GOING NOWHERE — The daily price (above) continues its very jerky dance without ever going anywhere for any length of time. To better demonstrate that lack of long-term movement, we publish below a different monthly price chart. This one goes back a full seven years. Note how remarkably steady the price has been for three solid years, ever since the beginning of 2011. What is even more remarkable is that this period includes the imposition of harsh sanctions that halved Iran’s exports during 2012. But you wouldn’t know that from the price movement. The market simply hasn’t cared.
