Pricing Oil In Gold Is "Inevitable"

Pricing Oil In Gold Is "Inevitable" | Luke Gromen

Рет қаралды 120,614

Жыл бұрын

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Do the recent headlines speculating that Saudi Arabia may be ready to give up the petrodollar and start pricing oil in grams of gold?
Luke Gromen sees that as "inevitable"
Here's the link to the Howard Marks investor letter mentioned in this interview: www.oaktreecapital.com/insigh...
And here's the link to the active management investment approach discussion with New Harbor from last week: • Market Uncertainty Is ...
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#oil #gold #inflation
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IMPORTANT NOTE: The information and opinions offered in this video by Wealthion or its interview guests are for educational purposes ONLY and should NOT be construed as personal financial advice. We strongly recommend that any potential decisions and actions you may take in your investment portfolio be conducted under the guidance and supervision of a quality professional financial advisor in good standing with the securities industry. When it comes to investing, past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in partial or total loss.

Пікірлер: 394

@Wealthion Жыл бұрын

READ ADAM'S NOTES (for free) from this conversation with Luke at wealthion.com/adamsnotes/

@issenvan1050 Жыл бұрын

Timestamps would help.

@MrTigerStarX Жыл бұрын

27:00 - Very unnatural to force John and Mike to agree with Luke who has been wrong all year. Please stop shoehorning bad guest ideas, and treating them as equals with new harbor. It's highly unprofessional.

@InversorTotal Жыл бұрын

@@MrTigerStarX Could you explain what Luke has being wrong about? And what John and Mike had said differently in the past? thanks

@issenvan1050 Жыл бұрын

Looks like Luke Gromen has pivoted before the FED…

@ssuwandi3240 Жыл бұрын

The dollar has peaked and further trending lower the past weeks. Everything was wrong from that point onward

@The_Argent Жыл бұрын

As a small suggestion on ease of use, rather than telling people to go to your KZfaq page and search for part 1 of an interview, most channels will place a direct link to the video in the description.

@bp5662 Жыл бұрын

How about just do it in one episode? Maybe have the reaction section as another video.

@The_Argent Жыл бұрын

@@bp5662 I think they're concerned about it getting too long for one sitting.

@markz.5891 Жыл бұрын

There is a link in the description

@The_Argent Жыл бұрын

@@markz.5891 to their YT channel. Not the actual video.

@crcampbell2210 Жыл бұрын

Shout out to Adam for doing these Interviews while being sick. Much love brother! Thanks for bringing us this great information. Luke is the man

@Wealthion Жыл бұрын

Thanks for the kind words!

@trapOrdoom Жыл бұрын

This was one of those “can’t believe this was free” type of episodes. He gave so much alpha about the global macro scheme, I’ll have to rewatch it. Seriously please have this man return. I can’t express how much I appreciate his insight!

@theonlyconstantischange123 Жыл бұрын

💯

@Mdaddy4 Жыл бұрын

The brilliance of Luke Gromen, Brent Johnson and Polsar Zoltan. And yourself have to be pretty smart to keep up with their logic.

@ScarletKnightmare Жыл бұрын

See Luke's wood stove ready to rock and roll? True macro analysts see what's coming in the big picture, and that extends beyond capital markets. You the man Luke! 🫡

@markuswattinger1505 Жыл бұрын

Thank you for bringing on Luke regularly - he is so valuable

@PaulLobosco Жыл бұрын

Adam Taggart is the standard for disseminating financial market information to individuals and institutions alike. EVERYONE has much to gain by following him. He works hard, knows a ton, is very professional, and really knows how to conduct an interview.

@Wealthion Жыл бұрын

Wow -- thank you for the kind words! I will do my best to earn that praise.

@jerrymoriarty3319 Жыл бұрын

@@Wealthion You've taught me so much I can't thank you enough.

@tonymaroni2769 Жыл бұрын

Why don't you marry him buddy.....

@harmankardon478 Жыл бұрын

simp much?

@christophere7426 Жыл бұрын

A barrel of oil is 42 gallons, a standard developed in the 19th-century Pennsylvania oil industry. This barrel size was called a "tierce" and weighed about 300 lbs, a size and weight that a strong worker could reasonably move or roll. Larger barrel sizes were too unwieldy and lesser sizes too unprofitable to ship.

@walkingintheway Жыл бұрын

Thank you Adam for bringing Luke back! I am a mere working woman... I listen to your podpast faithfully... When Luke is on while I'm working I stop what I'm doing get out my wealthyon notebook... And make notes so exciting and yes I can't believe you offered it to us free... You have helped me so much... And Luke is one of my favorites... You opened up the discussion $ asking Luke how gold is considered a real currency in purchasing oil...Bam!

