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May 24, 2011

Gold hits 3-week high on euro debt worries

NEW YORK/LONDON (Reuters) – Gold rose to its highest in about three weeks on Tuesday, as concerns about a spreading EU debt crisis fueled safe haven buying, and the euro’s gains dollar added support.

Spot gold rose to $1,527.45 a troy ounce, its highest since May 4. By 1708 GMT, it had come off the high and was bid at $1,522.24 an ounce, but firmer than $1,516.05 late in New York on Monday.

May 20, 2011

Analysis: Aluminum consumer pinch won’t prompt U.S. restarts

NEW YORK/LONDON (Reuters) – Aluminum users in the United States are feeling the pinch from tight availability, but idled smelters there will not be lured out of semi-retirement while stocks of the metal climb and it can be produced more cheaply elsewhere.

U.S. Midwest spot aluminum premiums — which reflect how tight domestic supplies are — shot to record highs close to 10 cents a lb earlier this month, fueled by strong domestic demand and bottlenecks at North American warehouses. They have eased somewhat since, but are expected to rise again.

May 4, 2011

Silver’s bear turn not over yet after 20 percent dive

NEW YORK (Reuters) – Silver prices, down 20 percent from peaks hit last week, have abruptly collapsed into bear market territory, and chartists say further losses are likely before investors are lured back in.

While for now deemed a correction rather than a return to the languishing market that characterized silver in the 1990s, the speed of the collapse after its parabolic rise this year has shocked even long-term traders accustomed to its volatility, and at times has rattled adjacent markets.

Apr 20, 2011

Freeport to expand mines on strong copper view

NEW YORK, April 20 (Reuters) – Freeport McMoRan Copper &
Gold (FCX.N: Quote, Profile, Research, Stock Buzz) gave a positive outlook on Wednesday for global
demand for all of the metals it mines — gold, copper,
molybdenum.

To help meet growing demand for the red metal and
molybdenum, amid increasingly limited sources, Freeport raised
its 2011 exploration budget, as it moves full steam ahead on to
expand or restart mining projects across the regions where it
operates.

Apr 20, 2011

Freeport sees strong metal prices; to expand mines

NEW YORK, April 20 (Reuters) – Freeport McMoRan Copper &
Gold (FCX.N: Quote, Profile, Research, Stock Buzz) gave a positive outlook on Wednesday for prices of
all of the metals it mines — gold, copper, molybdenum.

The company also increased its 2011 exploration budget as
it continues projects to expand or restart mining projects
across the regions where it operates.

Apr 15, 2011

Prices for pink diamonds on the rise, experts say

By Carole Vaporean

NEW YORK, April 15 (Reuters Life!) – Although a 10-carat purplish-pink diamond failed to meet its reserve price at an auction this week, the market for the rare colored gems is still strong, experts said on Friday.

“Pink diamonds are red hot,” said David Young, president of Wexford Capital Management, a broker of fancy colored diamonds.

Apr 13, 2011

Gold rises as dollar eases; Fed policy eyed

NEW YORK (Reuters) – Gold rose on Wednesday, recovering from its biggest one-day drop in nearly a month, boosted by the dollar’s early fall on expectations the U.S. Federal Reserve will maintain a loose monetary policy despite signs of price pressures.

Spot gold was at $1,457.30 an ounce by 2:39 p.m. EDT, up slightly from $1,453.95 an ounce late Tuesday. It was in the middle of a new, higher plateau, a day after selling off from a record peak at $1,476.21 hit on Monday.

Apr 12, 2011

Alcoa sees higher alumina prices helping Q2 profit

NEW YORK, April 11 (Reuters) – Aluminum giant, Alcoa Inc
(AA.N: Quote, Profile, Research, Stock Buzz), which reported a first-quarter profit that beat
estimates on Monday, benefited in part from higher alumina
prices, as well as increased demand for flat-rolled products
that is expected to continue into the second quarter.

Chief Financial Officer Chuck Lane told Wall Street
analysts on a conference call that the quarterly increase in
revenue came primarily from a 7 percent gain in alumina and a
17 percent rise in flat-rolled products.

Mar 28, 2011

Gold keeps cutting loss as dollar retreats

LONDON/NEW YORK (Reuters) – Gold prices continued to cut their losses on Monday as the dollar erased gains on the euro, once the European Central Bank seemed likely to tighten monetary policy as early as next month.

Earlier, the precious metal fell more than 1 percent when the dollar had gained ground on the euro. But the precious metal remained under pressure as impetus from unrest in the Middle East petered out.

Mar 28, 2011

Tight mine labor, equipment to slow plans

NEW YORK (Reuters) – Top North American miners of gold, copper and iron ore all said this week that a sudden ramp-up of mining projects has begun to squeeze labor and equipment and before long will slow or delay projects.

Executives talking to Reuters at this year’s Mining and Steel Summit said, skilled labor, especially geologists and mining engineers, were hard to come by and lead times on heavy equipment has been stretched out for weeks or months.

    • About Carole

      "Based in New York, I cover all North American commodity markets, with a primary focus on metals and more specifically steel and aluminum. I have also covered economics, international economics, foreign exchange, bonds and stock markets for both TV and Reuters wire."
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