Friday, January 27, 2006

 

GDP Report 'Supportive', Russian Output Trimmed

Dow Jones Newswire has this on precious metals trading. "Comex silver is still higher although down from its earlier peak on profit-taking, says Tom Boustead, analyst with Man Financial. March silver peaked at a contract high of $9.80 overnight. It is now up 6.5 cents to $9.67."

"'We came in quite strong in the silver,' he says. 'We're getting a little bit of profit-taking coming in." Earlier, a softer-than-forecast U.S. GDP report, which bolstered the euro, was supportive for gold and silver, says Boustead. Gold has also pared its gain, although Feb is still up $1.20 to $561.10."

And Mining Weekly had this on Russian production. "Russia's gold output fell to 168,03 t in 2005, down 3,5% from 2004, industry lobby the Russian Gold Industrialists Union said on Friday. The lobby has revised down its estimate of total gold output in 2004 to 174.14 t from a previous 180.5."

"'The 2004 secondary gold output figure had to be revised down by some six tonnes,' Valery Braiko, head of the lobby, told Reuters. He declined to elaborate."

"The lobby initially expected output last year to reach 183 t. But it cut its forecast in November as reserves at some deposits had proved to be lower than expected, while at others companies had to switch to processing ores with lower than expected quality."

"A lobby statement said output of gold from mines fell by 4,3% to 152,03 t last year from 158,88 in 2004. Gold output as a by-product of other metals rose by 6,8% to 11,12 t from 10,42, while refining of the metal from scrap rose by 0,8% to 4,88 t from 4,84 in 2004."

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