How Will Libya Impact Oil Prices?

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Our next guest says of the Fed's Jackson -- meeting could help that precious metals record run Philip street golf this senior market strategist -- -- global joining me now.

Thanks for joining us -- up.

Well thank you for having me before I move on -- gold I wanna stay on the topic of will -- is just discussing with Sandra Smith what are your predictions for out where oil is headed.

Live yet seemingly resolved -- on its way to resolution.

But what does that mean for what we're going to see at the price at the pump because that is directly impacts.

Discretionary spending and -- some money that does or does not get put out into the consumer spending -- -- -- well.

But -- Libya coming back on line were definitely gonna see Brent.

Crude oil prices start to come off how aggressive they come off you know that's another question if they can get back -- You know a billion barrels per day that's going to be great put some pressure on the market now a lot of traders have been trading this west Texas intermediate.

Vs the Brent crude wound -- watching next -- why didn't quite a bit.

Since today's action in this weekend's action -- -- We started to see debt spreads start to narrow and that's part of the reason why west Texas -- a bit.

Now the probably the less taxes and -- -- cited for the stock market received quite a bit of you don't several fluctuations throughout the day where we're swinging back the dollar back and forth.

But as long as Libya can stay on target you see the Middle East -- stay on line and some of the problems be resolved.

Republicans -- debt spreads start to Niro and it could help podcasts what's happening is get us some reprieve.

What about this storm.

And I arena hurricane potentially category three heading up under -- later on this week what -- that have the impact potential impact to -- to prices.

It only seems like upside if you asked me.

Yeah I've seen a lot more investors coming in today looking at what other products like gasoline and heating oil do you think that that's for me play more of an impact on that -- does swing a little bit too far out and -- On you know it into the Atlantic so we're not seeing.

That big of an impact but if it does the just word and come back into.

You know the Gulf of Mexico we might see more but he'd come on and I'd also watched natural gas as well because there is quite a few rigs out there as well.

Yet -- absolutely right let's transition now to gold that -- -- What do you make at this record run up with gold prices we are seeing the third consecutive day of gold at an all time high people are now making the prediction of 2000 dollars which we thought could happen at the end at year happening at the end of this month what -- you.

While it is amazing -- I mean note the started this whole thing was the US slowdown and the problems with.

-- sovereign debt over in Europe but then the couple new things that are really driving this thing not.

I think our Chavez coming out and with him repatriating his cool and collecting it back in the Venezuela although there are not a large player at all about one per cent of you know total -- -- put.

But I think that.

It's the point that's being made that is gonna be supplied it's gonna be taken off the table as well as.

He's nationalizing his gold industry there's a lot of speculation that other countries might follow suit countries like Bolivia Peru and act would -- So that is supply that is a gang going to be taken off the table and what He does from here whether or not He does something very radical white.

Pegged their currency.

You know to Goldberg -- -- -- at all a lot of people are coming in and thinking that so that's part of the reason that gold is getting this -- The second thing is of course Jackson Hole coming up this weekend.

Lot of people have prospects for a QE3.

I don't think that that's gonna happen but the -- what the most likely do is outline.

-- -- they're looking at things going forward and then wait for the date October you know to show the results.

And there's no need for it QE3 because we have free money flowing until 2013.

Many experts out there say we already got QE3 -- -- all -- and that's global thinking three times today.

Thank you.

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How Will Libya Impact Oil Prices?

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