@ScarletKnightmare Жыл бұрын

Self teaching is the way. Keep up the great work sister!

@kedarmukherjee5007 Жыл бұрын

What a fascinating session!. I live his level of insightful analysis. Thanks Adam to bring such thought leaders in your channel.

@JohnDaniels Жыл бұрын

Incoming rant, we need to get together and get figured out how to get a new law passed in Congress to limit the feds powers. Just like Greenspan said we could print unlimited money we can do whatever it takes and that's exactly what they've been doing and in the process destroying the purchasing power of the hard working individuals a wealth transfer if you will this is got to stop we have to get legislation passed and reform the Fed.

@edwindaniel305 Жыл бұрын

Great interview… What a great strategic thinker!

@popsmcgee9775 Жыл бұрын

Great show, Adam! Thank you.

@troybaca912 Жыл бұрын

Thank you for bringing another excellent guest and topic to us, this is invaluable information that is presented in an easy to understand format, Adam - your questions and rephrasing of some of the responses from your guests is very helpful to some of us that may need it distilled for clarity, I am one of those people. I have a fairly strong understanding of the markets but I am not an expert and I have taken away a greater understanding of the financial picture we see.

@bruce5895 Жыл бұрын

We are going into a depression that will last at least 10 years or more.

@robertwatson3111 Жыл бұрын

@4:15 min mark - Yes you nailed it Adam & my thoughts exactly!! It does sound very much like Felix's Discussion. By the way, just want to comment on how much I really enjoy your efforts and interviews Adam!! Excellent work!! Also, Really enjoy your weekly market wrap with Lance as well!! Enjoy listening and paying attention!!!

@gscorsone Жыл бұрын

Thanks for the great ideas and info!

@aaronsterlind6334 Жыл бұрын

Luke Gromen, top five people I trust and listen too. Not only that, but it's always enjoyable. Keep up the good work fellas.

@nestorkutzev1559 Жыл бұрын

Great conversation. Thank you!

@slipkid68 Жыл бұрын

Adam, what a great interview. Keep these coming.

@1CCCP Жыл бұрын

A minor error at about 22 minutes into this video: A barrel of oil is NOT 55 gallons. It is 42 gallons. This has been the standard volume since 1866.

@marcopolotimetraveller Жыл бұрын

Excellent guest.... excellent host. Thank you 🙏

@alfredepding974 Жыл бұрын

Excellent guest. Broad based reality check that people need. People will really have to work at making investment profits. Research and very practical application from that research.

@rodneyparker5313 Жыл бұрын

Great discussion. Thank you.

@10percentforthebigdementedguy Жыл бұрын

Always awesome to have Luke on.

@4000angels Жыл бұрын

I love this channel. Top shelf content. Thank you.

@toddbrown417 Жыл бұрын

Barrel of oil is 42 gallons

@h.b2029 Жыл бұрын

Excellent. Very helpful. Thanks.

@stevemichels6650 Жыл бұрын

Adam, best interviewer, all the right probing questions 👏

@michaelpetrus19 Жыл бұрын

Thank you

@mattanderson6672 Жыл бұрын

Thanks Guys!!

@mohammediqbal123 Жыл бұрын

FABULOUS DISCUSSION A REAL EXPERT THANKS ADAM

@seanobrien7751 Жыл бұрын

great conversation!

@derekcho2312 Жыл бұрын

Finally... confirmation for the thesis I developed months ago. Increase price Oil. Inflation higher. Real Estate Decrease. Recession Deep but not 2009. No interest rate increases after March 2023

@jamesevans2173 Жыл бұрын

Thanks Luke, impressive analysis.

@mauricegiuliani3806 Жыл бұрын

Luke is always awsome. Thanks Adam.

@deirra7540 Жыл бұрын

Adam and Luke... awesome 🤟

@bruce5895 Жыл бұрын

The elimination of all fossil fuels is on the table with the great reset coming and there is no way that gold will have anything to do with oil. Gold may be tied to the new digital currency when it comes out as a means to make it have more value than the old fiat currency, we will just have to wait and see.

@ajjil9464 Жыл бұрын

Great guests, thank you Adam.

@scottsmith4145 Жыл бұрын

Very impressive and knowledgeable guest! Thank you!

