Monday, May 2, 2011

Bin Ladin Dead But Gold Sets Record High 1576.48

Spot Gold retraced slightly from it's record all-time high 1576.48. It has carved many new record highs in the last few weeks. It was a historical day for the US military capturing and killing Bin Laden or was it... Obama and the news announced that he was dead while Gold at the same time traded near historical highs and crude oil traded at it's highest since 9/1/2008. Spot Crude Oil All-time Record High was set on 7/11/2008 @ 147.90 on a historical crude oil chart. Some speculators believe crude oil could eclipse the all-time high because of dollar weakness, the compounding national debt, and runaway commodity inflation that has shown little weakness. The US war effort has not helped the commodity situation as the cost of war is also an inflationary cost and the military uses alot of fuel to do operations, missions, and the cost of being in another country. This cost is not being taken from the enemy country - it is taken from the US taxpayer. Needless to say - no matter what you opinion is - the fact is commodities are in-fact soaring.

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