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0 sats \ 0 replies \ @spiderman 3 Oct \ on: If gold is a good metric then the dollar and fiat currencies may be dying faster econ
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Oil has a very elastic supply to demand
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In liquid form, it is perfectly suitable for engineering application, but its volatility (as in, physical volatility, not as in VIX), inflammability make for terrible and dangerous storage options, and transportation (especially, safe transportation) is even more expensive.
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It has terrible fungibility and checking its authenticity is impossible without specialised knowledge and tool.
All these make oil terrible as store of value, or medium of exchange, i.e. bad money.
Now, I don't know if more oil on the net is being produced vs money being printed, but given how easily the OPEC countries raise/cut production suggests the elasticity itself prevents a sustained price rise like you see for Gold.