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Former Saudi oil boss says it can cope with low price

Posted on 20 January 2015 by VRS  |  Email |Print

Saudi Arabia can cope with low oil prices for “at least eight years”, Saudi Arabia’s minister of petroleum’s former senior adviser has told the BBC. Mohammed al-Sabban said the country’s policy was to defend its current market share by enduring low prices.
“You need to allow prices to go as low as possible in order to see those marginal producers move out of the market,” he said. Mr al-Sabban advised the ministry for 27 years, leaving last year………………………………………..Full Article: Source

Iran minister’s Saudi visit delayed due to oil price fall: Tehran

Posted on 19 January 2015 by VRS  |  Email |Print

Iran’s Foreign Minister Mohammad Javad Zarif has postponed a visit to Saudi Arabia in protest against Riyadh’s reluctance to cut oil production, a senior Iranian official said on Sunday.
Oil prices have fallen 60 percent from their June 2014 peaks, driven down by rising production, particularly of U.S. shale oil, and weaker-than-expected demand in Europe and Asia………………………………………..Full Article: Source

Marc Faber’s Big Bet: Gold to Rise 30% in 2015

Posted on 15 January 2015 by VRS  |  Email |Print

Famed investor Marc Faber, famously known as “Dr Doom” for correctly forecasting market crashes and for having a perennially bearish outlook, expects gold prices to rise by 30 per cent in 2015. In Indian rupee, gold could surge from Rs. 27,000 to Rs. 35,000 per 10 gram, without adjusting for exchange rate and duties, if his forecast comes true.
“I’m positive that gold will go up substantially (in 2015) say 30 per cent,” Market Watch quoted Dr Faber as saying at Societe Generale’s global strategy presentation in London on Tuesday………………………………………..Full Article: Source

Nichols: Gold price has cleared top two hurdles in 2015

Posted on 15 January 2015 by VRS  |  Email |Print

Gold on Wednesday continued its strong 2015 run with futures contracts on the New York Mercantile Exchange adding as much as $10 an ounce to change hands for $1,244 an ounce, the highest since October 22. Gold has now advanced nearly 5% so far this year and is up sharply from close to four-year lows of $1,143 hit early November.
Expert commentator and economist Jeffrey Nichols of American Precious Metals Advisors, argues in his latest missive titled Gold: Pregnant with Possibility on Wednesday that in 2015 gold will shake off three years of underperformance and continue its long term uptrend:……………………………………….Full Article: Source

Iran will weather oil price slide, Saudi Arabia will suffer – Rouhani

Posted on 14 January 2015 by VRS  |  Email |Print

Iranian President Hassan Rouhani said Tuesday that Iran can cope with the economic turmoil of falling oil prices, adding that Saudi Arabia and Kuwait will be harder hit. Rouhani said that while oil now only accounts for one-third of Tehran’s budget, some of the Gulf states are up to 95 percent reliant on it.
“If Iran suffers from the drop in oil prices, know that other oil-producing countries such as Saudi Arabia and Kuwait will suffer more than Iran,” he said. He added that “Kuwait’s budget is 95 percent reliant on oil,” and 90 percent of Saudi Arabia’s “annual exports are related to oil.”……………………………………….Full Article: Source

The days of $100 oil are gone: Saudi prince

Posted on 13 January 2015 by VRS  |  Email |Print

Prince Alwaleed bin Talal, billionaire businessman and a memeber of the Saudi royal family, told USA Today that $100 oil prices are history. “I’m sure we’re never going to see $100 anymore,” said Al-Waleed. “I said a year ago, the price of oil above $100 is artificial. It’s not correct.”
The prince, who was recently estimated to have an estimated wealth of $31.2 billion, said the decline is due to both too much supply and weak global demand. He noted that Iraq and Libya, despite unrest, are both producing a lot of oil. Many major economies, except the US, are weak………………………………………..Full Article: Source

