most over priced commodity manipulated by bankers is OIL
We pay more for oil because it's manipulated by all the bank money ..non perishable and easy storage ...Gold is no longer good any more ...so they all moved into oil. GS came out with a statement yesterday to manipulate WTI by saying the spread will narrow to $7.
Don't know what they will come up with again when oil fall
Yeah well, since the bankers have manipulated prices higher for so long, you would think oil producers would take advantage and raise production. Yet global oil production remains stuck at 2005 levels and hasn't risen in 7 years. No doubt they have been trying to increase production to cash in on those artificially high prices but haven't been able to, despite doubling drilling expenditures over the last 7 years.
P.S. Saudi Arabia's internal consumption now is up to 25% of their total oil production. And that in a country of less than 30 million people. At the current rate of increase of domestic consumption, SA would become an importer within 10 or 15 years.
Similar argument has been made for Iran oil, but in that case i think the extrapolation did not account for potental growth in Iran oil production, which does not seem to be happening so maybe its true that Iran is going to use almost all of its oil for domestic needs. Dont remember but something like 2015 was the date when they thought Iran would use all of its own production. time will tell.
Probably one of the things bankers cannot control is price of oil, due to governments foreign and domestic as well as cartel like opec. No doubt bankers take a % on the trading and transactions. Interesting there are some gold for oil transactions happening with Iran to subvert the banking institutions. If more barter gold for oil happens the bankers might start to advocate for war, lets hope not. Its just a theory someone provided to me.
OPEC and Saudis control oil, not the bankers. Not sure we see any real weakness with Iran unresolved. They won't back down and Israel and US have said a nuclear Iran won't be tolerated. Things will remain dicey until the Iran situation is resolved imo.
OPEC and Saudi has to some extent ...they provide money to the bankers to manipulate the futures market . Oil Prices goes higher and higher and manipulated in futures market . not where the real production is .