@rpfifferling Жыл бұрын

(1) This is a fascinating, rational, and exciting presentation. Thank You! (2) A little embarrassed for you two: When it comes to oil, a "barrel of crude" contains only 42 gallons rather than 55 gallons like many of us associate with the size of an average industrial barrel. This amount became the standard back in the mid-1800's during the first American oil boom in Titusville, Pennsylvania.

@Wealthion Жыл бұрын

Yep. Sorry about that. I publicly corrected my error on the next video (Weekly Market Recap with Lance)

@thoughtsbeforefeelings Жыл бұрын

If the supply of gold is fixed, or at least limited to 2% mining related inflation, then wouldn't this just make gold a proxy for pricing everything in the economy in oil?

@Withnail1969 Жыл бұрын

everything is in fact already priced in oil and always has been. oil creates dollars but dollars can't create oil.

@rushsecure5995 Жыл бұрын

This is why we maintain the world reserve currency by making everyone buy oil in dollars. This is, however changing right now as we saw last week in Saudi.

@mth469 Жыл бұрын

@@rushsecure5995 Saudi Arabia is going to turn out like Iraq in 1991 if they are not careful. No wonder they are trying to build nuclear weapons.

@thoughtsbeforefeelings Жыл бұрын

@Withnail1969 Agree up to when the US broke its deal to manage the dollar within a price range of oil between about $50-$80/barrel. With a fixed currency supply (gold), it appears oil becomes the world reserve currency.

@-homerow- Жыл бұрын

Best intro clip ever

@mikesmith2315 Жыл бұрын

No petro-dollar ? What's that strange droning sound in the distance ? Oh heavily loaded B-52s...

@mth469 Жыл бұрын

Any country dropping the usd and planning a gold backed currency will be invaded. That's what happened to Libya when they tried to introduce the gold dinar (coin) and dropping the USD for oil payments. They got invaded with France, Germany, UK all grabbing the country's wealth and its gold.

@RadicallyFRUGAL Жыл бұрын

With the fusion experiment it was a milestone but the problem is they generated a fusion reaction for one 400 millionth of a second and with lasers and they need the lasers to fire thousands of times a second and it took them half a day to charge up the laser for one shot so Fusion will ultimately happen but not for 20 to 40 years unless there's a massive breakthrough

@taylorcollins615 Жыл бұрын

It was also incredibly expensive just to conduct those tests

@RadicallyFRUGAL Жыл бұрын

@@taylorcollins615 here's a cheaper efficient energy project. In 2006 I met a man in his 80s the Asbury Park Press did a story on him and I went to meet him he lived in Toms River New Jersey he set up a 3 ft windmill he was living on the bay across from Seaside Heights he set up at 3 ft windmill to capture the wind and he used a hot water heater tank that he got from the junkyard painted it flat black and put it in a little Greenhouse underneath the south facing living room window of his house and he was able to use a solar powered low volume pump to pump the hot water through his Heating system to heat the house at zero cost and he also use the hot water for his hot water needs for showering and for his sinks and so forth. It cost them maybe $150. And it worked for years

@paulwise6856 Жыл бұрын

Putin is offering 2 BBL for one Grahm, that triples the value of gold vs. USD but the actual number will be cost of mining gold vs cost of pumping oil, dollars won't be part of the equation as they will be mostly good for starting fire stoves from preferably repurposed toilet paper

@williammiller7362 Жыл бұрын

Credit Unions are paying higher rates on their savings accounts, at least the two Credit Unions that I have accounts at. It ranges on deposit size, but they are paying around 3% on money market and savings accounts. CD's for 1 to 2 years are up at 5% now at my credit unions. I do not know why anyone would have a personal account at a bank when they can choose to work with a good local credit union.

@arthuntington9338 Жыл бұрын

Adam/Luke, oil is 42 gallons per barrel, not the typical 55 gallon drum that most people think of. That's roughly 24 barrels of oil for each ounce of gold at today's prices. So, Adam's point is a good one. You can store a lot of oil equivalent in a few gold coins.

@cobra_joe6237 Жыл бұрын

Great interview with Luke. Plain English for complex issues.

@richardsutcliffe98 Жыл бұрын

Love how he compared to others. David hunter described what they also think first, timing is always out with all of them but the reasons, links are very similar. David hunter said this over a year ago, both interviews are very good

@suganj6635 Жыл бұрын

Luke 👍 & thank you

@darryls6329 Жыл бұрын

Always love the topics discussed on this channel. Would you do a deep dive on XRP, with an expert?

