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Iraq OPEC governor says market circumstances right for global oil deal

Posted on 23 September 2016 by VRS  |  Email |Print

Iraq’s OPEC governor Falah Alamri said on Thursday that oil market circumstances are now more favorable for OPEC and other oil producers to reach a deal to support the market when they meet next week in Algeria.
“This time I think a little bit different (than in Doha) because circumstances are little bit better, helping (producers) to reach a deal,” Alamri said, when asked about the prospect of a global oil production pact in Algeria. OPEC and non-OPEC producers are expected to revive a production freeze deal when they meet in Algeria on Sept. 26-28 after a similar initiative collaped in Doha in April because Iran refused to restrict its supplies………………………………………Full Article: Source

Trump and Clinton Are “Positive For Gold” – $1,900/oz by End of Year

Posted on 22 September 2016 by VRS  |  Email |Print

Trump or Clinton are “positive for gold” and prices could rise to between $1,700 and $1,900 per ounce by year end according to Canadian gold mining magnate Rob McEwen. Gold “is a currency that doesn’t have a liability attached to it,” McEwen said Tuesday in an interview with Bloomberg at a gold conference in Colorado Springs.
“A store of value that has gone for millennia. And the big argument against gold used to be it costs you money to store it. Right now, it’s costing you money to store your cash.”……………………………………Full Article: Source

OPEC chief: oil market stabilization deal may last one year

Posted on 21 September 2016 by VRS  |  Email |Print

A possible deal to support oil prices by the world’s leading producer countries may last for one year, the secretary-general of OPEC said on Tuesday, longer than other officials have indicated. OPEC and non-member producers including Russia are discussing a deal to stabilize the market by at least freezing output, although key details such as the timing and baseline for any deal have yet to emerge.
“One year, we are looking at one year,” OPEC Secretary General Mohammed Barkindo said, RIA news agency reported. Russia and members of the Organization of the Petroleum Exporting Countries hold an informal meeting in Algiers on Sept. 28. Algeria’s energy minister said on Monday any OPEC move to freeze output would help balance the market for at least six months………………………………………Full Article: Source

Gold Bull McEwen Sees Prices as High as $1,900 by End of Year

Posted on 21 September 2016 by VRS  |  Email |Print

Robert McEwen, one of the gold’s industry’s most unabashed bulls, is predicting prices could surge as much as 44 percent by the end of the year as confidence in the economy buckles. The metal could trade in a range of $1,700 an ounce to $1,900 by the end of 2016 as uncertainty builds around the stability of global currencies and sovereign debt, said McEwen, who’s so enamored by bullion that he’s founded two producers: McEwen Mining Inc. and Goldcorp Inc.
Record-low global interest rates will cause a “huge amount of anxiety” for investors, who will turn to gold as a store of value and an alternative asset, he said………………………………………Full Article: Source

OPEC Chief: Cartel Won’t Cap Output at Upcoming Meeting

Posted on 20 September 2016 by VRS  |  Email |Print

OPEC Secretary-General Mohammed Barkindo said next week’s meeting in Algeria won’t produce an agreement among cartel members to cap production, reports The Wall Street Journal’s Benoit Faucon and Summer Said.
OPEC has been pumping high volumes of crude despite falling oil prices, aiming to squeeze U.S. shale producers out of the market. The Organization of the Petroleum Exporting Countries’ member nations want oil prices to go back up, but countries including Iraq, Iran, Nigeria and Libya, which are in the process of trying to boost output, have balked………………………………………..Full Article: Source

Nobel Winner Stiglitz Spells Doom for Dysfunctional Euro Currency

Posted on 15 September 2016 by VRS  |  Email |Print

Nobel Prize winning economist and best-selling author Joseph E. Stiglitz has said the single currency Eurozone may have to be dropped completely as it is based on the flawed idea that a single currency can embrace a diverse group of countries with differing fiscal policies and economies.
The 19 countries of Europe that share the euro currency — known as the Eurozone — have been rocked by economic stagnation and debt crises, made worse by the global financial crash of 2008. Some countries have been in depression for years while the governing powers of the Eurozone have careened from emergency to emergency, most notably in Greece………………………………………..Full Article: Source

