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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

The Effect of Geopolitical Events on Commodities (Video)

Posted on 21 July 2014 by VRS  |  Email |Print

Bloomberg’s Isaac Arnsdorf discusses the effect of events in Ukraine and Russia on commodity prices with Alix Steel on “Street Smart.”.………………………………………Full Article: Source

Who Are The World’s Richest Oil Barons?

Posted on 18 July 2014 by VRS  |  Email |Print

1. Charles and David Koch ($68 billion jointly): The bogeymen of the Democratic Party inherited their fortunes, along with the family business, from their father, Fred. But they’ve since shown a keen entrepreneurial spirit. Koch Industries’ claim to fame initially was a proprietary oil refining technique, but the brothers soon diversified the product portfolio to encompass refineries, pipelines, and the manufacturing of chemicals, polymers and fibers.
2. Mukesh Ambani ($21.5 billion): Barons who obtained their fortunes from dearest dad occupy the top two spots on the list. Mukesh Ambani currently oversees India’s Reliance Industries. Having begun as a textiles maker, Reliance Industries created a dedicated subsidiary, Reliance Industries, which has had a spectacular run since it burst onto the world scene in 2008. It owns the world’s biggest refinery at Jamnagar in Gujarat, with a capacity of 1.24 million barrels per day………………………………………..Full Article: Source

Al Gore joins Clive Palmer to back emissions trading scheme for Australia

Posted on 26 June 2014 by VRS  |  Email |Print

Clive Palmer has said his party will support the abolition of the carbon tax but not that of the renewable energy target and the Clean Energy Finance Corporation, and he wants an emissions trading scheme, which he announced with former US Vice President Al Gore by his side.
Australian politics has witnessed many strange events, but fewer as gob-smacking as the alliance revealed late this afternoon between maverick politician Clive Palmer and former United States Vice President Al Gore. The billionaire MP and the world’s most famous campaigner against global warming have joined forces to turn Tony Abbott’s climate policy upside down. ……………………………………….Full Article: Source

Gold Much Harder Sell, Palladium Looking Strong (Video)

Posted on 13 June 2014 by VRS  |  Email |Print

Which precious metal will most likely prevail this coming year? Palladium says Philip Newman, director of Metals Focus, to Kitco News at the IPMI Conference. “I think, in terms of palladium, the underlying supply-demand picture is very strong from a price point of view,” he says. “I think we’ll see gold and silver struggle relative to the PGMs.”
Newman says gold and silver prices will most likely remain range-bound for the next few months and even into early next year. “This year, we’re not seeing mass liquidations, that is really behind us, but at the same time we’re not seeing a great deal of net new demand from the investment community coming in.” ……………………………………….Full Article: Source

OPEC Ministers Agree to Maintain Output Quota

Posted on 12 June 2014 by VRS  |  Email |Print

Delegates of the Organization of the Petroleum Exporting Countries agreed to roll over the group’s production quota, maintaining the group’s current official production output. The decision comes despite concerns over adequate global supply. Libya has struggled to lift its output amid political turmoil in the country. Meanwhile, global growth—and by extension, oil demand—has been picking up.
OPEC, which is holding its semiannual meeting in the Austrian capital, agreed to keep its official output quota at 30 million barrels a day, delegates said. OPEC produces about one in three barrels of the world’s crude………………………………………..Full Article: Source

Morgan Stanley CEO expects commodities sales to close in 3rd qtr

Posted on 11 June 2014 by VRS  |  Email |Print

Morgan Stanley will “probably” close sales of two physical commodities businesses in the third quarter, Chief Executive James Gorman said on Tuesday.
The Wall Street bank is in the process of selling a global oil merchanting business to Russian energy company Rosneft, as well as its ownership stake in TransMontaigne to NGL Energy Partners………………………………………..Full Article: Source

Commodities Regulator Names New Enforcement Chief

Posted on 11 June 2014 by VRS  |  Email |Print

Wall Street’s smallest regulator has hired a big-name enforcement director. The Commodity Futures Trading Commission announced on Tuesday that Aitan D. Goelman, a former federal prosecutor turned white-collar defense lawyer, would become the head of its enforcement division. Mr. Goelman, a 45-year-old trial lawyer, will join the agency from the Washington office of Zuckerman Spaeder, where he is a partner.
“He will be a tough, aggressive and fair leader at a critical time in the commission’s history,” Timothy G. Massad, who became chairman of the agency last week, said in a statement………………………………………..Full Article: Source

