We talked about a bull stampede in commodities last week in the Making Money Alert, and boy, it seems as though our timing was perfect.
This morning we saw oil prices vault above $72 a barrel for their third straight record-setting day. This morning’s catalyst happened to be a U.S. government report that showed shrinking gasoline supplies.
Commodities traders were also focused on nuclear tensions between Iran and the international community, as well as supply constraints in Nigeria, the Gulf of Mexico and Iraq.
On the precious metals front, gold futures peaked at more than $630 an ounce after the minutes from last month’s Fed meeting were released. Silver was also higher, as the May silver contract rose 38.5 cents to a $14.17 an ounce — a fresh new 23-year high.
Can commodity prices get any hotter than they are right now? Well, yes, they can. Furthermore, I think they probably will. Now I am not saying there won’t be a pullback in the already sky-high commodities markets such as oil, gold, silver, copper, natural gas, etc. But long-term trends are certainly lining up in favor of energy and higher precious metals prices.
If you’ve been looking for ways to profit from boom in commodities, you owe it to yourself to check out my ETF Trader service. Hey, it often pays to "strike while the iron (or oil, gold, silver, etc.) is hot," and that’s exactly what we are doing in the ETF Trader right now.