Poloz says China tops list of global economic concerns

Posted on 15 September 2016 by VRS  |  Email |Print

China tops Stephen Poloz’s list of global concerns that could put a dent in Canada’s economic recovery. The world’s biggest resource importer is wrestling with widening economic imbalances and stresses in its financial system that could stall Chinese growth. Any interruption in Chinese expansion lasting a year or two would drive oil and other commodity prices even lower, the Bank of Canada Governor said.
Poloz also took on critics who carp about the failure of central bank moves to stimulate growth in the wake of the financial collapse and global recession of 2008-09………………………………………..Full Article: Source

Legendary Investor Stan Druckenmiller Is Increasing Commodity Exposure

Posted on 13 September 2016 by VRS  |  Email |Print

If the investing community’s track record is ultimately the only thing that matters, and Stan Druckenmiller has one (since 1986, he has averaged returns of 30%) without posting a single down year (he returned 11% during the market meltdown in 2008).
Druckenmiller closed down his $12 billion fund, Duquesne Capital Management, in 2010 and currently manages his own fortune via Duquesne Family Office. With Druckenmiller’s track record, it is wise to watch his moves, and recent disclosures from Duquesne Family Office indicate that Druckenmiller has taken positions in several Canadian names, and these names are largely in the commodity space………………………………………..Full Article: Source

Saudi likely to name new OPEC governor

Posted on 12 September 2016 by VRS  |  Email |Print

Saudi Arabia is likely to appoint a new OPEC governor and national representative, a source familiar with the matter said. Adeeb al-Aama will replace Mohammed al-Madi as OPEC governor while Ayad al-Qahtani will become the new national representative replacing Nasser al-Dossari.
Aama works as deputy managing director at Saudi Aramco’s office in London, according to his Linkedin profile. Qahtani heads Aramco’s global economic and energy outlooks and scenarios………………………………………..Full Article: Source

Donald Trump’s oil man urges Russia and Opec to cut output

Posted on 09 September 2016 by VRS  |  Email |Print

Harold Hamm, Donald Trump’s top energy adviser, has urged Russia and Opec to rein in oil production in an effort to raise prices, saying US companies have already lowered output during a two-year price war that has upended the energy industry.
Hamm, a billionaire pioneer of the North American shale boom who has been tipped as a potential energy secretary should Mr Trump win the US presidential election, said Opec and Russia should agree to freeze production when they meet this month to discuss ways to stabilise the market………………………………………..Full Article: Source

Talks by Russia’s Putin and Saudi prince could be big deal for oil market

Posted on 07 September 2016 by VRS  |  Email |Print

Russian President Vladimir Putin’s seemingly cozy talks with Saudi Arabia could put a floor under oil prices, possibly limiting what could have been a sharp drop later this month. In a surprise move over the long Labor Day weekend, Russia and Saudi Arabia agreed to cooperate in world oil markets.
There was no immediate deal to act but they say they are moving toward a strategic energy partnership and could take action in the future. The joint statement was signed by both countries’ oil ministers on the sidelines of the G-20 summit in China, after a meeting between Putin and Saudi Deputy Crown Prince Mohammed bin Salman………………………………………..Full Article: Source

Terence Goodlace warns of platinum supply cliff

Posted on 06 September 2016 by VRS  |  Email |Print

Supply of platinum from SA, the world’s largest producer, would drop “off a cliff” in the next decade after years of underinvestment. There was little chance of reversing that trend any time soon, CEOs and industry players warned.
In recent weeks, leading CEOs of platinum companies have flagged concerns about supply from SA, which is by far the biggest source of the metal used to make autocatalyst devices in vehicle exhausts to scrub out noxious elements, as well as for jewellery………………………………………..Full Article: Source

China Tells G20 To Avoid ‘Empty Talk’, Cure Global Economy

Posted on 05 September 2016 by VRS  |  Email |Print

Chinese President Xi Jinping urged world leaders to avoid “empty talk” and confront sluggish economic growth and rising protectionism as their summit opened on Sunday in the scenic city of Hangzhou.
Xi welcomed Group of 20 presidents and prime ministers with a handshake, and an extended clasp with Barack Obama, as both men smiled despite protocol stumbles around the US leader’s visit. The Chinese leader said the world economy “still faces multiple risks and challenges including a lack of growth momentum and consumption, turbulent financial markets, receding global trade and investment”………………………………………..Full Article: Source

