[Ninong]

Crude oil and gold both hit new all-time highs today: $100 for oil and $864 for gold!

12:30 ET Dow -204.44 at 13058.27, Nasdaq -52.50 at 2599.50, S&P -21.85 at 1466.51:
[BRIEFING.COM] In the past half-hour, Crude oil briefly hit an all-time high of $100.00 per barrel, before retreating a bit. Crude for February delivery is currently up 3.5% to $99.34. The previous nominal all-time high was $99.29, reached in November.

The gains in crude are weighing on the Amex Airline Index (-3.5%), which struggled last year due to high oil prices.

As crude rallies, stocks continue to slide. The decline is broad-based, considering all sectors other than energy (+0.5%) are posting a loss of 1% or larger.

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February gold is currently $863.50/oz and February crude oil is currently $99.50/bbl.

Here.

[Ninong]

$900 GOLD!

February gold hit $900.10/oz a little while ago. It's presently $898.50/oz.

P.S. -- I think it may be a reaction to all the talk from Bernanke that he intends to keep on cutting the Fed Funds rate in an attempt to stave off a recession.

[Ninong]

"What will we see first? $100 a barrel oil or $1000 an oz. gold? I think we will see both within the next five years." -- Ninong, March 25, 2005.

That prospect seemed incredible to some when I raised it less than three years ago in a thread started by Scott Passe titled "Gas prices at ~$2.00 a gallon may be a good thing." Back then we were concerned because the price of oil was around $53/bbl, which seemed ridiculously high considering that it was down around $12/bbl in 1998 during the second term of the Clinton-42 administration.

Just think, it was less than three years ago that we were complaining about $2.00/gal gas! Those were the good old days. It won't be long before we will look back on $3.00/gal gas as the good old days.

Crude oil topped $100/bbl twice last week and gold topped $900/oz. Crude oil has pulled back to the mid-90's but gold is well on its way to $1000/oz. It hit $912.00/oz today!