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Message:: [QUOTE="GoldFinger1969, post: 9453257, member: 73489"]Time To Revisit:  Why restart this thread ?  Well, this caught my eye: "...JP Morgan says Russia could give us a nasty surprise by cutting oil output by three millions barrels a day (3pc of world supply), which is physically possible without damaging its own drilling infrastructure. This would drive prices to an all-time high of $190. If Putin went for the jugular with a five million cut, prices could reach $380 a barrel." FWIW, I disagree with the absolute level of the price moves in oil if the output reductions take place.  I think Brent/WTI would head for $125 if 3 MM/bbl./d exit, and maybe $200/bbl/d if 5 million barrels exit.  But the loss of such output would have guestimates all over the place. It would depend on the state of economic growth in the U.S. and Europe; China lockdowns and GDP growth, and willingness of OPEC/Saudi Arabia to make up some of the lost barrels. Nonetheless...an oil price shock, even though it has many DEFLATIONARY and anti-gold variables, would probably be a big boost especially if it re-accelerated inflation. Remember, it was the loss of Iranian oil -- about 4 MM/bbl./d (right between these two estimates) -- that led to gold doubling in price in about 18 months.[/QUOTE]