Commodity Prices Rise to 24-Year High ($55 oil...gold $440 oz)

[cthrumatrix]

Commodity Prices Rise to 24-Year High on Rallies in Copper, Oil

March 8 (Bloomberg) -- Commodity prices surged to a 24-year high, led by gains in copper and crude oil, on concern that global economic growth is eroding inventories of raw materials faster than supplies can be replenished.

Copper reached a 16-year high, and oil rose near an all-time high in New York, extending the rally in the Reuters-CRB Index of 17 commodities to the highest since January 1981. The index gained 7.1 percent in February, the most in any month since August 1983.

``Everybody wants to be long of commodities,'' said Stephen Briggs, an analyst at Societe Generale in London. Hedge fund managers ``think that the potential returns in commodities are still very high,'' Briggs said.

http://quote.bloomberg.com/apps/news?pid=10000006&sid=aWY57_rGFJWM&refer=home

And Sec. Snow"job" says don't worry we have NO INFLATION.

Peak Oil is getting more mainstream press...be very concerned.

[fertilizeonarbusto]

1. And people yelled at me for putting my money in gold

in December...

[cthrumatrix]

3. it's all related since all is priced in dollars

[Roland99]

2. Figures...when it was time for my high school ring, gold was WAY $$$

Now that my oldest daughter will be ordering hers here shortly, here goes gold again. ;)

[cthrumatrix]

4. Fed comments....blame it on China (not world demand and peak oil)

Fed Bernanke: China Growth Pushing Up Oil

[woosh]

5. please...

it has nothing to do with the deficit...

[htuttle]

9. That makes almost no sense

'China's growth is pushing up oil, but is not due to world demand nor peak oil.'

Doesn't China's growth fall under the category of 'world demand'? Isn't the fact that world daily demand is beginning to exceed world daily supply the very definition of 'peak oil'?

[ramapo]

6. Don't worry, be happy

Like the Snowman says, there's no inflation. Higher gas and food prices, out-of-control housing costs, insurance, healthcare, and tuition increases are offset by cheap TVs and PCs. After all you do buy a new TV every week at the grocery store and it gets easier to afford each week.

[Emboldened Chimp]

7. Meanwhile, silver has skyrocketed...

...under Chimpy's reign.

http://www.kitco.com/charts/livesilver.html#ny

[maggiecleveland]

8. Is Buffet

still shorting the dollar?

[mumon]

10. Really? No inflation? My portfolio...

has skyrocketed in price.

On my blog today (http://mumonno.blogspot.com/2005/03/up-up-and-away.html) I explain why and how come the Repub playbook always winds up with nonsense like this...

[revolution now]

11. actually

your portfolio has probably stagnated in actual VALUE of what the dollars can buy. The dollar has dropped 30% in the past 24 months. Has the market jumped that much? If not, you lost money.

[Yavin4]

12. Folks, Get Back To Your Shopping!!! Ignore This Surge In Commodity

prices, ignore Peak Oil, ignore the new BK bill that's being passed, ignore the tepid job growth, ignore the falling dollar, ignore the increasing interest rates, ignor the high cost of living, etc.

Ignore all of it and get out to those malls and buy that big screen TV on store credit because you really can't enjoy Judge Judy unless it's on a high definition, flat panel TV screen.