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Will Gold Reach New Record? Copper Scrap Deficit

March 5, 2010 at 0:52 by Vladimir Vyun

Analysts forecast that gold priced in euro will continue to hit new highs. When price will reach its previous peak a cup and handle pattern may occur as investors start selling, causing some decline in price. After that price tend to rise greatly. Gold rose to 836.98 euro per ounce, an all-time record, on March 2nd.

Copper scrap discount to New York-listed futures declined by half in two months on deficit of used metal. Demand for the copper is rebounding on speculation that economic recovery will increase consumption. In the same time, scrap copper becoming scarcer because of harsh winter in the U.S. as snow hampers collection of scarp. May delivery for copper shrunk 0.3 percent to $3.4245 per pound by 11:17 on NYMEX.

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