Gold And Metal Prices Rose To A New Record High
Online, November 9, 2010 (Newswire.com) - Sahit Muja: Gold and metal prices rose to a new record high today . Gold, metals and other precious metals prices increase even more strongly as eurozone sovereign debt concerns re-emerged Gold prices rose to $ $1417.50 a troy ounce, silver $ 2,776.30, platinum & 1,788.30, palladium 728.40, copper 396.30 C for lb.
Investors worried about euro, dollar and other currency devaluation pushed gold, metal and oil prices prices to a new highs today. Weakening euro spurred demand from investors for wealth protection.
The rise on oil, gold, copper and metal prices this year has been fuelled by growing demand in India, China, Brazil, Russia, Germany, Turkey and Middle East. Albanian Minerals expect surge in oil, metals and gold prices in coming years.
Global stainless steel production rose more than 40 percent in the first half of 2010. Continued global economic growth and increasing demand for steel is putting a big pressure in ferrochrome prices.
Global ferrochrome output has failed to keep pace with the jump in demand, with current stockpiles too low to fill the gap.
China and India are seen driving global ferrochrome demand because of their growing steel industry, also Russia, Japan, Turkey, Brazil, Soudi Arabia, Qatar and South Korea have a big infrastructure projects underway that need millions of tons of steel
Demand from China an India has fuelled the metal, gold, copper and oil prices. Ferrochrome prices are expected to grow up to 40% in 2011. Economic growth in China, India, Brazil has coincided with growth in the commodity demand and prices. Iimpressive growth in demand and prices is expected in 2011.
Gold, copper and other metal reserves and production have begun to tighten as miners struggle to meet the predicted soaring demand in coming years. Albanian Minerals in NY and Bytyci SHPK in Tropoje Albania is expecting 30% increase on oil, gold and copper prices in 2011.
Sahit Muja
President & CEO
Albanian Minerals