Venezuela’s Maduro seeks support from Saudi Arabia on oil prices

Posted on 12 January 2015 by VRS  |  Email |Print

Venezuelan President Nicolas Maduro met Saudi Arabia’s Crown Prince Salman in Riyadh on Sunday as part of a diplomatic tour of OPEC members to discuss falling oil prices, which have hit its economy hard.
The Saudi side in the meeting included Oil Minister Ali al-Naimi and several princes including Deputy Crown Prince Muqrin, intelligence chief Prince Khaled bin Bandar and three sons of King Abdullah, who is in hospital, state media reported………………………………………..Full Article: Source

Jim Rogers Gold Price 50% Correction Low During 2015

Posted on 09 January 2015 by VRS  |  Email |Print

Jim Rogers Gold outlook for 2015 according to a recent youtube video is for the gold price to halve from its all time high during 2015, which implies a drop from its April 2011 high of $1923 to $960 as the following extract illustrates -
“We have a lot of people who bought gold in the last 14 years. Gold has not had a proper correction for a long long time and in my view until there is a proper correction Gold cannot make a bottom and start over.” “Gold has not been down 50% in many years and that is not normal, most things go down 50% every 3 or 4 years, it’s just the way markets work.” “If Gold were to go down 50% that would be $960″………………………………………..Full Article: Source

OPEC trying to punish US oil frackers: Kovacevich

Posted on 07 January 2015 by VRS  |  Email |Print

The refusal by OPEC to cut production in the face of prices plunging to 5½-year lows shows the cartel is looking to put a lid on the U.S. fracking boom, former Wells Fargo Chairman and CEO Richard Kovacevich told CNBC on Tuesday.
U.S. crude prices were lower again in early Tuesday trading—below $49 a barrel at one point—following Monday’s 5 percent drop in New York to lows not seen since April 2009. The price collapse has been pressuring stocks, which saw the Dow Jones Industrial Average fall 331 points Monday, the worst session in three months………………………………………..Full Article: Source

OPEC’s Badri says hopes for oil price revival by end H2 2015

Posted on 22 December 2014 by VRS  |  Email |Print

OPEC Secretary-General Abdullah al-Badri told Reuters on Sunday he hoped to see a recovery in the price of oil by the end of the second half of 2015.
“We hope the price would rebound by the end of the second half of 2015,” he said. “We can’t see the market now, we have to wait until the end of the second half of 2015 to see how the market react to these low prices.”……………………………………….Full Article: Source

Oil price fall is temporary, says Saudi minister

Posted on 19 December 2014 by VRS  |  Email |Print

Recent falls in the price of oil are likely to be temporary, says the oil minister for Saudi Arabia, Opec’s biggest producing nation. Ali al-Naimi said commodity price fluctuations were to be expected and said he was hopeful for the future.
He added it was “difficult, or even impossible, for Saudi Arabia or Opec to undertake any measure that would lead to a reduction in [their] share of the market and an increase in of others”. The price of oil has halved since June. On Thursday, the price of Brent crude was just below $63 a barrel, while US crude was near $58………………………………………..Full Article: Source

Levin seeks crackdown on physical commodities

Posted on 17 December 2014 by VRS  |  Email |Print

Sen. Carl Levin has introduced a bill seeking to crack down on trading on inside information in physical commodities, the first such legislation limiting Wall Street banks’ ability to deal in physical markets from crude oil to aluminum.
The bill, co-sponsored with Republican John McCain, is seen as the Michigan Democrat’s parting swipe at Wall Street before he retires in January. He has previously accused Goldman Sachs and other banks of manipulating physical commodity markets……………………………………..Full Article: Source

Predicting The Oil Price: Smart Vs Lucky

Posted on 16 December 2014 by VRS  |  Email |Print

Paul Krugman made the point recently that the only stock market forecasters who correctly predicted a market drop were those who always predicted falling markets. This is known as the ‘stopped watch’ approach to forecasting: constantly make one prediction and eventually the market will move in that direction.
Especially for oil prices, which are highly variable, this works wonders to the point where the great Adam Sieminski often joked that you should predict the price or the date, but not both………………………………………Full Article: Source