Why Investors Should Follow George Soros into Gold

Posted on 01 September 2016 by VRS  |  Email |Print

The outlook for the controversial asset, gold, remains murky at best; it has pulled back sharply because of the Fed’s recent hawkishness on interest rates, a stronger U.S. dollar, and the U.S. stock market surging to new heights.
This, along with George Soros’s decision last quarter to dump his 58 million shares of gold miner Barrick Gold Corp., has triggered consternation among investors as to whether or not gold is an appropriate investment. Nonetheless, there are signs that every investor should have exposure to gold at this time………………………………………..Full Article: Source

India to be hit by economic crisis if oil price crosses $60: Subramanian Swamy

Posted on 31 August 2016 by VRS  |  Email |Print

India will be hit by an economic crisis if crude oil price crosses USD 60 per barrel, BJP MP Subramanian Swamy said. “Given the state of our economy, if crude oil price per barrel rises above $60 then we will be hit by an economic crisis,” he tweeted.
US benchmark West Texas Intermediate is trading around $47 per barrel while Brent is at $49 currently. The slump in oil prices last year is one of the factors that helped Indian economy notch up big gains by cutting its import bill and reining in inflation……………………………………….Full Article: Source

The Swedish Tycoon Hunting for Commodities Says He Makes His Own Luck

Posted on 30 August 2016 by VRS  |  Email |Print

If Monopoly were played for natural resources, Lukas Lundin would be the natty gent in the tuxedo - riding a motorcycle. And like many with a knack for the board game, the Swedish-Canadian tycoon says his victories are as much about guts as a good roll of the dice. “You make your own luck,” the 58-year-old Lundin said in an interview at his Vancouver offices last week. “If you sit at home, you’re never going to get the luck.”
No one could accuse Lundin of lazing around the house. He and his younger brother, Ian Lundin, oversee a family fortune estimated to be worth at least $2.5 billion, according to the Bloomberg Billionaires Index, a number Lundin said is about right………………………………………..Full Article: Source

Saudi energy minister: Oil market ‘moving in the right direction’

Posted on 29 August 2016 by VRS  |  Email |Print

Saudi Arabian Energy Minister Khalid Al-Falih tempered expectations that the world’s major oil producers would look to freeze production next month, telling Reuters last week that the “market is moving in the right direction” already. “We don’t believe any significant intervention in the market is necessary other than to allow the forces of supply and demand to do the work for us,” he said.
Al-Falih said there have not yet been any specific discussions of a production freeze by OPEC, even though world supply remains high. His comments suggest the chances of a pact are minimal, as he pointed to a market rebalancing and steady demand………………………………………..Full Article: Source

OPEC’s market share at a good level, says UAE energy minister

Posted on 29 August 2016 by VRS  |  Email |Print

OPEC’s share of the oil market is at a good level, UAE energy minister Suhail Bin Mohammed al-Mazroui said as the producer group continues to contend with low crude prices. “Regardless of the different views on the oil market, we see that the OPEC current market share is at a good level,” Mazroui said on his official Twitter account on Saturday.
Mazroui also said he believed that any future decision on oil production would require full participation from all members of the Organization of the Petroleum Exporting Countries plus other major producers………………………………………..Full Article: Source

Iran oil minister to attend Algeria Opec meeting

Posted on 26 August 2016 by VRS  |  Email |Print

Iran’s oil minister Bijan Zanganeh will attend a meeting of Opec ministers in Algeria in September, the country’s state news agency Shana said on Thursday. The gathering towards the end of next month will be held on the sidelines of an International Energy Forum industry conference.
For several days oil prices had moved higher in response to reports that Iran would attend the meeting. This fuelled speculation that Iran may take part in any coordinated action to prop up the oil market………………………………………..Full Article: Source

Trudeau’s Cure: Canada to Push Away From Commodities (Video)

Posted on 23 August 2016 by VRS  |  Email |Print

The two-year oil slump has mired Canada in one of the weakest stretches of growth in its history. So there’s some urgency to the search for alternative models. And Prime Minister Justin Trudeau has staked out his version: an economy built on an army of highly educated white-collar workers. Bloomberg’s Danielle Bochove reports on “Bloomberg Markets.”.………………………………………Full Article: Source

