Reply #122: Gold and Platinum End Week With Records

[citizen snips]

NEW YORK (AP) -- Gold and platinum prices reached new highs Friday after mine stoppages in South Africa, a leading producer of the precious metals, led to buying on supply concerns.

Several major mining companies, including AngloGold, Harmony and Gold Fields Ltd., suspended all but emergency operations at some of the world's largest mines because of a national electricity emergency. Other commodities joined the rally, with oil closing above $90 a barrel for the first time in a week.

South Africa is second only to China in world gold production, and is the globe's top producer of platinum. Mine equipment problems, accidents and maintenance have contributed to a production decline this year, however.

Mining operations in the country were suspended Friday on fears that power interruptions would trap workers underground. Gold Fields said it halted all its South African operations, including in the world's largest gold mine, which produces 7,000 ounces per day.

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http://biz.yahoo.com/ap/080125/commodities_review.html?.v=4