February 21, 2011

Libya crisis threatening to derail economy

El Saharara oil field, in Libya, operated by R...Image via Wikipedia
The violent stand-off in Libya and elsewhere in the Middle East has triggered renewed speculation in precious metals and crude oil prices.
The price of gold jumped $17.60 an ounce today to $1406 an ounce– much nearer its previous peak over $1420. Silver, as well, jumped over $2.00 an ounce to $33.91, precisely the scenario to make silver traders ecstatic. Meanwhile, crude oil, the commodity most directly affected by the intense political unrest, ran up over 5% in price in London to $107.60 a barrel. The last time oil sold at this level was in 2008, just on the eve of an approaching bubble at the $148 a barrel level.

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