Jeff Wright sees Gold to avg $1,300/Oz in 2014; Not moving more than $50 in either direction

Posted on 29 May 2014 by VRS  |  Email |Print

Gold should stay centered around $1,300/oz, not moving more than $50 in either direction, through the end of the year. Forces holding gold within that narrow band include the U.S. Federal Reserve tapering quantitative easing to a point where, possibly in mid-October, asset purchases will end and interest rates will increase. Also, the macroeconomic environment’s improvements are still fairly soft.
The one area of concern that could drive gold either much higher or much lower is the continuing crisis in the Ukraine. There is safe-haven demand around the world to avert exposure to what is now viewed as a soft conflict. If the conflict between Ukraine and Russia escalates, gold could go above $1,350/oz. If there is a peaceful resolution, gold could dip lower before coming back up $1,250–1,300/oz………………………………………..Full Article: Source

Singapore Exchange hires Citic exec for China derivatives push

Posted on 09 May 2014 by VRS  |  Email |Print

SGX, the Singapore exchange, has hired a top executive at China’s Citic Securities International to head a new office in Hong Kong as part of a focus on drumming up business in Asia amid intensifying competition from exchanges in China.
Ringo Chiu, former chief operating officer at Citic Securities International, will join the Singapore bourse in a newly created job based in Hong Kong that will focus on derivatives, three people familiar with the matter said. SGX has a sales office in Beijing………………………………………..Full Article: Source

Gold: 2014 average $1,311, year-end $1,367 – Murenbeeld

Posted on 07 May 2014 by VRS  |  Email |Print

Martin Murenbeeld, Dundee capital Markets’ chief economist has been one of the more prescient gold price forecasters, although was caught out badly by last year’s big gold price fall – as was virtually every other analyst making their predictions early in the year when he was looking for a plus $1600 gold price!
He always predicts three possible scenarios – Worst Case, Median and Best Case and under these three his latest analysis comes up with a gold price average for 2014 of $1182, $1307 and $1409 with a weighted average of $1311. He looks for a year end price of $1367 as his weighted average, with Worst, Median and Best as $1105, $1350 and $1575………………………………………..Full Article: Source

Jim Rogers Wants a Chance to Buy Gold More Cheaply

Posted on 07 May 2014 by VRS  |  Email |Print

Jim Rogers: I’m very bad at market timing. I’m a very bad short-term trader, so I have absolutely no idea what is going to happen. I do own gold, but I have hedged some of my gold. I expect there will be another opportunity to buy gold sometime in the next year or two.
If that means gold is under $1,000, I hope I’m smart enough to buy. If it means gold is $1,600 because America and Iran end up going to war, I hope I’m smart enough to buy it. In my view, it’s more likely there will be another chance to buy gold lower than now, and that’s why I’ve hedged some of my gold, but I’m not selling………………………………………..Full Article: Source

Dr. Doom is calling for an economic crash — How will precious metals be affected?

Posted on 16 April 2014 by VRS  |  Email |Print

Apocalyptic predictions are usually the stuff of TV shows like “The Walking Dead,” but last week Marc Faber, a noted contrarian investor and publisher of the Gloom, Boom & Doom Report, made one of his own.
Faber, often not-so-affectionately called “Doctor Doom,” said Thursday on CNBC’s Futures Now program that the stock market is headed for a crash worse than the one seen in 1987. “I think it’s very likely that we’re seeing, in the next 12 months, an ‘87-type of crash,” he commented. “And I suspect it will be even worse.”……………………………………….Full Article: Source

Commodities head exits Schroders

Posted on 08 April 2014 by VRS  |  Email |Print

Robert Howell has left Schroders after 16 years with the investment company to pursue opportunities outside the financial industry. Howell had also been lead manager on the Schroder Commodity fund, which has $2.6 billion in assets.
He is replaced in the role of head of commodities by Geoff Blanning, who is currently head of emerging markets debt, commodities and currencies group………………………………………..Full Article: Source