Opec veteran says oil price a ‘disaster’ and cartel powerless

Posted on 12 December 2014 by VRS  |  Email |Print

Opec is now “powerless” on its own to prevent oil prices falling further because of a 2m barrels per day (bpd) surplus of supply in the market and the cartel should seek a deal with Russia, Norway and Mexico to arrest the decline, according to a senior Gulf official.
Speaking exclusively to the Telegraph, Abdullah bin Hamad al-Attiyah, a senior adviser to the Emir of Qatar and a former president of the Organisation of Petroleum Exporting countries (Opec) said: “Opec can’t solve this problem alone like before, now it’s a different story. Russia, Norway and Mexico all must sit down with Opec to discuss making cuts.”……………………………………….Full Article: Source

Roubini Global Predicts Sub-$60 Iron Ore Amid Massive Surplus

Posted on 11 December 2014 by VRS  |  Email |Print

Iron ore may drop to less than $60 a metric ton next year as the largest mining companies press on with raising supply, deepening a glut just as demand growth in China falters, according to Roubini Global Economics LLC.
The commodity will average $65 a ton in 2015, with weaker prices in the first half before a recovery as some higher-cost capacity is closed, Director of Commodities Helen Henton said in an interview. While producers won’t fare well in an environment of falling prices, it does make sense for low-cost suppliers to keep expanding in the expectation that less-competitive mines will be shuttered, she said………………………………………..Full Article: Source

Jim Rogers Weighs in on Commodities Carnage

Posted on 09 December 2014 by VRS  |  Email |Print

As global commodities prices plummet, it’s incredibly convenient to pronounce the commodities super-cycle dead, isn’t it? Yet banks from Goldman Sachs to Citigroup to Deutsche Bank are on record as saying it’s over. The Rogers Commodities Index, which represents the value of a basket of 36 commodity futures contracts, is down 20% since mid-June.
But does incredible opportunity lie among the carnage? Well, I asked the Founder of the Index, celebrated hedge fund manager and bestselling author, Jim Rogers………………………………………..Full Article: Source

Commodities Guru Frank Holmes Explains Why Oil Production Will Tumble

Posted on 05 December 2014 by VRS  |  Email |Print

If you want to understand why the drop in oil prices is temporary there are two things that you need to be aware of. 1) Oil demand growth is relentless. The EIA is still projecting that global oil demand is going to increase by 1 million barrels per day next, and the year after that, and the year after that…..
2) The rise in production has been entirely from North American shale which has hyperbolic decline rates. Crimped cash flow, and tight debt markets means a big reduction in drilling. Without a continued frenzied pace of drilling production will fall quickly………………………………………..Full Article: Source

OPEC: Saudi Prince says Riyadh won’t cut oil unless others follow

Posted on 03 December 2014 by VRS  |  Email |Print

Saudi Arabia’s former spy chief Prince Turki said world’s biggest oil exporter won’t surrender market share to anyone. Saudi Arabia’s influential royal Prince Turki al-Faisal al-Saud has said the kingdom would only consider cutting oil production if Iran, Russia and the US agreed to match those cuts because it wants to protect its market share.
Speaking in London, the Prince who is a senior Saudi royal and the former head of the country’s spy agency, said that the kingdom would not repeat previous mistakes of surrendering its share of the global market for crude to its rivals………………………………………..Full Article: Source

Commodities Guru Sees Bullish Markets Ahead

Posted on 27 November 2014 by VRS  |  Email |Print

Roughly seven years ago, commodity prices were surging to record highs as Western economies grew at a decent pace and Asian economies experienced supercharged growth. Though the 2008 financial crisis led to a pullback, commodity prices began moving higher again in 2009 and 2010 as economists predicted a synchronized global economic rebound.
We now know that such a widespread rebound never took root, and by the spring of 2011, commodity prices were showing signs of a breakdown. Fast forward to 2014, and this asset class is now deeply out of favor. The underperformance relative to stocks, in that time, has been quite striking…………………………………..Full Article: Source

