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

[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.