OPEC, Russia Back Continued Oil Cuts, Drawing Trump Ire – President calls oil prices ‘artificially very high’ after group of producers agree to extend partnership through next year.

As domestic gasoline prices surged to their highest level in three years, President Trump railed against the OPEC oil cartel on Friday, declaring that the group was unjustifiably manipulating supplies for selfish gain.

“Looks like OPEC is at it again,” Mr. Trump wrote on Twitter. “Oil prices are artificially Very High! No good and will not be accepted!” The Organization of the Petroleum Exporting Countries makes an easy scapegoat for American politicians. It has been a target of derision by American leaders since the Arab oil embargo of 1973 caused long lines at the pump and badly damaged the economy. Read More @ https://www.nytimes.com/2018/04/20/business/energy-environment/trump-opec-oil-prices.html

Gold and silver were utilized as some of the earliest forms of currencies. The earliest types of government currencies were minted coins made of gold and silver. More importantly, the value of those coins was based solely on the value of the metal within. That meant that the country with the most gold had the most wealth. By the mid-1800s most countries sought to standardize trade transactions. To that end, they adopted various currency standards based on gold. Paper currency or notes were government IOUs redeemable for an equivalent amount of gold. Read More @ http://www.kitco.com/commentaries/2018-04-20/Great-News-Gold-is-Down.html

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