I think you are right on with both points.

First, I am also rather anxious when EVERYONE says inflation is just around the corner – or when EVERYONE says anything.

I also agree that oil has utility – but the run-up in price is more a result of speculation – like gold at this point.

Excellent points M……really excellent.

On the subject of gold, oil and inflation, I think of myself as a contrarian investor and I must admit it worries me how everyone seems to agree inflation is just around the corner, despite official forecasts of at or below target rates in 2010.

I’d draw a slight distinction between oil and gold. At least the former has some productive value, and also gets destroyed on use.