Jim Rogers Weighs In on Commodities

Posted on 27 November 2014 by VRS  |  Email |Print

Roughly seven years ago, when China’s economy was surging and dollars were cheaper, “commodities” was one of the sexiest words in the investment lexicon. Seven years later, many commodities—including oil, copper, and gold—have fallen in value and out of favor for a host of reasons.
So what’s next for this timeless asset class? In a piece published Wednesday, Street Authority writer David Sterman discussed what legendary investor Jim Rogers is thinking about an investment category he has helped promote in recent years…………………………………..Full Article: Source

Saudi oil minister expects oil price to ’stabilise’ as OPEC gathers

Posted on 27 November 2014 by VRS  |  Email |Print

Oil prices are likely to again come under pressure Wednesday after Saudi Arabia’s oil minister showed little sign of concern ahead of a crucial meeting of the Organisation of Petroleum Exporting Countries (Opec). Speaking to reporters on the sidelines of the gathering of some of the world’s biggest oil producing countries in Vienna, Ali Al-Naimi said: “The market will stabilise itself eventually”.
He added that that Opec had made no decisions ahead of its formal meeting tomorrow after he met with senior oil emissaries of Russia’s President Vladimir Putin on Tuesday…………………………………..Full Article: Source

‘Modi effect’ aids surge in gold import

Posted on 18 November 2014 by VRS  |  Email |Print

India’s gold import bill for October rose 280 per cent over a year before, to $4.18 billion. Imports of silver surged 136 per cent, to $686 million. These import bills are the highest since May 2013. Apart from marriage and festival-related demand, imports are also rising due to lower prices of both precious commodities.
The World Gold Council (WGC) said the rise in demand for gold over recent months — it has picked up pace since June — was due to the “Modi effect”. It said in a report on the demand trend for the quarter ended September: “General sentiment among the Indian populace is on the up, aided by confidence in the new government…………………………………Full Article: Source

Chen Lin Says Gold Miners Need to Produce at $1,000/oz or Less to Survive

Posted on 18 November 2014 by VRS  |  Email |Print

How low can gold go? Chen Lin expects a probable near-term low of $1,000/ounce. The author of the What is Chen Buying? What is Chen Selling? newsletter says that at that price we can expect a bloodbath of companies, both large and small. Gold cannot be kept down forever, however, and once the bottom is in, those miners that have survived will be in an enviable position, able to buy lucrative assets at bargain prices.
I am not a big fan of conspiracy theories, but Goldman published a report in early September calling for $1,000/oz gold by the end of 2014. As I saw it, this call was quite aggressive. Goldman will lead and probably has been leading a group shorting gold aggressively. Kitco has published a report arguing that should gold fall to $1,000/oz, this would be catastrophic for most gold miners. The shorts, unfortunately, probably don’t care about gold mining companies and the jobs of those who work for them. They just want to make money. If the gold miners go under, they’ll be very happy…………………………………Full Article: Source

Oil Slide Prompts Iran’s Oil Minister to Visit U.A.E.

Posted on 17 November 2014 by VRS  |  Email |Print

Iranian oil minister Bijan Namdar Zanganeh is preparing to visit the U.A.E. this week, underscoring the deepening concern among OPEC members over the slump in oil prices.
After trips to Kuwait and Qatar last week to discuss strategies to buoy prices, Zanganeh will meet with officials in the U.A.E. tomorrow, Shana, the Tehran-based oil ministry’s news service, said on its website yesterday. The discussions come before the Organization of Petroleum Exporting Countries’ next scheduled meeting on Nov. 27……………………………………Full Article: Source

Andurand Seeing Rational Iran Bets on Oil Price Dropping

Posted on 14 November 2014 by VRS  |  Email |Print

Pierre Andurand, the oil trader who predicted the top of the market in 2008 and the plunge last month, expects prices to drop about $15 over the next six months. Andurand, whose hedge fund gained 5.4 percent last month and 20 percent in 2013, sees Brent crude declining to $65 to $70 a barrel, according to a letter sent to investors on Nov. 11.
He’s betting Iran will increase production after reaching agreement with the U.S. and European Union over sanctions tied to its nuclear program, and that a Nov. 27 meeting of the Organization of Petroleum Exporting Countries that will decide whether to reduce production won’t go far enough, he wrote…………………………………Full Article: Source