@ptaeiy Жыл бұрын

I do see the argument Zoltan has on his thesis for Russia to offer 2 barrels oil for 1g gold, and how that, at least on paper, would value gold up. My question is, why would Russia 'devalue' it's main economic weapon (oil) against the west to prop up gold value to benefit Ghana? If anybody can explain that to me. To me, for Russia, oil has far more strategic value than gold at this time. Just consider, 1) Oil, most importantly, is a depleting natural resource. Once used, its gone. Russia would be smart to get as much value for it while it is still the main form of energy that Russia has Europe by their collective b@lls. The idea of randomly doing a 'fire sale' on oil for gold is illogical at best. 2) Oil and gold has numerous factors that determine their intrinsic values. Furthermore, Russia has quite a large deposit of both. Russia would be smart to sell a depleting resource (oil) for as much of the world-renowned store of value(gold) as they can. It would be smarter for Russia to ask for 2 g gold for 1 barrel oil instead. It would value up oil and add 2x more gold to their coffer if successful. On paper, it would seem that this would 'devalue' gold, but gold has and will 'forever' have its own intrinsic value, even if/when all oil reserves are depleted, or when the world finally relies on fusion energy. I would further counter that by asking 2g/1 barrel, that gold would not be devalued, but rather be valued up eventually because: 1) The all sustaining cost to produce will provide the floor to gold's value. 2) Pursuant to that, there would be increasing demand for gold to pay for oil, especially if OPEC+ joins Russia's plan. Everyone will be buying gold as gold has limited supply below/above ground, and it's yearly production is minimal at 1-1.5%. This would further the Russian's de-dollarization effort.

@mth469 Жыл бұрын

Isn't the price of gold ultimately what the market sets it to? Price fixers no matter how large eventually get overwhelmed by the market price.

@ptaeiy Жыл бұрын

@@mth469 To me, gold's ''value'' is intrinsic to its real world physical scarcity and its mesmerizing properties that makes the young and old, rich and poor, males and females covet them. Gold market price refer to the price of 'paper gold', in fiat term, which are so detached from the true value of gold.. I'm actually glad that the 'market price' of gold, in fiat, is being suppressed. Otherwise I wouldn't have been able to get any. My poor self just love to go gold shopping when gold price get monkey spanked by the so called ''market''. Don't care if oil, or anything else is priced in gold, just don't price gold in oil, Don't have an oil well.

@yunxiawen5511 Жыл бұрын

Thanks

@steveborchers2080 Жыл бұрын

Gold silver may be back into “money”.

@tiananman Жыл бұрын

15 years ago, Jeff Rubin was making a similar point about crappy sovereign paper vs. increasingly dear oil. He was early, and therefore worse than wrong, and he didn't predict the gold factor, but he was still on it.

@shanedavison7473 Жыл бұрын

The first time I ever heard of a job called Financial Advisor was in the newspaper. I went for an interview for the job but didn't get hired. Then they called me a few months later because of my high test scores to go for another interview but I didn't go because I didn't want a commission job. This was 30 years ago before I even got BS in accounting. A degree I never used

@highclimber25 Жыл бұрын

Anyone with a wood stove like that has good wisdom

@TylerMarsh87 Жыл бұрын

Great video once again. I can here the Cold/Flu in your Voice. Get well soon.

@LDP.. Жыл бұрын

just as an outsider , hearing you say " when everything goes perfectly well we are still many decades away from commercialisation of cheap carbon neutral fusion energy " that just makes me so sad , and shows me that nothing will change with the blindsided ness and greed of the human race !!!! i also bought gold as an investment , but i wouldn't let the prosperity of the next generation go to waste for its price to go 3x .

@Tential1 Жыл бұрын

41:40 I believe passive will work, just not the current allegation, it's going to be a much more complex allocation required to get actual good returns now. The only reason 60/40 worked so well was because it was just riding interest rate

@BlackSwansFine-co6cd Жыл бұрын

Holding gold is absolutely amazing. You just know its special. Gold/silver are the world reserve money. Always have been, everything else is a lie.

@nauxsi Жыл бұрын

in normal society you will have substitutes for day to day trading so life can carry on away from speculators.

@kevinreed4487 Жыл бұрын

Adam. There are 42 gallons in a barrel of oil. I know this because i was a roughneck working the tecas oil fields during college summers 40 years ago

@Wealthion Жыл бұрын

Thanks. Should have looked that up going in to this interview

@adoremus4014 Жыл бұрын

As far as I am aware, commercial oil is sold in 55 gallon drums, crude oil in 42 gallon drums.

