Oil – Close To A TOP!
Oil has had a fantastic run since the phony negative low almost two years ago. It is just about done. Look at the charts both recently and going back to the 2007-2008 highs. This latest surge after plateauing around 85, and selling off to 65, was a suckers play led by the end of Omicron and especially the orchestrated “Ukraine invasion crisis” engineered by Putin. Who gains by saber rattling and driving oil up close to $100? Russia and OPEC. The US economy is about to slow down dramatically, and there isn’t going to be a real invasion. Oil will peak, if it hasn’t already and the decline might not be fast and immediate, but it is coming over the next year or so. Look at the futures contracts for December 2023. Time to move profits from energy stocks into gold and silver.