But it will definitely hit consumer spending causing a slow down in GDP growth. Although, a double dip recession can't be ruled out.
Food prices are also rising dramatically along with energy prices. Throw in the fact that middle class wealth is declining because of dropping home prices and this economy is extremely fragile. No question about it.
On the other hand, I've made some nice returns lately buying crude oil futures :)
I bought at 97 and sold at 103. Should've held longer. I'm in silver now and will be buying Oats futures (which look poised for a breakout) on Sunday when the markets reopen. There ought to be a DU trading group where people can swap ideas/advice.
But yes, income growth is flat, so it's really going to kill the consumer.
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