N e w s

Lately there have been signs of a slight decrease of platinum and palladium prices, though the rates are still very high. The observers explain this rate change by purely technical reasons - the overheated market needs serious correction. The later development of the events is still unpredictable as the situation is too intense. Last week was also marked by the decrease of world prices on the main precious metals - gold and silver.

Surprisingly, the decrease leader was the silver, for the first time since the beginning of the year rating less than $5.20 a troy ounce. Silver prices decline began after the announcement of an abrupt increase of actual metal reserves at COMEX storages (according to some data - by nearly 5 million troy ounces). Also, the price fall was brought about by the hearsays of a big lot of Chinese silver to be on sale soon and the renewal of mining operations at silver deposits of Penoles, the largest Mexican metal producer. The decrease impulse of the silver market was so inluential that caused changes on the gold market as well. The most "hurt" were cash prices falling to less than $295 an ounce by the end of the week.

World oil prices surged up again after the statement of the Saudi Arabia oil minister that the country will do its best not to increase oil extraction and after the expiration of current quotas. On Friday at NYMEX the prices went over $30 to the nine-year maximum (for the shortest futures).

Elina Shkurupy