Saudi Refinery Fire affect gold?

Discussion in 'Gold' started by stackmans, Sep 15, 2019.

  1. stackmans

    stackmans Member

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    Just saw on the news that Saudi Arabia's largest oil refinery was attacked and is burning. They claim this refinery produced 2.5% of the world's oil supply and oil prices will skyrocket.

    Any chance this bump up the price of gold?
     
  2. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    It sure will, and silver too. In fact it will affect all metals prices, and goods as they will be much more to produce and mine. Got popcorn ready? It's gunna be a good one.
     
  3. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    Just imagine if the launched massive attacks on Saudi oil pipelines! Things would turn into a real [email protected]#k
     
  4. SilverDJ

    SilverDJ Well-Known Member

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    How does a loss of 2.5% of supply translate into "skyrocketing" prices?
     
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  5. stackmans

    stackmans Member

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    Rules of supply and demand and of course there's the mandatory price gouging/profiteering that the petrol companies do.
     
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  6. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    price gouging and profiteering, how much do you think oil companies price gouge 1 or maybe 2 cents a litre?

    Petrol with no excise, tax or transportation cost in Saudi Arabia is about 75 cents a litre in Saudi

    75 cents per litre Australian in Saudi petrol pump operated by a slave (inc refinery and marketing cost)
    45 cents Australian Excise tax
    20 cents a litre for price gouging, cost of tanker transport, additional storage and higher labour cost in Australia.
    14cents gst
    $1.54 per litre in north Sydney
     
    Last edited: Sep 15, 2019
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  7. alor

    alor Well-Known Member Silver Stacker

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    where did all the money went, after 70+ years of pumping oil ???
    Trump stole it, the money used by plunge protection team...they are not returning them
     
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  8. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Highly likely the Aussie public will get pumped on this. The major retailers I suspect will ramp up prices come Monday even thought the oil / refined petroleum was bought and paid for over a month ago. It's a total rort that no Aussie Govt will dare interfere with.
     
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  9. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    Hell yes they will price gouge with the reserves and blame the price increases on the attack .
     
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  10. openeyes

    openeyes Well-Known Member Silver Stacker

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    Most of it has gone into real estate expansion and price increases. Squandered on the middle class suburbs. Depending on the damage and rectification timeframes this likely just a pump and dump.
    However if the US can get enough leverage over Iran with this then all bets are off to where that might take us.
     
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  11. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Why is it a rort, all businesses would take the same advantage or are you advocating for nationalisation?

    Anyone running a business knowing that next order of supplies will cost more will increase prices today.
     
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  12. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Still not too late to put in an order for gold at Friday's price. :D
     
  13. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    From a US perspective the last oil crisis there caused by Arab supply issues (maybe it was during the Arab spring can't remember) was entirely covered barrel-to-the-barrel by shale and fracking. I don't even think there were any disruptions to supply.

    Not sure if we're in the same position, especially considering government positions on fracking. Time we put aside the hype and misinformation about the technology and worked toward increasing our oil production facilities.
     
  14. Silverman99

    Silverman99 Well-Known Member Silver Stacker

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  15. mrsilverservice

    mrsilverservice Well-Known Member

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    I would say just this - Black Gold not Yellow Gold :D

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    The Book of Psalms Chapter 145 verse 19

    He will fulfill the desire of those who fear Him,He will also hear their cry and save them :)
     
  16. alor

    alor Well-Known Member Silver Stacker

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    have you ever heard in the news that Saudi get paid for their oil other than US Treasuries, that got re-cycled back again ....
     
  17. openeyes

    openeyes Well-Known Member Silver Stacker

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    Not sure I get your meaning.
     
  18. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Lol Saudi represent 20% before US fracking, now 10% of world oil trade. Oil can be bought using what ever currency the seller wants to accept.
    The myth of petro dollar is perpetuated by people who thinks Saudi suppliers 100% of world oil
     
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  19. 66rounds

    66rounds Well-Known Member Silver Stacker

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    The petroleum sales of Saudi have helped establish the US dollar as the reserve currency of the world, that is what the term petrodollar indicates. Clearly its relevance in recent times is waning as the threat of US dollar debasement drives nations to alternative arrangements.
     
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  20. TreasureHunter

    TreasureHunter Well-Known Member

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    I expected more influence on gold's price, but it didn't have much effect.

    On the other hand, many have been expecting a correction and gold's price has started bending downwards, but something pushed it back up.
    Could it have been this event?

    Let's just hope the events down there won't unfold into a massive regional tragedy.

    Now I think about all those people who live in Dubai (between those two countries). All those rich Westerners who bought property there.

    They must go nuts now.
     
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