BP warns of regulatory hit to commodities prices

Posted on 02 April 2014 by VRS  |  Email |Print

The head of one of the world’s biggest energy trader has said some of the regulation being imposed on financial markets could have “very worrying” side effects on commodities prices.
Paul Reed, chief executive of BP’s integrated supply and trading division identified a range of new threats from new regulations, including higher capital requirements and a push to using clearing houses to settle trades………………………….Full Article: Source

How Obama could beat Putin playing energy geopolitics: Gas and oil are at the center of the struggle

Posted on 21 March 2014 by VRS  |  Email |Print

The White House’s first round of “sanctions” announced Monday against 11 individuals involved in Russia’s recent actions in Ukraine and Crimea evoked gales of laughter in Moscow, according to news reports. An embarrassed President Obama made a second try with additional penalties on Thursday.
Of course, President Obama’s defenders are quick to point out that our options in this case are limited. Certainly that is true of potential military steps. There is one alternative that could be a game changer, though: wielding the energy weapon against Russia, a country that has not hesitated to use that weapon to advance its own interests………………………………………..Full Article: Source

Paul Adams remains bullish on Platinum, Palladium

Posted on 14 March 2014 by VRS  |  Email |Print

Paul Adams thinks the current gold price is about right, plus/minus $100 per oz ($100/oz). Wobbles in the emerging markets have prompted gold’s recent move up into the $1,300/oz range.
The consensus data for the industrial metals generally looks positive for 2014 and into 2015. Obviously, we want to see what effect the Indonesian ban on raw exports will have. That’s very important to nickel prices………………………………………..Full Article: Source

Commodities where the action is - Danske Bank

Posted on 12 March 2014 by VRS  |  Email |Print

Allan von Mehren, Chief Analyst at Danske Bank notes that most action has taken place in commodity markets following on the surface very weak trade data out of China. “Iron ore showed the sharpest decline yesterday in more than four years and reached the lowest level since October 2012. LME metal price index also plunged, hitting a two and a half year low.”
“The drop in commodity prices has taken its toll on mining stocks such as Rio Tinto, Vale and BHP Billiton.”……………………………………….Full Article: Source

Influential investor Jim Rogers talks commodities and Japanese stocks

Posted on 11 March 2014 by VRS  |  Email |Print

Maverick investor Jim Rogers founded the Quantum Fund hedge fund in 1973 along with George Soros. Rogers made his fortune early and retired at 37. He later traveled on a motorbike around the world in 1990, and then visited six continents over three years in 2003, chronicling his adventures in books.
Around 2005 he relocated with his family to Singapore, partly so his daughters could learn Mandarin Chinese during childhood. In talks, Rogers emphasized China’s rise to economic dominance in the early 2000s and penned “Hot Commodities” (2004), which painted China as a massive consumer of natural resources in coming years………………………………………..Full Article: Source

Eni CEO sees oil price falling to $90 a barrel

Posted on 07 March 2014 by VRS  |  Email |Print

Oil prices are likely to fall to around $90 a barrel as global supply rises and demand falls back thanks to a shift to more natural gas usage and increased fuel efficiency, the chief executive of Italian oil and gas major Eni SpA Paolo Scaroni said Thursday.
New oil fields coming onstream in Brazil, the Barents Sea off Norway and onshore in the U.S. will lift the world’s oil supply, Mr. Scaroni said. Concurrently, the U.S. shale boom has lifted demand for natural gas, while Europeans would likely shift from using coal and oil to cleaner-burning gas to meet carbon dioxide emissions targets. Gas demand would also prove high in Asia as the region’s economies expand, Mr. Scaroni said………………………………………..Full Article: Source

Baden Wright appointed as new CEO for Carbon Trade Exchange

Posted on 07 March 2014 by VRS  |  Email |Print

Carbon Trade Exchange Australia (CTX) on Thursday announces the appointment of Baden Wright as Chief Executive Officer. Baden has a wealth of expertise in the Information Communications Technology (ICT) industry, with over 20 years’ experience across Banking & Finance, Telecommunications, Manufacturing, Airlines, Power Utilities and Government.
He is an experienced executive with a superior understanding of technology and business concepts from inception through to market implementation………………………………………..Full Article: Source

