"In fact, the Journal of Commerce index for widely traded commodities has risen 49% since last spring! Fed Chairman Greenspan may dismiss commodities as mere "physical" assets in his vision of an increasingly "conceptual" economy, but average Americans should understand how these dramatic increases in commodity prices will affect our pocketbooks:
gold is around $400, near its 14-year high; platinum is at a 25-year high;
steel prices are up 160%; aluminum 50%; copper 120%;
lumber has soared 93% in less than a year;
coal prices are up 50% over one year ago;
lead is at a 17-year high; nickel is at a 13-year high;
beans, corn, rice, and soy have all risen at least 40%."
Inflation: Alive and Well, by Rep. Ron Paul, MD
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