A few weeks ago we asked our readers to predict which metal—copper, gold lead, nickel, uranium or zinc—would lose the most value during 2008. Forty per cent of you thought nickel would be the big loser. You were almost correct.
The nickel price dropped 62.8% last year, but the price of lead was off 64.6% according to figures at www.MineralPrices.com. Copper closed out the year down 56.1%, uranium oxide down 43.0% and zinc down 53.8%. Those are very steep drops, indeed, when a metal loses half its value over a period of 12 months.
Gold was the exception. The price of a troy ounce finished 2008 up 6.2% over Dec. 31, 2007.
So let us ask a follow-up question: Which metal will show the highest price increase during the first quarter of 2009? We will use the same metals and see if the collective readership of CMJ can spot a winner. Please go to www.CanadianMiningJournal.com to vote.