Commodity Prices Are Surging As Stagflation Returns – What’s Next?
Everywhere you look, Commodity prices are skyrocketing across the board. Throughout this year, a wide number of Commodities from Copper, Palladium, Iron Ore, Lumber to Uranium have rallied to record breaking highs. Now Natural Gas and Oil Prices have joined them, challenging the view that inflation is transitory.
Oil prices have quadrupled this year and are setting new record highs almost every week.
On Friday, Oil prices crossed $80 a barrel for the first time since November 2014 – taking their gains to over 300% from the 2020 lows.
Goldman Sachs now predicts Oil prices will hit the $90 – $100 a barrel mark by year-end, while Bank of America is convinced the global energy crisis will push Oil prices above $200 a barrel.
Meanwhile, Natural Gas prices have soared more than 8-fold over the past 12 months – climbing over 350% with the benchmark futures contract now trading at the Oil equivalent price of over $230 a barrel.
In total 27 Commodities ranging from the metals, energies to soft commodities have tallied up double to triple digit gains within the in the past year and this is just the beginning.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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