5 Nov 08
I say that this is to be totally expected! Confidence will be on the rise due to the finalization of the election and the slightest whiff of change, so of course the US markets and then Asian markets will surge as a result. The European markets will always take a reverse hit because they are far more independent thanks to the EU etc. "Powers that be" behind the scenes will do whatever they can to offset these increases, so will influence the rise of gas prices and oil to slow things down a little. I do not necessarily think it has anything to do with Obama's judgement yet at all; but more to do with keeping the "Superpower" in check. I am heavily reliant on exchange rates so I am nervous about where things will eventually start to settle. If consumer confidence and energy remains steady in the months following this election then there is a good chance of this decline being averted.
2 people like this
@James72 (26832)
• Australia
5 Nov 08
"Surge" was probably not quite the right word RYBD as it implies a large movement, my apologies. I will check your website.
@aswathj (177)
• India
6 Nov 08
Yes our Indian economy also affected.. Cpountries growth rate is 7.5% from 9%.. Inflatino is above 10%..
2 people like this
• United States
6 Nov 08
Yes, everyone in the world is affected. Do not be surprised if the international monetary system gets an overhaul soon.
1 person likes this
@Destiny007 (5820)
• United States
5 Nov 08
I would say that I agree with them. 0bama brings nothing worthwhile, and all of his plans and big promises are based on mere empty rhetoric, campaign promises that he now is trying back down on without his supporters catching onto the reality that they have been had. The democrats own this economy as it was their policies that created the problems. Now, let's see how well these morons do. I am bettig that things are going to get a lot worse.
2 people like this
• United States
5 Nov 08
Well, given Obama is a politician anything he said during the campaign does not count for much anyway. Still, I got to agree many who voted for him are going to be really ticked when the reality of an Obama presidency hits them full in the face (and wallet).
1 person likes this
@speakeasy (4215)
• United States
5 Nov 08
I do not know how frequently this page is updated; but, gold and oil had DROPPED not gone up according to the figures a few minutes ago. Since Obama has not taken office YET and he has no say in the governing of the country at this time; I say things are rather premature. Right now, we have a "lame duck" in office and according to reports, he is getting ready to do a lot of "quacking" before he goes out of office next year.
2 people like this
• United States
5 Nov 08
This is actually very good news that gold and oil prices have changed from up to down. It is an indication the early traders were over reacting and wrong. This would be good news for more people than just Obama!
1 person likes this
@Barb42 (4217)
• United States
5 Nov 08
Some of the richest people are the ones who helped put this man in office. They knew they'd have ways of keeping their money from being taxed. And you know, the democrats were the ones blaming the high gas prices on the republicans. Well, if it goes up, they can no longer blame the republicans, since they are in control of everything. I read some place last night that he will have to be very careful in what he does in order not to get slammed on by the people that might disagree. But I don't agree that he's not going to try and push through his agenda.
2 people like this
• United States
5 Nov 08
True enough. Some of the absolute very richest people (very small number percentage-wise of the total of rich people) did help put Obama office. Everybody else is just trying to save their money. Hence the price movements in the markets internationally.
1 person likes this
@VKXY62 (1606)
• Australia
12 Dec 08
Hiya Red, I am a bit late on this post. Have you seen the metal prices lately? In July, (I watch strange metals, not just the 'norm') Rhenium was over $5,200 an ounce, platinum is now almost on a parr with gold (what a collapse) and now, Rhenium, is priced at about $500 an ounce, ouch if you had your wealth in Rhenium, but if you are planning to buy, this is worth a look at right now, I don't think the bargains around at the moment will last, look at strange metals. And, as always Silver maintains its price coalition with the price of bread, it never seems to deviate much, silver is a good indicator. (of the value of bread anyway). Kev.
1 person likes this
• United States
13 Dec 08
Believe it or not, I don't expect gold to skyrocket for awhile (only short term). Eventually, it will go UP on the long term.
@clrumfelt (5421)
• United States
26 Nov 08
I say who can tell at this point? The stock market rises and falls with the least provacation, rumor or not, and when everything stabilizes(in the sense that the economy is clearly in the toilet for the long term, or not) in way or the other we will see how the stock market reacts to the news.
1 person likes this
• United States
26 Nov 08
Guess what? You understand the stock market as well as some national leaders and stock market gurus.
1 person likes this
• Malaysia
6 Nov 08
I believe obama won't be able to turn the market around. Oil and gold market will still go down.
1 person likes this
• United States
6 Nov 08
You are completely correct. As it turned out, oil and gold were only UP for a short time. They finished DOWN that day and are DOWN as I type.
• India
6 Nov 08
I think such knee-jerk reactions are but to be expected after a major upheaval in US politics. Even if not for Obama the man himself, its been a change of guard at the White House after 8 long years. It’s the right time for speculators to make hay while the sun shines For us commoners though, we can only hope that the dust settles down fast and we are back to hearing speeches and cooking tasteless dinners.
1 person likes this