Standard Chartered CEO Commits to Commodities Financing

Posted on 14 November 2014 by VRS  |  Email |Print

Standard Chartered Plc (STAN) Chief Executive Officer Peter Sands said financing commodity trade will remain an essential part of its business even after falling prices worldwide helped curb a decade of profit growth.
The company is tightening lending criteria to reduce risk from its $61 billion of credit exposure to commodities, exacerbated by slowing economies in India, China and Korea, the bank’s management said today after a three-day meeting with some of its shareholders in Hong Kong…………………………………Full Article: Source

UAE Oil Minister Says OPEC Has Not Contributed To Oversupply

Posted on 12 November 2014 by VRS  |  Email |Print

United Arab Emirates energy minister Suhail bin Mohammed al-Mazrou said on Tuesday that oil market fundamentals had not changed, and the Organisation of the Petroleum Exporting Countries (OPEC) had not contributed to oversupply.
Speaking at an energy conference in Abu Dhabi, he said: “Fundamentals in the market didn’t change, OPEC didn’t contribute to an oversupply … We shouldn’t panic.” Asked who was oversupplying the market, the United States or Russia, he replied: “We all know that this supply in the past years came from the revolution in shale oil and (if) you look at numbers you will find this.”……………………………………….Full Article: Source

Putin feels the pinch as falling oil price sees Russia’s growth downgraded

Posted on 03 November 2014 by VRS  |  Email |Print

Deutsche Bank revises down its estimates for Russia’s economic as Brent crude oil slides towards $80 per barrel. Russia’s economy is being hammered by falling oil prices but analysts are warning that the financial pain for the Kremlin has only just begun.
“The Russian economy is heavily reliant on oil revenues, with energy and energy-related production amounting to a substantial share of total economic output, half of the federal budget revenues and almost two-thirds of export revenues,” wrote Deutsche Bank’s research team in a note to investors………………………………………..Full Article: Source

OPEC chief sees no big change on oil output in 2015

Posted on 31 October 2014 by VRS  |  Email |Print

The Organization of the Petroleum Exporting Countries (OPEC) is unlikely to change much on its output next year, and there is “no need to panic” at the price drop, said the OPEC’s secretary general Abdalla El-Badri Wednesday in London.Badri said:” I don’t think 2015 will be far away from 2014 in terms of production. There is nothing wrong with the market.”
OPEC’s expected production level is 30 million barrels per day (bpd) this year. “If prices stay at 85 U.S. dollars, we will see a lot of investment, a lot of oil, going out of the market, about 65 percent of the producers, they have high costs. Not OPEC,” he told the conference………………………………………..Full Article: Source

Goldcorp CEO Jeannes Sees Gold Price Floor Around $1,200

Posted on 31 October 2014 by VRS  |  Email |Print

Gold won’t dip much below $1,200 an ounce as Asian buyers help create a price floor, according to the biggest producer of the precious metal by market value.
Gold will probably trade in a range of about $1,200 to $1,400 in the next six to 12 months, Goldcorp Inc. (G) Chief Executive Officer Chuck Jeannes said in a phone interview today. While continuing uncertainty about U.S. monetary policy will keep financial investors hesitant, physical demand will support prices, he said………………………………………..Full Article: Source

OPEC Chief Says Output Likely to Stay Unchanged Despite Price Fall

Posted on 30 October 2014 by VRS  |  Email |Print

OPEC’s oil output is likely to remain around the same level next year as it has this, while the group is unlikely to cut the ceiling on its production at a meeting next month despite the recent sharp slide in global oil prices, its secretary-general said Wednesday. “I don’t think 2015 will be far away from 2014 in terms of production,” Abdalla Salem el-Badri told reporters on the sidelines of an industry conference in London.
Mr. al-Badri’s comments will temper expectations that the Organization of the Petroleum Exporting Countries could seek to cut its oil output in response to oil price weakness at its next meeting in Vienna, Nov. 27………………………………………..Full Article: Source

