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Sunday, March 2, 2008
Commodity Prices Continue to Rise and Break Records
Some of the commodity records and surge in prices during the last week.
Oil: $103.05 a barrel - All time high
Gold: $976.32 an ounce on Friday - All time high
Silver: $19.95 an ounce - 27-year high
Platinum: $2,150 an ounce - down from last weeks' record $2,206 an ounce
Palladium: Reached a six-year high of $585.50
Tin: Went as high as $18,900 a ton for 3-month delivery - the highest since 1989
Gold is expected to go past $1,000 an ounce, based on demand. Supply for platinum is also facing supply problems, as the issues in South Africa concerning power in the mining industry continues. A mining strike and accidents have also cut into supply. Palladium has also been affected by similar issues.
Tin supply has also been tight, based on problems in Indonesia, and so the continual rising prices there.
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