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here let's ask Peter chef's the CEO of euro pacific capital who joins us from connecticut peter happy new year and thanks for being with us again we've certainly had a crazy good equity markets in the last 13 once or more what about commodity marker markets going on so far in the last year or so and going on in the future well I'm very bullish on commodities in fact more so than on most stock markets particularly in the United States you know commodities had been in bear markets up until I think just recently we've broken out of some rather substantial down friends that had been in place not just for commodities in general but for commodity companies may these companies have been heading down since 2011 when a lot of commodities peaked and we've seen some down trends break there as well so as an investor in both commodities and commodity stocks I think things look very encouraging but I think you know overall a lot of the inflation that investors were happy to have manifests itself in asset markets like stocks and bonds and real estate I think a lot of that inflation is now gonna finally rear its head in places where a lot of investors aren't going to be happy especially central banks when they start to see their inflation handiwork showing up you know in producer prices and consumer prices that's gonna be a lot of problems for for investors and the banks yeah although we did have some people on recently Peter and talking about how they're they're pretty bullish on the bond markets going forward what are your specific thoughts on on bonds well you know you have a major bubble worldwide in bonds and obviously that bubbles been inflating for many years and so you know the graveyards are littered with corpses of people who have tried to short that bubble and I you know I couldn't tell you that it's impossible for the bubble to get bigger I mean it certainly is possible but I wouldn't want to be betting on it at this stage and you know betting against it I know it hasn't been a winning bet but you know at some point that bets gonna pay off big-time and I have a feeling that it's not too far off and you know it's not growth that's going to be pricking the bond market bubble it's going to be inflation and central bank's being forced to raise interest rates despite the fact that in many countries particularly the United States the economic growth won't be there but the inflation will absolutely but thank you for that that on bonds us real quick so back to commodities let's talk about oil both WTI West Texas Intermediate and and Brent still over 60 bucks there's about a six dollar spread between the two what do you think's going on now and what do you think's gonna happen in the future in oil yeah well I think oil prices are going higher I mean we've broken through some key levels I think once we get really in West Texas I think once we get above 63 maybe above 70 or so in brent i think we can have another major move up maybe another 20 bucks very quickly you know what really drove the price of oil down was not you know massive production coming from the Bakken in the United States you know it wasn't hydraulic fracking that really did it it was the huge move up in the US dollar in 2014 or 2015 that's what broke the back of the crude oil market and I think dollar weakness renewed dollar weakness is gonna be what's gonna send crude prices ultimately to new highs I mean the high for crude was up around 140 to 150 and I think before this bull market ends we will take that high out because it is gonna be a function of the dollar and last year was the first year in five that the dollar declined it was the biggest decline for the dollar in 14 years it was the biggest decline against the Chinese yuan in nine years and I think the yuan could be a big key to the price of oil going forward I think the US dollar could hit an all-time record low against the yuan in 2018 and I think that will drive a tremendous demand for commodities in China including for oil Peter I want to circle back in case I miss something I want to make sure I got it right did you say you thought oil could could break new records well not next year but I think ultimately we're going to make new all-time record highs above 100 because I expect new yes because I expect new all-time lows in the dollar so if you go back to the Dollar Index for example the low for the dollar index in 2008 when oil was above 140 was about 70 right now the dollar index is about 92 I think the dollar rate this is gonna take out 70 I think we're gonna go below 60 and I think when that happens you can easily see the price of oil in US dollars at a new all-time record I all right thank you for that that would be that would be really interesting if we get there even if it's not in the next year or so above that that high mark from 2008 okay let's get to a couple others I know you love talking about gold and we love hearing about it so last time we spoke I think gold was still below 1300 but above 1300 what say you about where we're going well we're going higher I mean we're about 1320 but you know gold prices are ridiculously low as far as I'm concerned in every currency you know gold had a decent year last year against the dollar it was up I don't know 12 13 % but it was actually down about a percent in terms of the Euro and you know if it were a choice between gold in the Euro I'd much rather own gold I think gold has a long way to go in terms of just about every currency on the planet I'm surprised that the prices are still so low but you know what they say about a gift horse so I you know I advise that people be buying gold be buying silver and if you're lucky enough or you were foolish enough or smart enough as the case may be to have bought a bunch of crypto currencies you know the before the bottom drops out of that market take those profits and and and use them to buy some real money some gold you know don't-don't-don't just hold on to this Digital fool's gold you never disappoint now before we go we've only got about 30 seconds Peter but you know we've had that cold snap that continues actually and I know it's impacted citrus what are we seeing on some of the the commodities over there in particular orange juice etc at the Intercontinental exchange in New York yeah you know I don't watch it that closely I know that cold weather in the south is usually particularly bad for you know an artist use harvests and I think you know the growers down there already got clobbered though from Hurricane Emma so you know III don't know how much worse it's gonna be where you're freezing what didn't get destroyed in the in the hurricane but personally you know I'm headed down to Puerto Rico tomorrow and I'll be there in through May so at least I'm finally getting out of the cold weather here in New England and you know it's I actually think I've overstayed my welcome up here well you have not older style ago you have not overstayed your welcome with us at boom-bust here we thank you so much for joining us maybe you'll give us a call even from Puerto Rico and report on how things get going down there yeah well the next time we do an interview I will be in my puerto rico studio so we'll have to set up a news line or something Peter chefs see you
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