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Bob Moriarty: Gold is Safe Haven for Looming Crash

You can't eat gold. If you want a hedge against economic collapse the survivalists have it right.

BUT all this talk is nonsense. We are already seeing higher energy costs bring massive reserves like Canada's oil sands into production. People talk about the inelasticity of oil demand but COMPLETELY ignore the elastic nature of fossil fuel reserves.

There is enough petrocarbon in the ground in North America to supply US energy consumption at current rates for at least 3000 years. You just won't get it for $1 gal equivalent.