James Steel News
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Consumers will sell the least used gold in five years after prices tumbled into a bear market, curbing a source of metal that typically accounts for about one in every three ounces of global supply.
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Gold headed for the biggest monthly loss since December 2011, as assets in bullion-backed exchange- traded products shrank by the most on record, countering an increase in demand for physical metal.
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A remote mine in northern Brazil is set to produce gold so cheaply that its Australian owner Beadell Resources Ltd. could prove irresistible to a buyer.
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Gold use in India, the world’s biggest buyer, may climb for the first time in three years as rising incomes and inflation boost investment demand, undermining efforts to narrow a record current-account deficit.
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Copper, oil and corn fell while gold rose to a record as a lack of progress in raising the U.S. debt ceiling boosted concern the world’s largest economy may default, hurting commodities demand and increasing demand for a haven.
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Platinum and palladium prices may jump this year as a rebound in U.S. automobile sales boosts demand for the metals used in catalytic converters, said James Steel, the chief commodities analyst at HSBC Securities USA Inc.
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Platinum and palladium supply will fall short of demand this year, according to HSBC Holdings Plc.
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Copper jumped the most in 10 months on speculation that demand may increase as Japan rebuilds after last week’s earthquake and tsunami.
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Gold climbed for a third day, poised for a second monthly advance, and holdings in exchange-traded products rose to an all-time high as investors sought to protect their wealth against debt risks in Europe and the U.S.
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Silver assets in exchange-traded products are poised to expand to a record, joining the biggest- ever hoards of gold and platinum, as increased stimulus from the world’s central banks spurs investors to amass precious metals.
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