Sabic chief exec says oil price decline is temporary

Posted on 27 October 2014 by VRS  |  Email |Print

The recent decline in global oil prices will prove temporary even if it lasts a year or so, since population growth will ultimately bring higher consumption and prices, the chief executive of Saudi Basic Industries Corp (Sabic) said.
Mohamed al-Mady was speaking to reporters yesterday after the company, one of the world’s largest petrochemical groups and the Gulf’s largest listed company, reported a 4.5% drop in thirdquarter net income, missing analysts’ forecasts. It blamed sluggish third-quarter sales, which edged down to 48.71 billion riyals (RM42.56bil) from 48.80 billion riyals a year earlier………………………………………..Full Article: Source

Recent decline in crude oil price artificial: Jim Rogers

Posted on 17 October 2014 by VRS  |  Email |Print

Even as crude oil prices have dipped to all-time lows, Jim Rogers of Rogers Holdings told ET Now that the decline is ‘artificial’. “Some of this (oil price decline) is artificial. OPEC is trying to drive down prices because of Shale competition. The oil situation is very artificial at the moment.”
“It looks like a lot of people are dumping. This is artificial. Though I would not be dumping oil myself,” Rogers said. Asked about the US Shale gas boom, Rogers said, The Shale boom will not continue very strong especially if prices do come down. That is high cost oil, and remember those are very short lived wells,” Rogers said. “The production runs down very quickly,” he added. ……………………………………….Full Article: Source

Why Murenbeeld Thinks Gold Will Hit $1,335

Posted on 17 October 2014 by VRS  |  Email |Print

It seems hard to find someone who is bullish on gold prices these days but this economist thinks $1,335 gold may not be far-fetched. “One of the things that tend to be overlooked…is that the real interest rate in the U.S., particularly at the short end, is going to remain negative right through 2015,” he said.
“Furthermore… you will have significant additions to global liquidity and that is one of the key factors in our models and our forecast [for gold].” On this special 5-year interview with Dundee Capital Market’s Martin Murenbeeld, everything from QE4 to the U.S. dollar strength are covered. He thinks the U.S. currency is overvalued and a fiscal policy initiative should be put in place to rectify the situation………………………………………..Full Article: Source

Saudi Prince Alwaleed says falling oil prices ‘catastrophic’

Posted on 15 October 2014 by VRS  |  Email |Print

Intervention of Saudi royal may pressure Opec to cut production at its forethcoming meeting to arrest the slide in prices. Saudi Arabia’s most high-profile billionaire and foreign investor, Prince Alwaleed bin Talal, has launched an extraordinary attack on the country’s oil minister for allowing prices to fall.
In a letter in Arabic addressed to ministers and posted on his website, Prince Alwaleed described the idea of the kingdom tolerating lower prices below $100 per barrel as potentially “catastrophic” for the economy of the desert kingdom………………………………………..Full Article: Source

OPEC’s Badri expects OPEC to lower output target

Posted on 18 September 2014 by VRS  |  Email |Print

OPEC’s secretary general said he expected the group to lower its oil output target when it meets in late November, which would be its first formal output cut since the 2008 financial crisis.
Abdullah al-Badri was speaking after meeting Russian Energy Minister Alexander Novak on Tuesday. Oil dropped below OPEC’s preferred level of $100 a barrel last week, which also marks the pain threshold for top world oil producer Russia’s faltering economy…………………………………….Full Article: Source

OPEC Secretary-General Says Group May Pump Less Oil in 2015

Posted on 17 September 2014 by VRS  |  Email |Print

OPEC, the group supplying about 40 percent of the world’s oil, may cut production next year, its Secretary-General Abdalla El-Badri said.
The Organization of Petroleum Exporting Countries’ daily output target could fall by 500,000 barrels to 29.5 million barrels in 2015, El-Badri said at OPEC’s secretariat in Vienna after talks with Russian Energy Minister Alexander Novak today. The group’s monthly report on Sept. 10 showed demand for its oil will drop to 29.2 million barrels a day in 2015 from 29.5 million this year………………………………………Full Article: Source