The man behind $2-trillion in ETFs

Posted on 28 February 2014 by VRS  |  Email |Print

Reginald Browne tilts his 6-foot-5-inch frame forward to reach a chirping phone. “What do you want, what do you need?” he asks. It’s his standard greeting for just about anyone who calls, Bloomberg Markets magazine will report in its April 2014 issue.
This time, it’s a representative of a large public pension fund who’s thinking about moving money into exchange-traded funds for the first time. Browne launches into his education mode, patiently answering questions on how closely an ETF will really track its index, how quickly the investor can get in and out and how much it will cost to trade………………………………………..Full Article: Source

Senator urges curbs on banks buying commodities

Posted on 26 February 2014 by VRS  |  Email |Print

Ohio Sen. Sherrod Brown on Tuesday said he pushed a pair of nominees for key regulatory posts to take steps to deter big banks from owning and storing oil, aluminum and other key commodities. Brown, chairman of a Senate panel that monitors financial institutions, has been urging regulators to crack down on behavior that could lead to higher prices for consumers.
Some large banks buy and hold commodities in a strategy that can lead to higher prices for things such as beer, canned food or fuel. Brown met with Chris Giancarlo and Sharon Bowen as they made the rounds among senators after their nomination to the Commodities Future Trading Commission. ……………………………………….Full Article: Source

Barclays Asia heads of commodities, credit sales leave

Posted on 31 January 2014 by VRS  |  Email |Print

Barclays’ head of Asia commodities and its head of credit sales in the region are among its high-profile departures in Asia after it began cutting hundreds of jobs in its investment bank, two sources familiar with the matter said.
James Groves, head of Asia commodities business and who had been with Barclays since 2002, as well as the bank’s Asia credit sales head Jim Vore have departed, the sources told Reuters on Thursday………………………………………..Full Article: Source

World’s top money manager finds what really moves the gold price

Posted on 30 January 2014 by VRS  |  Email |Print

Nicholas J. Johnson, an executive vice president at PIMCO, the world’s largest money manager with an eye-watering $2 trillion in assets across its various funds, is also the company’s portfolio manager focusing on commodities.
In one of the giant financial company’s latest missives, Johnson makes a compelling attempt to demystify the gold price; something some of the smartest people in the financial world are more than willing to admit they cannot explain or understand………………………………………..Full Article: Source

Jim Rogers: Gold headed for short-covering rally

Posted on 23 January 2014 by VRS  |  Email |Print

A short-covering rally is in store for gold after its 28 percent drop in 2013, says legendary investor Jim Rogers, chairman of Rogers Holdings.
Already, the precious metal has gained 4 percent this month, with the February Comex contract trading at $1,241 an ounce Wednesday morning. Investors sold gold last year as anticipation that the Federal Reserve would taper its quantitative easing quelled worries about inflation………………………………………..Full Article: Source

OPEC ministers see no 2014 glut amid signs of demand

Posted on 30 December 2013 by VRS  |  Email |Print

Oil ministers from Organisation of Petroleum Exporting Countries’ (OPEC) three biggest members rejected the possibility of a glut in global crude supply next year amid an increase in US output and efforts by Iran and Libya to add barrels to the market.
The OPEC, which provides about 40 percent of the world’s oil, won’t need to cut production in 2014 because growth in demand can absorb the additional crude, the ministers from Saudi Arabia, Iraq and Kuwait said Monday after a meeting of Arab oil exporters in Doha, Qatar………………………………………..Full Article: Source

Rio Tinto CEO sees iron-ore price decline next year: Commodities

Posted on 19 December 2013 by VRS  |  Email |Print

Rio Tinto Group (RIO) expects a decline next year in the price of iron ore, the source of most of its earnings, saying global supplies will increase.
“There will be capacity coming on next year,” including at Rio, the London-based company’s 63-year-old Chief Executive Officer Sam Walsh said in an interview in the city. “I expect that iron-ore prices will soften a bit next year but it will still be a good business to be in.”……………………………………….Full Article: Source

Goldman names new global commodities, metals chiefs- sources

Posted on 19 December 2013 by VRS  |  Email |Print

Goldman Sachs Group Inc has appointed two senior executives to run its global metals and commodities businesses, sources said on Tuesday, the latest in a series of high-level changes at Wall Street’s No. 1 bank for commodities.
London-based Charles McGarraugh, who is currently head of European mortgage product trading, will be global head of metals trading, running one of the world’s biggest metal derivatives desks, two sources familiar with the matter said………………………………………..Full Article: Source

