Celente – $70+ Oil Just The Start, Wait Until You See What Happens To Gold As Currencies Crash
KingWorldNews.com
May 09, 2018
With the price of crude oil surging well above $70 a barrel, today Gerald Celente said this is just the start, wait until you see what happens to gold as currencies crash.
The Trump Card
May 9 (King World News) – Gerald Celente: As Trends Journal subscribers know, we have been forecasting a wild card event could trigger a series of economic developments capable of driving global markets from correction mode to crash territory.
And there is, as we have repeatedly forecast, no greater wild card than the Trump card. And the Trump card was played Tuesday when President Trump announced he would exit the Joint Comprehensive Plan of Action, restoring crippling sanctions on Iran that were suspended under the 2015 JCPOA accord…
“We will be instituting the highest level of economic sanction,” Trump said. “Any nation that helps Iran in its quest for nuclear weapons could also be strongly sanctioned.”
Oil prices, which were down before his announcement, spiked on Wednesday, hitting the highest level since 2014.
Higher oil prices equals higher inflation. Already, the volatile equity markets have been on a down trend over concerns that higher inflation will push the Federal Reserve to aggressively increase interest rates. Thus, not only will equities be pushed lower as interest rates increase, retail sales will decrease as consumers, already holding over $13 trillion in debt, will be spending more on gas.
Considering strong U.S. oil output and the 1.8 million barrels-a-day of oil OPEC and non-OPEC producers have withheld from the markets, we thus forecast modest oil price increases as a result of the sanctions. What will sharply spike prices are increased prospects for a major Middle East War.
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