Ben Bernanke is on your side especially if you are an oil or gold bull. Ben Bernanke has made it clear that as long as he is in charge he will keep the stimulus coming even after it appears that the economy is getting better. In fact he went as far as saying that quantitative easing could actually reduce the trade deficit. Not because you pay the debt back with printed money but because it will inspire growth and more tax revenue from more jobs and less unemployment insurance.
Of course that kind of talk helps the outlook for commodities like oil and metals like gold and silver. For oil growth means more demand and a weaker dollar means higher prices as well. For metals QE reduces the value of money so the metals will be a source of a store of value.
Ben also warned that if congress enacted a law that it would allow them to listen to their interest rate discussions that to would improperly inject political pressure into the Fed's private deliberations and affect the officials' decisions. Do you really think that will happen? Naa.
As far as oil we know that the products have been the strength. Yesterday Bloomberg News reported Motiva Enterprises LLC’s refinery in Convent, Louisiana, had a fire in a crude distillation unit today, the company said in a statement. The fire broke out at 4:10 a.m. local time and was contained by 4:45 a.m. without injuries and without impact to other refinery process units, Motiva said. The cause of the fire is under investigation. The fire occurred in one of the refinery’s two crude units, known as vacuum pipestill No. 2, according to two people familiar with operations, who declined to be identified because they’re not authorized to speak for the refinery. The fire occurred at a section where samples of the unit’s output are taken, known as a sample point, the people said. The unit hit by the fire is the larger of the refinery’s two crude units. Motiva said the crude unit wasn’t damaged, Jean Kelly, a spokeswoman for the state’s Department of Environmental Quality said in a telephone interview. She said Motiva filed a report about the fire with her agency. The refinery had restarted a fluid catalytic cracker when the fire occurred, the people said. The unit was shut Aug. 28 when the refinery was idled before Hurricane Isaac struck Louisiana, the people said. The pipestill is a distillation tower where crude is refined into fractions such as fuel oil and bitumen. The 255,000-barrel-a-day Convent plant is 50 miles (80 kilometers) west of New Orleans. Motiva is a refining and marketing joint venture of Saudi Refining Inc., a subsidiary of Saudi Arabian Oil Co., and Shell Oil, a unit of Royal Dutch Shell Plc.
The QE break on competitive devaluations should be short-lived. A jump in consumer confidence should bode well for demand yet we are in the weak demand part of the year. Winter is coming and the Fed still has the bulls back.
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