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Byline: DAVID SAITO-CHUNG
This may be remembered as the Year of Heavy Metal -- heavy gains by metal commodities, that is.
On Thursday, gold futures roared up 7.60 to $506.30 on the New York Mercantile Exchange. It hasn't hit this level since February 1983.
Platinum, used in jewelry and the catalytic converters of cars, recently hit $1,000 an ounce. Copper, meanwhile, came within decimal points of $2 per pound. Despite mild inflation, demand remains robust for metals amid strains in global supply.
No wonder today's Your Weekly Review has a bling-bling look to it. The list includes Goldcorp of Vancouver, British Columbia, and Southern Copper, which has massive mining operations in Peru.
Yet investors shouldn't make buy decisions based on the latest headlines. Record prices in an underlying metal can boost profits for firms that extract it. But such stocks, especially those that do not hedge against futures prices, can fall fast.
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