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April 7, 2008 Dear Friend, Last week copper prices rose to $3.979 while most other metals fell. Precious metals all dipped slightly following last weeks recovery. We ramain bullish on gold and continue to keep our projections for 2008 and beyond. Auto scrap jumped $155 this past week and forced a busheling in Chicago, Nucor's reference grade for sheet scrap to rise from $430 to $600. In the forest products sector lumber recovered $1 to $239 following being at a 26 year low of $238 for 4 straight weeks. The big gainer was plywood which jumped $27 from $295 to $322. However, plywwood has rallied a few times in the last year only to dip back into sub $300 levels. John remains in Chile touring mines and will return on Thursday night. For any questions regarding any reports please continue to forward questions to me. Faithfully yours, Joseph Reagor |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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