Credit Crunch Takes Its Toll on Base Metals

HAYWOOD MINING TEAM, Haywood Securities (10/20/2008)
"The base metals were down 17% on average quarter over quarter; with declines particularly sharp since early September. Even gold was not immune to the broader impact of the ongoing credit “crunch”. Silver decoupled from gold, with the 29% decline quarter over quarter paralleling those in the base metals sector.

We have adjusted our price deck to reflect a more conservative outlook towards (near-term) global demand. We have made revisions to our base and precious metals price deck, with long-term price assumptions mostly unchanged."

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