Are gold and silver appreciating in all currencies?
*Financial Times, by Chris Flood, February 29, 2008
“Record breaking gold eyes move to $1,000
Gold appeared to have the $1,000 level firmly in its sights as bullion continued its record breaking run and rose to a new peak of $975.90 a troy ounce on Friday.
Commodity markets have enjoyed an extra-ordinary week of price strength with oil hitting a record $103.05 on Friday before Nymex April West Texas Intermediate eased back, trading 6 cents lower at $102.46 a barrel.
ICE April Brent also continued to trade above the $100 level, slipping 22 cents to $100.68 a barrel.
Dollar’s weakness has been widely cited as a key driver of the present rally across commodity markets. But analysts at Barclays Capital disagreed.
‘Commodity prices are going up in all currencies. Supply losses, strong demand and low inventory levels are the key drivers, not exchange rates,’ the broker said.”
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