Oil prices strike new 100-dollar record

Peter Schiff predicted this would happen back in 2006 in his book Crash Proof; How to Profit from the Coming Economic Collapse. Once again he is right on the money!

Economic Armageddon is brewing on the horizon and people are fleeing to safe havens of Gold to preserve their wealth, Gold is now at a staggering 867.90 dollars an ounce. With inflation roaring, and the weak US Dollar oil is now over $100 dollars a barrel.

Get ready folks, 2008 is going to be a rough one.

Source:

LONDON (AFP) — Oil prices leapt back into triple figures on Thursday, striking a record high of 100.05 dollars in New York on worries about tight supplies and US currency weakness.

The double effect of surging oil prices and the weakening US dollar pushed gold to its own record. The precious metal struck an historic peak of 867.90 dollars an ounce.

Gold is seen as a defence against inflation, driven in many countries by the surging cost of crude oil.

"Investors are worried about the oil prices and the weak dollar," said Gary Yue, a dealer at Delta Asia Financial Group.

"When the situation is unstable, they invest their money elsewhere and this has boosted the buying interest in gold."