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Oil above $81, Goldman cuts price forecasts

News Type: Opinion — Seeded on Mon Oct 13, 2008 12:36 PM EDT
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"Oil held above $81 a barrel on Monday after governments around the world acted to shore up confidence in the global banking system, spurring a rally across commodities and stock markets.

But investment bank Goldman Sachs said the financial crisis had already done more damage than it expected to commodity demand and warned that a slide to $50 a barrel for oil could be possible."

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{"commentId":3460207,"authorDomain":"krishna109"}
krishna-167929

"Goldman Sachs, a longstanding commodity bull, turned a near-term bear on Monday after conceding that global financial turmoil would take a far bigger toll on demand. It warned that $50 oil was possible if the crisis deepened."We have underestimated the depth and duration of the global financial crisis and its implications on economic growth and commodity demand," its commodity markets research team said."


IMO, today is a good day to unload all of one's remaining investiments (if any) and move to 100% cash. (Even the more defensive stocks, bonds, etc. Well, maybe keep a little gold).

I think today is a typical "bear market rally"-- it will mostly be downhill for the next few years...

{"commentId":3460207,"threadId":"387227","contentId":"1992959","authorDomain":"krishna109"}
  • 2 votes
Reply#1 - Mon Oct 13, 2008 12:40 PM EDT
{"commentId":3463013,"authorDomain":"rosieboo"}
RosieBooDeleted
{"commentId":3467358,"authorDomain":"bernhardmeck"}
Bernhard Meck

What will it take to get the economic parasites out of the system? What service is it again when speculators can create a 'pseudo demand', jacking up prices artifically, and skim off the top?

 The price of oil did NOT react to increased demand today, but increased, renewed GREED!! Bottom-line! Put up all cash, buy for REAL demand, or get out of the market. Oh I get it - we are expected to pick up their slack too when the margin calls come in and the ticks are broke...

{"commentId":3467358,"threadId":"387227","contentId":"1992959","authorDomain":"bernhardmeck"}
    Reply#3 - Mon Oct 13, 2008 7:26 PM EDT
    {"commentId":3480724,"authorDomain":"banshee8989"}
    banshee8989

     Oil going down is the best news I heard all day and in my opion it should be taken off the commodity market...... but that would make to much sence.

    {"commentId":3480724,"threadId":"387227","contentId":"1992959","authorDomain":"banshee8989"}
      Reply#4 - Tue Oct 14, 2008 3:54 PM EDT
      {"commentId":3487715,"authorDomain":"krishna109"}
      krishna-167929

      My guess is that gas will about $2.00/gallon.

      But people may not be too happy-- because the rest of the world economy will also be going downhill.

      {"commentId":3487715,"threadId":"387227","contentId":"1992959","authorDomain":"krishna109"}
      • 1 vote
      Reply#5 - Wed Oct 15, 2008 12:25 AM EDT
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