Black and Blue Friday for Oil Producers and Gold Miners: Episode 27
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 30 November 2014
⏱️ 36 minutes
🧾️ Download transcript
Summary
* Oil and gold stocks down
* OPEC announced no decline in oil production
* Crude trading below $66/barrel
* Bump to the Dollar
* Mining sector takes a hit
* Gold down
* A no vote on Swiss Gold initiative bullish for gold
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.3 | Well today may be Black Friday, but it is Black in Blue Friday in the oil patch and |
| 0:14.3 | in the gold mining sector. |
| 0:17.1 | Yesterday, OPEC came out and announced that they would not be making any cuts to their |
| 0:23.5 | production. |
| 0:24.8 | We had the biggest decline in oil prices in over five years. |
| 0:28.8 | West Texas crude down almost eight bucks, about seven seventy, as I'm looking at the prices |
| 0:35.2 | right now. |
| 0:36.2 | Down over ten percent on the day, crude now trading just below sixty six dollars per |
| 0:42.4 | barrel. |
| 0:43.9 | The weakness in crude oil also helping the dollar snap about a three day losing street, |
| 0:49.0 | particularly weak where some of the energy exporting currencies like the Canadian dollar. |
| 0:55.2 | The mining sector also getting beaten up on the back of the weakness in the oil price. |
| 1:01.4 | Gold capping off a two day decline of about thirty bucks on Wednesday. |
| 1:06.8 | Gold was just at twelve hundred just above twelve hundred. |
| 1:10.9 | It's now below eleven seventy, around eleven sixty six and change down just over thirty |
| 1:16.6 | dollars. |
| 1:17.6 | The majority of that decline happening today during the abbreviated holiday session here |
| 1:23.4 | in the U.S. |
| 1:25.2 | Some of those declines though began last night, but they really accelerated based on the |
| 1:30.8 | weakness in oil and of course the corresponding strength in the U.S. dollar that was buffeted |
| 1:36.4 | by the weakness in oil. |
... |
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