@2coolartsmusicmom572 Жыл бұрын

Thank you Adam. Wow what a great interview. Going to listen again. Please find some Canadian connections Like Harbour financial for us Canadian They are amazing.

@joostonline5146 Жыл бұрын

25:56 Bitcoin was 10 cents 10 years ago....is it currently cheap or still expensive?

@SCOTT-ki3ve Жыл бұрын

A genius talking to a master! An oracle talking to an icon

@mth469 Жыл бұрын

But is he a stable genius...

@danieldecides7894 Жыл бұрын

Luke is a total legend and the host is very decent also. I agree that BTC is a decent trade at the levels it is and i think Luke is very candid and straightforward and i admire his intellect also.

@Toneload11 Жыл бұрын

@wealthion What about if they sell a oil for 2 Oz. Of silver. What will happen then?

@daniellemoreau3201 Жыл бұрын

Great interview Adam! (Barrel of oil = 42 gallons)

@valerieprice1745 Жыл бұрын

A thought provoking conversation. Awesome relief from the click bait. I think touting Bitcoin is irresponsible, but otherwise, good content.

@quant2011 Жыл бұрын

Luke, why you focus only on Oil? Will Gas and Coal also be traded for gold? How about nickel, iron, copper, weapons and microchips? all traded for gold, right?

@mental4macro Жыл бұрын

Need to have a debate between luke and Brent on wealthion!!!!

@BeeJay226 Жыл бұрын

Very intersting .. I also wonder if the main short term driver for this would be no USD usage for Russian oil

@warrenmaker798 Жыл бұрын

" Their heads explode"... LMFAO 🤣

@Tential1 Жыл бұрын

40:24 this is what I'd love to see more work done on. I believe our bull run is purely interest rate driven

@hagengocht3891 Жыл бұрын

And the Oscar goes to………. Adam Taggart!!!!! Why? How many barrels of oil can I store here in my office? Hard to say. How much gold can I store in the palm of my hand? Spectacular… Edit that into a 30 second clip and send it to Zulauf. You’ll get his Oscar vote as well…

@JohnDaniels Жыл бұрын

The FED has already told you what they're going to do they're going to continue raising interest rates all the way through 2024 there's your answer

@robmcilroy1894 Жыл бұрын

Dont fight the fed? But ,but this time is different? Futures so bright 😎

@JohnDaniels Жыл бұрын

@@robmcilroy1894 It is amazing how the FED has taken over markets, we need legislation to limit the FEDs power

@mth469 Жыл бұрын

The FED is buying time so they can launch CBDC and force people into that new racket.

@riversedgegoatdairy297 Жыл бұрын

In summary. Days of printing fiat dollars are over. What's next? Which country can you trust to value their dollar, a dollar that is commodity based? Oil countries have it pretty easy...... Now what about the dynamic ones? America? France/Germany or the UK?

@sonnyeastham Жыл бұрын

Is a barrel of oil measures in 35 imperial gallons, not 55 U.S. gallons?

@danelias8658 Жыл бұрын

Get well soon, Adam.

@100perdido Жыл бұрын

Ask the last guy who decided to sell oil for gold....Oh yeah. You can't ask him. "We came. We saw, He died. tee hee".

@robmcilroy1894 Жыл бұрын

Times they are a changin.

@paulelder6702 Жыл бұрын

42 gallons per barrel of crude. Products are sold commercially in 55 gallon drums.

@Tential1 Жыл бұрын

I'll say, this is definitely one of the better interviewers. The TV guys are way too liberal partisan. Major networks need to look out, because, I am preferring this every day to their work.

@paulfiala7669 Жыл бұрын

Gold .... Jim Rickards recently referenced an article on Goldbacks, could you get someone to talk about these and how they might fit into a portfolio? Thanks

@johnbirman5840 Жыл бұрын

“I think the reports of my death have been vastly exaggerated” A famous quote more appropriately applied to US hegemony. As long as the US Navy controls the seas, which they do, the US dollar will continue to be the world’s currency. The ability to inflict harm at will, or remove the protection provided to the sea lanes, is what backs the Dollar. That, and a Incredibly rich, large country easily accessed, and a large homogeneous population (in spite of the tales to the contrary) means the USA is Not ending anytime soon. Want to know where to put your money? Right here in the Best bang for your buck country in the world: the USA. I love the Dollar!

@gsmith3696 Жыл бұрын

Adam, I’m a little surprised that you haven’t raised the issue of the recent pension bailout that President Biden announced.