John Paulson Pays A High Price For His Adventure in South African Gold

Posted on 17 September 2014 by VRS  |  Email |Print

John Paulson might have won a battle but he’s losing the war with his big bets on gold. The billionaire fund manager was a key player in forcing one of the world’s biggest gold mining companies, AngloGold Ashanti, to pull the plug on a $2.1 billion rights issue but as the dust settles the value of his 6.6% stake in the stock is sharply lower, and the price of gold keeps falling.
The problem for Paulson is that he’s in the wrong company which is in the wrong commodity at the wrong time………………………………………Full Article: Source

Marc Faber emphasizes need for gold

Posted on 16 September 2014 by VRS  |  Email |Print

Veteran investor Marc Faber, author of The Gloom, Boom and Doom Report, reiterated the need for gold in a diversified portfolio when interviewed last week on CNBC. Faber, a resident of Thailand, is an advocate of gold storage in Singapore, and believes that a diversified portfolio will help protect against future market corrections which he believes are on the horizon.
Faber doesn’t see further new highs this year in the U.S. equity markets, and thinks that there could be an S&P correction of between 10% and 30%. While admittedly Faber has been expecting a U.S. stock market correction for some time now, his view is based on what he sees as weaker earnings from some US consumer bellwether companies………………………………………..Full Article: Source

Saudi oil minister plays down drop in oil price

Posted on 12 September 2014 by VRS  |  Email |Print

Saudi Oil Minister Ali Al Naimi on Thursday played down the drop in oil prices saying this is not the first time crude prices slumped. “Prices of oil always go up and down so I really don’t know why the big fuss about it this time,” Al Naimi told reporters ahead of a regular meeting for oil ministers of the Gulf Cooperation Council (GCC) states in Kuwait City.
The Saudi minister, whose country pumps over 9.5 million barrels per day, said any measures the Organisation of Petroleum Exporting Countries (Opec) needs to take regarding the price slump “should be discussed when Opec meets” in November………………………………………..Full Article: Source

Goldcorp Inc CEO says gold price plunge to $900 would be an opportunity, not a disaster

Posted on 10 September 2014 by VRS  |  Email |Print

The chief executive of Goldcorp Inc. is not fretting over lower gold prices this year and says he would view any price declines as an opportunity to buy assets. In an interview with the Financial Post on Friday, Charles Jeannes, president and CEO of Goldcorp, spoke about the company’s growth prospects in the next year.
Gold prices have steadily pulled back since 2011, when they reached a record intraday price of US$1,909 an ounce. Prices for the precious metal closed Friday at US$1,268.81 an ounce………………………………………..Full Article: Source

Goldcorp CEO Jeannes Sees “Peak Gold” in Sector This Year or Next

Posted on 09 September 2014 by VRS  |  Email |Print

Miners have reached “peak gold,” in which production of the precious metal has hit its high as easy-to-mine gold deposits become harder to find, said Chuck Jeannes, chief executive of Goldcorp, the world’s largest gold miner by market capitalization.
Mr. Jeannes said in an interview that a falloff in supply will support the gold price, but make mining it even harder and lead to further consolidation in the industry. Still, the Vancouver-based miner played down investors’ expectation that Goldcorp itself is poised to make a takeover bid following the rejection of its most recent attempt to buy a rival miner………………………………………..Full Article: Source

Sprott’s Charles Oliver: Gold at $1,500 by Christmas?

Posted on 09 September 2014 by VRS  |  Email |Print

Gold is just as valuable today as it was 100 years ago. There was an orchestrated takedown of gold in April 2013. It has since traded between $1,200/oz and $1,400/oz, and this flies in the face of the conditions you mentioned.
We’re going to have to be patient. We have gone through a bottoming process. We’ve had similar conditions before. In 1974, after the oil embargo, U.S. inflation was increasing dramatically, yet gold fell from about $200/oz to about $100/oz in 1976. Then over the next four years gold subsequently rallied to over $800/oz. In this decade, gold has fallen from $1,921/oz to $1,180/oz, but the fundamentals remain intact, and gold will regain its reputation as a unique store of value………………………………………..Full Article: Source

Goldcorp Inc CEO says gold price plunge to $900 would be an opportunity, not a disaster

