Don't even get me started on oil, its slightly less painful that gold is $1410/ounce

well I think its slightly less painful.....both = totally insane with no doubt!!!!!!!!

Events in Libya create a commodity explosion as silver hits $34 and gold $1410

• February 21st, 2011 12:42 pm ET

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The events that are taking place in Libya over the weekend are a catalyst for a commodities explosion in gold, silver, and oil.  Reports out of Tripoli show that tribal areas that control parts of the nations oil production have specified that they will be discontinuing exports to the west at the end of the week, and oil conglomerate BP has reported that they are pulling their personnel out of the 9th largest oil producer.

In an article this morning from Zerohedge, these two catalysts have sparked an explosion in the price of oil, and along with it gold and silver have risen to near record highs.

As events in Libya overnight spiralled out of control, with dozens if not hundreds killed, the parliament buildng in Tripoli on fire, and output at one of the country's oil fields reported to have been stopped by a workers' strike, BP has said it will soon begin evacuating some of its personnel from the 9th largest producer of oil. And just to complete the total chaos, Iran warships are now going to pass the Suez on Tuesday instead of today, to the full glory of a fully open US stock market. The result: gold over $1,400; silver over $33.50; Crude front month over $93; Brent over $105; etc. Luckily, the US stock market is closed, meaning all this will be "priced in" by tomorrow, and the HFT levitation can resume tomorrow as if today never happened...

In fact, since this article was written earlier this morning, silver has reached $34.00 an ounce, and gold to $1410.00.  Oil is pulling back slightly just before moving higher in the futures market.

All this, with the primary US markets closed for President's Day.

Expect prices for all these commodities to continue this evening, when the Middle Eastern markets open.

Continue reading on Examiner.com: Events in Libya create a commodity explosion as silver hits $34 and gold $1410 - National Finance Examiner | Examiner.com http://www.examiner.com/finance-examiner-in-national/events-libya-create-a-commodity-explosion-as-silver-hits-34-and-gold-1410#ixzz1EesvIjJ6