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Wednesday, January 17, 2007

Metal News

This is from Bloomberg News (no web link) ...

Jan. 17 (Bloomberg) -- Copper production exceeded demand by 353,000 metric tons in the 11 months through November as global production surged 5.6 percent from the corresponding period a year ago, outpacing consumption, the World Bureau of Metal Statistics said. Usage rose at a 1.8 percent rate during the period, theWare, England-based bureau said today in an e-mailed report.

Meanwhile, gold is rising because the US dollar is falling because net foreign investment in the US is down. Got all that? See, foreigners bought a net $68.4 billion of US securities in November. That's down from $85.3 billion in October, and less than forecasts of $75 billion.

Still, gold seems trapped in a trading range. We need a real breakout to get bullish again.

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