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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