Not looking good in the short term, and I hope its the short term. If you thought inflation was bad, it looks like its going to get a lot worse. gasoline prices also surged in the last two days, notice the spike at the end of the chart. It keeps rising, currently spot trading price is up to 3.48 per gallon. Means we should be paying more than that as a minimum at the pump soon.
Many of the worlds necessary commodities come from Russia and the Ukraine, and only from there. They also produce a great deal of the world's wheat and corn.
From the article combined they produced about 30% of the worlds wheat, Russia also produces a large share of Palladium and of course oil and gas. Just wanted to point out that lots of commodities are spiking in the short term, hopefully this is temporary but it seems like pressure will be upwards on everything till the smoke clears. Dont like paying $100 dollars to fill up the tank, keeps me from another purchase I would have made otherwise.
Ukraine is called "the bread basket of Europe", because they supply EU with 60% of its corn 50% of the grains needed to feed livestock. As for oil, the price came down double digits (12.5%) today after the Arabs agreed to increase production. Maybe we won't need the Venezuelans after all.
Gas prices locally are declining off their peak. At my usual place, they peaked at $4.15 and now are down to $3.90 for 87
Metal is where the money is at. I am hoarding pennies made 1981 or earlier. They are 95% copper and 5% zinc. They weigh 3.11 g. Actually some 1982 pennies are also mostly copper, sometime in the middle of 1982 they started making the modern Penny as we know it. It weighs 2.7 g and is 97.2% zinc. The remainder I'm unsure of but it may have a trace of copper. Copper is only going to go up in price. Of course it's illegal to melt pennies but if you have an ingot of copper who the hell knows what it was before it went into the furnace. Also there is speculation that the United States of America might do like Canada did and abolish their penny. Should that event come to pass pennies will then be legal to melt. By the way, please no one take my post is encouraging illegal activity such as melting down United States currency. I recommend everyone follows All State local and federal laws
Can't believe how much metals are rising. I remember when gold was selling for less than silver is now.
