The Energy Report Monday November 23, 2009

By Phil Flynn
23 November 2009 @ 10:01 am EDT

Is oil becoming the poor man's gold? Oil prices are being dragged higher once again as gold continues its assault on all time highs. Oil of course does not seem to move on its own accord but gets driven higher by traders who can't afford gold. I am only partly kidding. Gold is being driven higher for a lot of reasons. People are buying gold because they fear inflation. They are buying gold because they fear that mounting government debt will never be paid off. And gold of course is the currency of last resort if the wholes economic system implodes on itself.

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