Oil, gold, metal and wheat prices are set to rise said Sahit Muja president & CEO of Albanian Minerals in New York.
Mr Muja said “Oil prices climbed toward $82 a barrel Monday as stock market gains encouraged investors to buy back into the crude market. In Asia and Europe, benchmark crude for September delivery was up 94 cents to $81.64 a barrel in electronic trading on the New York Mercantile Exchange. Gold prices gained 2% in the last week”.
Sahit Muja said “Gold gained on expectation that demand for the metal as a store of value may rise as the US Dollar Index (DX) weakens on indication of a slow recovery in the US. Gold prices touched a high of $1,212/oz in the last week and have found support around these levels.
In the last few days, gold prices have rebounded strongly and are currently trading above the $1,200/oz mark”.
Sahit Muja said “Metal prices gained growth around the world is becoming more apparent every day Metals and mining shares were in demand, supported by firmer metal prices and weak U.S. dollar’.
Sahit Muja said “Wheat’s rise to 2-year highs was caused first by heavy rains in Canada and now by a Russian export ban that was triggered by its worst drought in decades.
There are floods in Pakistan and India, another major wheat grower. Wheat prices which have already risen 50 per cent since the end of June. Food prices to rise. Meat prices will also be under pressure – poultry, pork and beef production costs are set to rise, All dairy producers will also have to pass price hikes on to consumers”.
Sahit Muja said “Global economy is set to recover and the global consumption of gold, steel, oil and natural gas will increase. Steel consumption is expected to be 1.25 billion tonnes in 2010 an increase of 10% over 2009″.
Demdand and prices will grow for wheat, oil, natural gas, steel, cooper, aluminum, gold, silver, iron ore, uranium, chrome ore and other metals”.
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