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Oil at $100................
2manycoins2fewfunds
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NEW YORK (Reuters) - U.S. crude oil futures hit a record $100 a barrel on Wednesday, surging more than $4 as violence in OPEC members Nigeria and Algeria combined with a weak dollar and a cold snap to boost crude futures.
Fresh buying at the new year was also cited as helping lift the oil futures complex.
On the New York Mercantile Exchange at 12:17 p.m. EST, February crude was up $2.67 or 2.78 percent at $98.65 a barrel, trading from $96.05 to $100.00, a record front-month high, eclipsing the previous record of $99.29 hit November 21.
Fresh buying at the new year was also cited as helping lift the oil futures complex.
On the New York Mercantile Exchange at 12:17 p.m. EST, February crude was up $2.67 or 2.78 percent at $98.65 a barrel, trading from $96.05 to $100.00, a record front-month high, eclipsing the previous record of $99.29 hit November 21.
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Knowledge is the enemy of fear
"Seu cabra da peste,
"Sou Mangueira......."
Not saying it won't get to $100 in electronic trading fairly soon, but I used to be an independent trader on the floor of the NYMEX & know how far certain people will go just to get a print at a certain price.
<< <i>Does someone have a link to a coin forum? >>
Given how much oil has been connected to gold prices lately, and how much gold prices can influence the coin market, this isn't as OT as the OT police would try to make it sound.
<< <i>Does someone have a link to a coin forum? >>
Here ya go...........
Gold rings in record high
Investors flock to the safety of precious metals amid concerns about global instability and surging oil prices.
By Ben Rooney, CNNMoney.com staff writer
January 2 2008: 2:01 PM EST
NEW YORK (CNNMoney.com) -- Gold prices surged into record territory Wednesday as lingering geopolitical concerns and a spike in oil prices fueled demand for the precious metal.
The price of gold jumped $23.30 to $861.30 per ounce by mid-day Wednesday after settling at $838 on Monday on the New York Mercantile Exchange.
"With global uncertainties, a big rise in crude prices and stocks wobbling, people are having memories of 1980," said Jon Nadler a Senior Analyst at Kitco Bullion Dealers in Montreal.
Gold prices reached a record high of $825.50 in January of 1980, amid a similar combination of geopolitical turmoil and high energy prices. But that record was topped in November, as oil prices and a weak dollar drove gold prices to a settle price of $833.50 per ounce.
Nadler thinks that gold's current rally is being fueled by global uncertainties highlighted by the assassination of former Pakistani Prime Minister Benazir Bhutto last week.
Investors are wary of political instability and tend to flock to safe-haven investments like precious metals when signs of unrest become apparent.
Meanwhile, crude prices pushed past $100 a barrel Wednesday. The record breaking run was sparked by violence in oil-rich Nigeria, anticipation of another dip in domestic stockpiles and a halt in crude imports from Mexico.
In addition to global uncertainty and surging oil prices, concerns about the domestic economy are also supporting gold's rally.
The Institute of Supply Management said Wednesday that manufacturing activity unexpectedly declined in December. The report raised questions about the possibility of another Federal Reserve interest rate cut and concerns that the country may slip into a recession.
Nadler thinks the situation could change but sees more volatility in the first half of the year, with big swings in the price of gold becoming commonplace.
"We're entering uncharted territory, we'll have to see how sustainable it is," he said.
Neat! Maybe all those Dolley Madison coins will be profitable after all.
Thats what I was thinking, the Dolley unc's are lookin good at $509