Friday, October 31, 2008

Not Worth a Dime

The price of Nickel is down...

Way down.

Cuba holds 16 percent of the world’s nickel reserves and is currently the world’s sixth largest nickel exporter. In 2005, nickel export revenues totaled $1 billion. In 2007, the profit from nickel exports surpassed tourism profits with a gross of $2.2 billion.

However, with the price of Nickel having fallen by nearly 65%, from $34,000 to $12,000 a ton, Cuba's hard currency shortage will be even more severe than previously expected.

No comments: