Thursday, February 21, 2008

Gold, platinum hit record on oil

SINGAPORE - Gold roared to a record today as crude oil rose above $100 a barrel, while platinum jumped to an historic high on speculative buying driven by supply fears in main producer SA.

Not to be outdone, palladium hit a six-and-a-half-year high and silver rallied to its best level in 27 years, reflecting renewed buying interest from funds and speculators in precious metals.

Gold hit a high of $948,60 an ounce, up from $934,80/935,60 an ounce late in New York on Wednesday, also driven by a struggling US dollar.

NVDL: South Africa supplies 4/5 of the world's platinum. However, platinum can be substituted with palladium. We're not so lucky with oil as I'm sure we're all aware. Coal prices are speeding up even faster than oil. Sorry.

No comments: