"The price of oil was manipulated up and was due for a big fall."

I believe in the peak oil concept and thus expect oil to recover. Your $70 number is my first target area. Because the price has come off so far, many anticipated projects are now off-line and will only make matters worse. So I expect in a year or two we will see those lofty $150 prices again. Independent of the economic malaise worldwide demand has not softened. Zapata George gave the EIA world numbers on his radio program.

Regardless, manipulation or speculation or a combination of the two, the price got to $147. At that point it was a classic "rhino horn" and it was just aching to be taken down.

I also agree that gold is the better of the two as a safe haven. Gold will adjust to and with the oil price because people cannot transact business with barrels of oil. But oil will have its day as well because one cannot, in our current structure, do anything without the BTU's oil supplies.

P.