ED&F Man names Howell CEO as Van der Wild heads commodities

Posted on 17 December 2013 by VRS  |  Email |Print

ED&F Man Holdings Ltd., the 230-year-old London-based commodities trader, appointed Phil Howell as chief executive officer. Howell, currently head of financial services and group business development, will take up his new post on Jan. 15, replacing Rafael Muguiro, ED&F Man said today in an e-mailed statement. Jan Kees van der Wild, head of the company’s Volcafe coffee unit and the liquid products division, will become managing director of commodities.
ED&F Man, which trades or brokers commodities from sugar to coffee to metals, made a profit of $57.7 million in the year ended Sept. 30, 2012, according to a filing with U.K. Companies House………………………………………..Full Article: Source

Newedge’s commodities, currencies chief leaves

Posted on 13 December 2013 by VRS  |  Email |Print

Newedge Group’s global commodities and currencies chief, John Fay, has left the U.S.-based futures brokerage ahead of a major ownership change.
Fay’s resignation, announced by Newedge on Thursday, comes as the firm’s owners, French banks Societe Generale SocGen and Credit Agricole, prepare for SocGen to take full control of the company………………………………………..Full Article: Source

Venezuela backs Iran’s candidacy for OPEC chief

Posted on 12 December 2013 by VRS  |  Email |Print

The Venezuelan ambassador to Tehran says his country supports Iran’s candidacy for the position of the Organization of Petroleum Exporting Countries (OPEC) secretary-general.
Venezuelan officials will definitely back Tehran’s nomination for the top job at OPEC as they supported Tehran at the Gas Exporting Countries Forum (GECF), Amenhotep Zambrano told the official Iranian News Agency (IRNA) on Wednesday………………………………………..Full Article: Source

‘Now is a very good time to buy’ – Ron Paul on gold

Posted on 29 November 2013 by VRS  |  Email |Print

Ron Paul gave gold bugs a reason to smile this week, reiterating his confidence in the precious metal’s store of value. “It may well have seen the bottom as far as I’m concerned,” Paul said. “And I think if anybody has a need to hold more gold, now is a very good time to buy.”
When asked about his preferred investments, the former politician said precious metals and properties are a safe bet – things you can “see and feel.”……………………………………….Full Article: Source

French’s successor at M&G: why I back commodities

Posted on 20 November 2013 by VRS  |  Email |Print

Randeep Somel, who replaced Graham French as sole lead manager of the £4.2 billion M&G Global Basics fund, is backing commodities to bounce back despite a falling copper price and fears of slowing infrastructure spending in China.
Amid speculation that Somel would change the underperforming fund’s focus and look to other sectors, he said he would keep its large allocation to basic materials, currently its largest overweight position……………………………………Full Article: Source

Obama nominating Timothy Massad to run CFTC

Posted on 13 November 2013 by VRS  |  Email |Print

President Barack Obama is nominating a top Treasury Department official to run the independent agency that regulates the futures and options markets.
The White House says Obama will announce the nomination of Timothy Massad to head the Commodity Futures Trading Commission on Tuesday. For the past three years, Massad has overseen the Troubled Asset Relief Program, the bank rescue plan known as TARP………………………………………..Full Article: Source

OPEC said to be unresolved on criteria for new secretary general

Posted on 07 November 2013 by VRS  |  Email |Print

OPEC has yet to decide on requirements for selecting a new secretary general to replace Abdalla El-Badri, whose extended term ends this year, according to three people familiar with OPEC policy.
The organization’s board of governors ended a meeting today in Vienna without agreeing on the selection criteria, the people said, asking not to be identified because discussions among the 12 member nations are private………………………………………..Full Article: Source

Founder of top India commodity exchange quits amid investigation

Posted on 01 November 2013 by VRS  |  Email |Print

Jignesh Shah resigned from the board of Multi Commodity Exchange of India Ltd., the nation’s biggest commodity trading platform, amid an investigation into the failure of a related spot bourse.
Shah, 46, quit as non-executive vice chairman with immediate effect, according to a filing yesterday from the company he founded in 2003. He said he’s leaving to help ensure investors aren’t harmed by “mud-slinging” over the probe…………………….Full Article: Source

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