Oil, gold and Silver skyrocket

Western warmongerings had oil, gold and silver prices to skyrocket on Tuesday.  US and allied envoys told rebels fighting Bashar-al-Assad that Western powers would attack Syria within days. The  UK Prime Minister, David Cameron, stressed that the most likely day of  attack is Thursday. Brent crude jumped to two dollars  USD 113,46 a barrel on the news.  Gold and silver continue to raise as safe havens. Gold reached USD 1420 adding new 25 dollars during Tuesday’s trade. Silver trades at USD 24,65 up 20 %% from levels seen only a couple of weeks ago.

Syria is probably going to be attacked by cruise missiles in what Western observers say are aimed at teaching President Assad and  Iran a  “lesson” for defying the West. The aim is presumably not to turn the tide in the civil war which over the last months have given President Assad’s forces the upper hand. NATO air strikes changed the course of the Libyan civil war. The prelude to an eventual attack on Syria is a blue copy of the US and British invasion of Iraq and the NATO-bombings of Serbia in connection with the “liberation” of Kosovo.

Along with Brent US crude, NYMEX, jumped to USD 108,50 a barrel. Western powers are taking a great gamble in attacking Syria. A military action in Syria might result in spreading chaos to the oil-producing countries in the Middle East in spite of the fact that Syria itself  is not a major oil producer. Libyan production has already dropped 60 %% and down to 665 000 barrels a day.  Key shipping routes for crude oil such as Akaba and the Suez canal areas well  located in the area.

A military action might also put stress on US oil storages. Commercial crude stock piles were expected to have fallen  last week due to heavy consumption of gas during the end of the holiday season. Increased oil prices would put added stress on a US economy considering to terminate using the money printing press by tapering the bond buying program. Data on homes sales and durable gods over the last two days, have shown that continued monetary easing might be necessary to keep growth and the economy on the right track.

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