I have been watching the continuing pressure on WTI crude which has taken it down towards the $84 level all the while as Brent Crude has managed to hold relatively firmly above the $100 level. One would be tempted to think that gasoline prices would be suffering the same fate as WTI but that has not been the case. It has been moving steadily higher as WTI has been moving steadily lower and has been grinding higher over that same period.
It is now within a whisker of staging an upside breakout on the charts. If it can clear what has been decent overhead resistance near $2.55, it should commence another leg higher in its near uninterrupted run since August of last year.
The implications for consumers are obvious as most of you have probably already noticed every time you pull into a gasoline station to fill up your tanks. It certainly would not hinder gold from moving higher!
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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