Oil Surges 10%, Gold Gains 1% and Silver 2.2% After Saudi Oil Attacks

16, September

◆ Oil surged over 15% after the attacks on the Saudi oil facilities; oil prices are now 10% higher with gold 1% higher and silver over 2% higher

◆ U.S. stock index futures dropped as oil prices surged the most on record; Brent crude soared as much as 19.5% and West Texas Intermediate added 15.5% after a drone strike on a Saudi Arabian oil facility increased already very high geopolitical risks in the “tinder box” Middle East

◆ S&P 500 Index futures were down 0.5% and in Europe, the Stoxx 600 Index dropped 0.5%, led lower by cyclical financial stocks

◆ Fear of an oil price shock is growing and every US and global recession in the past 50 years has been preceded by a spike in oil prices

NEWS and COMMENTARY

Oil surges, gold up, stock futures slip after attack on Saudi facility

Oil up over 10% – Crude oil price chart

Trump says US ‘locked and loaded’ after attack on Saudi oil supply

Trump authorized release of oil from Strategic Petroleum Reserve if needed to keep markets supplied

Saudi Arabia reportedly aims to restore one-third of lost oil output by Monday

China’s Aug industrial output growth grinds to 17-1/2 year low

Gold’s Significant Role for Central Banks – WGC Research

China and Russia Are Buying Gold, and They Don’t Care How Much It Costs

Why Russian and Chinese central banks will keep buying gold

Golden toilet stolen from Blenheim Palace – Should have went to GoldCore Secure Storage

Gold Prices (LBMA – USD, GBP & EUR – AM/ PM Fix)

13-Sep-19 1506.30 1503.10, 1209.41 1208.19 & 1356.88 1358.35
12-Sep-19 1502.95 1515.20, 1219.94 1227.46 & 1362.88 1373.53
11-Sep-19 1493.65 1490.65, 1208.21 1209.07 & 1354.74 1355.90
10-Sep-19 1494.60 1498.25, 1211.52 1211.34 & 1353.51 1357.11
09-Sep-19 1509.95 1509.20, 1223.81 1220.34 & 1368.62 1364.92
06-Sep-19 1504.95 1523.70, 1223.52 1237.09 & 1363.94 1378.49
05-Sep-19 1542.60 1529.10, 1257.06 1238.72 & 1397.44 1380.78
04-Sep-19 1538.80 1546.10, 1265.05 1269.97 & 1397.69 1403.86
03-Sep-19 1532.45 1537.85, 1278.06 1277.80 & 1400.35 1403.44

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Mark O'Byrne

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