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April 21, 2011

Gold, Oil and Canadian Dollar soaring

CANADA - The prices of gold and oil keep going up, but Canadians aren't noticing as much because our dollar keeps going up too.

Spot gold prices today rose to an all-time high of $1,505.70 USD an ounce. Gold prices usually rise during times of economic instability. Gold prices have risen six-fold from just $250 an ounce in 2001.

Silver prices also soared above $45 USD for the first time since 1980.

Meanwhile, the Canadian dollar rose by 0.35 of a cent to close at $1.049 USD, its highest point since November of 2007.

The Canadian dollar is mostly effected by oil prices (see The Canadian Petro Dollar), which is now over $110 USD / barrel.

The average price of a litre of gas is $1.32 in Toronto today, according to Gaspricebuddy.com. Gas prices were up 18.9% in March, compared to a year ago, and continue to soar.

Higher transportation costs will also increase the price of food.

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