Posted on 08 September 2014 by VRS  |  Email |Print

The chief executive of Goldcorp Inc. is not fretting over lower gold prices this year and says he would view any price declines as an opportunity to buy assets. In an interview with the Financial Post on Friday, Charles Jeannes, president and CEO of Goldcorp, spoke about the company’s growth prospects in the next year.
Gold prices have steadily pulled back since 2011, when they reached a record intra-day price of US$1,909 an ounce. Prices for the precious metal closed Friday at US$1,268.81 an ounce………………………………………..Full Article: Source

Supercycle not over, but certain commodities oversupplied – Glasenberg

Posted on 04 September 2014 by VRS  |  Email |Print

Ivan Glasenberg, ceo of Glencore, said the supercycle is far from over, but added that oversupply in certain commodities is killing the bull sentiment for these commodities.
Demand is “better than ever”, he added during a press briefing in Johannesburg. “Why would the supercycle be over? We have a great supercycle………………………………………..Full Article: Source

Saudi Aramco CEO says OPEC will take oil price “as it comes”

Posted on 26 August 2014 by VRS  |  Email |Print

The global oil price is market driven, fluctuating with supply and demand and the Organization of the Petroleum Exporting Countries or the International Energy Agency should not try to control it, the chief of Saudi Arabia’s state oil producer said.
“I share … the belief that this is a market driven business, it’s not OPEC, the IEA, and consumers that should be in the business of trying to control the market,” Khalid Al-Falih, the chief executive of Saudi Aramco, told a conference in Norway on Monday………………………………………..Full Article: Source

Iran: $100 Desirable Price for Crude Oil

Posted on 14 August 2014 by VRS  |  Email |Print

Iranian Oil Minister Bijan Namdar Zanganeh expressed satisfaction with the current global price for crude oil. “I have never favored an oil price below $100 (for a barrel) and now we have the best price for crude oil and all sides are satisfied with that price,” Namdar Zanganeh told reporters on Tuesday.
In reply to a question about the future of crude oil market, the Iranian minister said no forecast is saying that the market will remain unchanged. Asked about oil giant Royal Dutch Shell’s debts to Iran, the Iranian oil minister said that the company has no problem to pay its debts, but the problem lies in transferring the money to Iran………………………………………..Full Article: Source

Jim Rogers: ‘If War Breaks Out, Play Commodities’

Posted on 06 August 2014 by VRS  |  Email |Print

If war breaks out, then what you play is gold, oil, commodities, etc. War is not good for anything except for real assets because people need real assets during the time of war - whether they are involved in the war or just protecting themselves. Other than that, I do not see any of this being good for anybody or anything.
Natural gas prices are very low. They are down 60-70 per cent from their all-time high. There has been a glut in the US in a way where the prices have been set on the futures exchanges. That glut is probably not going to last much longer, so I would suspect that natural gas is a good bet for people to start looking for investments………………………………………..Full Article: Source

Why Did Ron Paul Say Gold Could Go To Infinity?

Posted on 04 August 2014 by VRS  |  Email |Print

This week, former Congressman Ron Paul said gold could go to infinity. Many people will be tempted to buy gold based on his prediction. It’s certainly exciting to think about the upside, the profit potential. Who doesn’t want to buy whatever’s going up? However, in the case of gold, there is a serious error in this thinking.
Dr. Paul has put his finger on something very important. The government is abusing its credit, and borrowing itself into oblivion. If this continues, then the value of the government’s debt and currency will drop, probably quite rapidly. This means the price of gold will skyrocket………………………………………..Full Article: Source

Mining Industry `Is Coming’ Back: Caterpillar CEO (Video)

Posted on 25 July 2014 by VRS  |  Email |Print

Douglas Oberhelman, chief executive officer of Caterpillar Inc., talks about the company’s second-quarter earnings and full-year forecast, share buyback and the impact of global political instability on Caterpillar.
The largest maker of mining machinery forecast full-year sales and earnings that fell short of analysts’ estimates. Oberhelman speaks with Trish Regan on Bloomberg Television’s “Street Smart.”……………………………………….Full Article: Source

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