Posted by Dan Denning on Sep 14th, 2007
The moves in oil, gold, and even wheat are all telling us something. First, they’re telling us that the U.S. dollar is headed for the black pit of currency hell, where poorly managed fiat currencies go to suffer and die. And here’s a question for you: how low will the dollar have to go before OPEC and oil producers like Russia start asking to be paid in a currency that isn’t going down the toilet? How much lower would the greenback go if Russia-the world’s second-largest oil producer-moved to price its crude in euros?