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Thursday, April 24, 2008

News You Can Use for Thursday -- Silver, Gold, Oil and More

Potentially HUGE news for platinum (and not good news) ...

New Mitsui Mining Autocatalyst Uses Silver, Not Platinum

Mitsui Mining and Smelting Co Ltd said on Wednesday it has developed a new catalyst for diesel engine cars that replaces the use of platinum with silver, a less conventional but much cheaper metal.

By substituting platinum with silver, the cost of precious metals in the production of autocatalysts, which clean car exhaust fumes, would be cut by more than 90 percent, the company said.

Bloomberg has MORE. However, the company won't start selling these new autocatalysts until 2012.

Rice Climbs Above $25 For First Time as Wal-Mart's Unit Limits Purchases Rice advanced above $25 for the first time as Wal-Mart Stores Inc.'s Sam's Club warehouse unit restricted purchases of some types of rice in the U.S.

XX a friend of mine with connections at Costco (!!) tells me that the price of Basmati rice at that retailer is going up on April 28th.

Soybeans Rally on Concern of Reduced Supply in Argentina as Strike Resumes
Farmers went on strike last month for three weeks leading to food shortages across the South American nation. Argentina is the world's third largest soybean supplier and leader in the sale of animal feed and vegetable oil made from soybeans.

Farmers need dry weather or food costs could go even higher
Experts said prices could rise more if a wet spring continues across the nation's midsection and further delays farmers from planting crops in muddy fields. Supplies already are tight and worldwide demand for grain shows no sign of letting up.

Gold Falls for a Sixth Day in London as Dollar Strengthens Against Euro Gold declined for a sixth trading session in London as the dollar strengthened against the euro, eroding demand for the precious metal as a hedge against further drops in the U.S. currency.

Brazil Oil Finds May End Reliance on Middle East, Forecaster Zeihan Says Brazil's discoveries of what may be two of the world's three biggest oil finds in the past 30 years could help end the Western Hemisphere's reliance on Middle East crude, Strategic Forecasting Inc. said.

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