"Bank of America Merrill Lynch is predicting a 30 percent chance that Brent crude could hit 160 dollars a barrel in 2011.
"Commodity prices should move broadly higher in 2011 on robust economic growth in emerging markets, despite relatively weaker growth in developed markets," said Sabine Schels, a commodity strategist at BoA Merrill Lynch in London in a research note."
Everyone has an opinion. That is true, but no one listens to Merrill anymore, and the movement in oil prices today shows it. The only reason Merrill even exists is because Hank Paulson forced B of A's CEO to buy it. Those bozos probably got caught with their pants down going long oil, but we'll never know for sure.
Michael Lewis explained the pecking order: Goldman, Morgan, then everyone else. Citigroup, Lehman, Merrill, and Bear Stearns were all bottom feeders.
I hate Goldman Sachs. I really do, but they are almost like a branch of the federal government, and when they say oil was going lower, that practically is a guarantee it is going lower. The fed doesn't want oil prices this high, and they are going to use Goldman to do their bidding.
*I hate Goldman Sachs. I really do, but they are almost like a branch of the federal government, and when they say oil was going lower, that practically is a guarantee it is going lower. The fed doesn't want oil prices this high, and they are going to use Goldman to do their bidding.*
I am hating that I didn't buy GS at $44/share. Your right. the I find it laughable that the Senate gets GS, red handed, perjuring themselves while testifying, and guilty under RECO statutes of committing organized crime and they do nothing.
They commit crimes and the *Jew* York Federal Reserve gives them 800 billion dollars. We deserve to be invaded by, and taken over by, Mexicans.
Yup... my eye caught that story this morning. I find it rather humorous. BOA probably bought into oil at $100 and are worried about it falling down now instead of heading higher as GS previously predicted. MY guess is BOA joined the game late and are looking for suckers to sell into.
The oil traders themselves are bailing on oil because the geopolitical story has run it coarse on oil pricing above where the Obama administration and the general public will support oil prices.