The only reason that oil prices are under pressure is because the dollar is strengthening based on the idea that the entire world is a disaster, except the United States. And so, the world is going into a recession, everybody is taking refuge in the U.S. Dollar and that is suppressing the price of oil.
I think when people come to the conclusion and again they will come to it, I believe, sometime next year, that we are not only going to be the only country not printing money. We are going to be printing money, more than all the other the other countries combined.
Related trading: SPDR Gold Trust ETF (GLD), SPDR S&P 500 Index ETF (SPY), EURUSD forex cross, Euro Currency Futures, Nymex Crude Oil futures, United States Oil Fund LP ETF (USO), Energy Select Sector SPDR ETF (XLE)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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