Real Wealth #311 07/09/2012
Dr. Doom Predicts Doubling in Global Oil Prices Overnight Regardless of Who Wins the 2012 President Election
New York University’s Professor Nouriel Roubini often referred to as “Doctor Doom”, well known for his dire but accurate predictions before the financial crisis that took place during 2008 and 2009 is once again warning of another global financial crisis.
In a new video interview with Bloomberg's Caroline Connan, he predicts “perfect storm” in 2013 thanks to a collapse of the Eurozone, a U.S. double-dip recession, hard-landing of China, hard-landing of emerging markets, and a war in the Middle East.
Professor Roubini asserts that governments are near insolvent and they cannot bail out themselves, let alone bail out the banking system. The Federal Reserve and Central Banks are running out of bullets to use to stave off the coming crisis.
Roubini also points to the fact that negotiations have failed with Iran and that the existing sanctions and ones about to go in effect will fail.” Obama doesn't want a war before the election, but after the election, regardless of whether it is Obama elected or Romney, chances are the U.S. is going to decide to go and attack Iran and then you'll have a doubling in global oil prices overnight."
If Professor Roubini is right and oil doubles and equity and bond markets world-wide collapse it’s my belief that not only will oil soar but gold and silver will go BERSERK.
With gold trading at under $1600 and silver dipping under $27 an ounce I believe we are seeing the low end of the consolidation for the two precious metals have been going through since the end of last year. Like Roubini I think we’ll wake up one morning to witness that the price of oil has doubles over night. In this type of economic panic we could well see gold and silver double overnight as well.
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