Some charts for weekend contemplation:
Now, let's price oil in gold (number of barrels per ounce of gold) rather than US dollars:
As we can see, despite wide fluctuations in the price of oil in dollars, oil priced in gold is more subdued.
The current price of oil in dollars is about the same now as before the financial crisis. What this observer finds interesting is that 1 ounce of gold will purchase about 40% more crude oil now than before the financial crisis!
What does that tell us about the erosion of purchasing power of the fiat US dollar?
Now, let's price oil in gold (number of barrels per ounce of gold) rather than US dollars:
As we can see, despite wide fluctuations in the price of oil in dollars, oil priced in gold is more subdued.
The current price of oil in dollars is about the same now as before the financial crisis. What this observer finds interesting is that 1 ounce of gold will purchase about 40% more crude oil now than before the financial crisis!
What does that tell us about the erosion of purchasing power of the fiat US dollar?
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