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Geopolitical Uncertainty
September 12, 2007

Is there commodity inflation to spur gold and silver?

Oil War Economy

Oil price surges past $80 barrier

"Crude oil prices jumped to a record high of $80 a barrel on Wednesday, as the market judged this week’s move by the Organisation of the Petroleum Exporting Countries to increase production as “too little, too late”.

The jump in oil prices came as other commodities, such as wheat, hit all-time highs at a time when industrialised countries’ central banks are under pressure to hold down interest rates to insulate economic growth from financial turmoil.

US West Texas Intermediate on Wednesday hit an intra-day record of $80 a barrel, above the previous high of $78.77 a barrel reached early last month.

In real terms, adjusted for inflation, oil is at its highest price since the early 1980s, but still well below its peak, equivalent to $109 a barrel in today’s money, reached in late 1979."

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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