@Wealthion Жыл бұрын

I'm pretty sure I did in a past Weekly Recap with Lance

@timdieckman2162 Жыл бұрын

If you don’t hold it you don’t own it. Is that w bitcoin as well as Gold/ silver ?

@kevinphillips9052 Жыл бұрын

How does revaluing Gold help the treasury with the debt spiral? Is there a number that would buy more time for them or fix the issue? Is that number realistic?

@MrsDeciduous307 Жыл бұрын

As a business owner, we’ve seen $25,000 less in income this year. That’s a 20% decrease from last year. But because of how we used the monies, we aren’t starving by any means.

@utuber2 Жыл бұрын

Can someone explain what he meant by the 6th inning? It's not clear to me how many innings in a game, and what the significance is of the 6th?

@Wealthion Жыл бұрын

9 innings in a baseball game. So we're already 2/3 of the way to the end.

@utuber2 Жыл бұрын

@@Wealthion thanks!

@MikeStillUK Жыл бұрын

23:02 Key takeaways: bitcoin not crypto. Self custody. Keep stacking sats.

@joostonline5146 Жыл бұрын

Outlook for Bitcoin is 150.000 Mt. Gox coins coming on the market from people who bought below 1000 dollars. Outlook for Gold is that BASEL3 is going active as of january and Russia will start selling oil for Gold end of march.

@sisterbrothers1677 Жыл бұрын

It's difficult to take someone seriously when they mention bitcoin as an investment.

@DoubleOhSilver Жыл бұрын

You can't deny reality. You would still be in profit if you bought 2 years ago during the months it was under 10k. If you bought enough 10 years ago when it was a few hundred dollars, you'd be rich, even right now in this crypto bear market. But if you want to only see the volatility instead of results, then don't expect to make any money through any of your investments.

@knockoutfever4 Жыл бұрын

Gold is money, but sadly, bitcoin is harder money than gold by an Austrian definition. I am a gold guy but can’t deny that BTC is the ultimate money.

@johnbirman5840 Жыл бұрын

@@knockoutfever4 I hate to say it, but the Maximum currency comes out of a barrel. “How much do I owe you” says the man with gun “Nothing Sir.” As long as the USA controls the Seas, the USA controls the economic world. The Navy is the true value of the dollar. BitCoin? It’s a mathematical equation that has no enforcing ability.

@walden6272 Жыл бұрын

@@DoubleOhSilver If I join Bernie Maddoff scam early when he started, I would be rich too. :)

@walden6272 Жыл бұрын

@@knockoutfever4 BTC ultimate money? Can only process 7 transactions per second? There is a reason why it's not used as money.

@Nystromj1 Жыл бұрын

Perhaps the entire green movement is really about the anticipation that the dollar would no longer be the 'petrodollar' and that gold or yuan would.

@mth469 Жыл бұрын

I see it as being the next rent seeking racket by banks which have run the real estate mortgage backed securities racket into the ground and now need a new racket. Since fiat money is created as debt, and the housing debt bubble can no longer be inflated, a new racket is needed on which to base fiat money like CBDC.

@scurtumarian8725 Жыл бұрын

When they buyers of that oil don't have the gold they will have to shut in the oil wells. Does not sound sustainable.

@brupag1403 Жыл бұрын

Nothing sounds sustainable at this point...😞

@scurtumarian8725 Жыл бұрын

@@lakshmineuroscience cut on consumotion means cut in demand for oil means oil wells shut in

@jaywhoisit4863 Жыл бұрын

You will still be able to use your National currency to purchase oil. You can swap and hedge gold and fiat just as they do today with petrodollars. It’s not difficult to understand!

@scurtumarian8725 Жыл бұрын

@@jaywhoisit4863 if a currency is backed by gold is the same as using gold. A currency is either hard(limited cap, backed by something or) fiat as we have it now. If it's the same as we have it now what's the point. If it's in any way connected to gold or limited assets or commodities what i said in my initial comment still applies

@Tential1 Жыл бұрын

Staples and oil is the easiest way to play it to me. Oil has a structural supply issue. Whitehouse can't manipulate that market forever, and you always need things like plastic (I like lyb a lot)

@AJ-zz3qm Жыл бұрын

Mike made a very interesting comment about how people often will say “you can’t go to your local store buy a loaf of bread with gold”. Can any of you comment on how you would see gold possibly used as money if we truly arrive in that economic environment in the world?

@nauxsi Жыл бұрын

It would create demand for gold, where there isn’t enough you can substitute for non-perishable items.