Summit Notebook

Exclusive outtakes from industry leaders

Audio – The family jewels

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This week’s annual Reuters Global Mining and Steel Summit has been a pretty rich event.

Oh, the guests have been stellar, for sure, but there’s also been a lot of talk about gold and jewelry and the prospect that maybe someday this lousy economy will turn around.

For Peter Marrone, chief executive of Yamana Gold, customers’ willingness to buy jewelry is an important consideration in providing outlook for his company.

But even with times so tough, jewelry sales are an inexact science, he warned. And overall gold demand is less a matter of whether someone is willing to shell out a couple hundred dollars on a new necklace and more based on investors looking for safe-haven investments in times when other investments are far shakier.

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