Well, folks, as I write, markets the world over are declining again already. Our futures, trading in Europe are off. Oil has been declining. What’s up?
Have you heard? Here’s the news from overnight. Get this newsline: “A senior Iranian official told CNN the country was pushing ahead with plans to increase oil production by one million barrels per day, despite a global supply glut.”
The underlined words above is a live link to the full story. That’s ALL you need to know, right there! Iran intends to begin to increase world oil supply by another 1 million barrels a day! If they do… it will be the final nail in the coffin.
If there’s any question as to what the stock market price driver is right now, it is oil; and what low prices mean to all the world’s deeply indebted producers, that can’t service their debt at a price under $60, $50, or perhaps as low as $45 oil. It’s under $33 right now.
We could call it…. Oilmageddon!!! Have you begun to take any defensive measures yet?
Here’s to your successful investing!
Harold F Crowell