Oil Price Recovery Likely to Continue

Posted on 19 August 2016 by VRS  |  Email |Print

Oil prices, which earlier Thursday broke through a key psychological level of $50 a barrel, are likely to continue recovering into next year as supplies tighten, but that recovery is still fragile and the path ahead is rocky, the chief executive of Premier Oil PLC said.
“We’re in a little bit of an upswing at the moment and everybody’s got a smile on their face because we might be at $50 a barrel. But two weeks ago we were at $40 and falling. It’s not a very helpful backdrop to plan a long-term business,” Tony Durrant said……………………………………….Full Article: Source

OPEC’s Former Head Says Conditions Right for Oil-Freeze Deal

Posted on 18 August 2016 by VRS  |  Email |Print

OPEC is on course to strike an output-freeze deal with fellow oil producers in Algiers next month because its biggest members are already pumping flat-out, the group’s former president said.
While a similar initiative failed in April, an agreement can now be reached as Saudi Arabia, Iran, Iraq and non-member Russia are producing at, or close to, maximum capacity, Chakib Khelil said in a Bloomberg Television interview. Khelil steered OPEC in 2008, the last time it implemented an output cut, which was announced in Algeria in December of that year………………………………………..Full Article: Source

Is George Soros Calling a Top in Gold?

Posted on 17 August 2016 by VRS  |  Email |Print

George Soros is getting out of gold. The billionaire investor jumped back into trading this year with a big bet on the precious metal, buying up a 19-million share stake in the world’s largest gold producer, Barrick Gold But in the second quarter, Soros Fund Management sold the majority of his shares in the gold miner and his full stake in mining company Silver Wheaton, according to regulatory filings.
The first-quarter bet on gold looked particularly prescient, as the precious metal has rallied 26% this year………………………………………..Full Article: Source

Chakib Khelil is optimistic about OPEC meeting in Algiers

Posted on 15 August 2016 by VRS  |  Email |Print

Former Algerian Minister of Energy and former president of the Organization of Petroleum Exporting Countries OPEC, Chakib Khelil, is optimistic about the informal meeting of OPEC, to be held in Algiers on the sidelines of the International Forum on Energy on September 26 to 28, especially after the statements of Saudi oil Minister that shows a willingness to move towards market stabilization.
Chakib Khelil believes in his statement to Ennahar TV that OPEC members will fail to rebalance the market as supply remains high compared to demand. Former Algerian Energy Minister added that during the last meeting, “almost all oil producers had reached their maximum production level, they therefore had nothing to lose by deciding a freez.”……………………………………….Full Article: Source

Saudi minister: Algeria meeting may discuss stabilising oil market

Posted on 12 August 2016 by VRS  |  Email |Print

Saudi Arabia will work with OPEC and non-OPEC members to help stabilise oil markets, it said on Thursday a month ahead of an informal meeting of major producing countries in Algeria. Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria from Sept. 26-28, Qatar’s energy ministry said.
“We are going to have a ministerial meeting of IEF in Algeria next month, and there is an opportunity for OPEC and major exporting non-OPEC ministers to meet and discuss the market situation, including any possible action that may be required to stabilize the market,” Saudi Energy Minister Khalid al-Falih said in a statement………………………………………..Full Article: Source

Saudi Energy Minister Says Kingdom Willing to Help Rebalance Oil Market

Posted on 12 August 2016 by VRS  |  Email |Print

Saudi Arabia would “take any action to help” the crude-oil market and will discuss acting in coordination with other producing countries at a meeting in September, the kingdom’s energy minister said on Thursday.
The comments by Khalid al-Falih, named energy minister in May, come as several nations in the Organization of the Petroleum Exporting Countries push for a revival of limits on oil production. Oil prices have remained stuck below $50 a barrel for much of the summer, well below what many in OPEC, the 14-nation oil cartel, need to balance national budgets………………………………………..Full Article: Source

US EIA chief shares short-term outlook for oil market: Fuel for Thought

Posted on 09 August 2016 by VRS  |  Email |Print

The 100th episode of the weekly S&P Global Platts Capitol Crude podcast, which aims to demystify the complex world of US oil policy, featured Adam Sieminski, head of the US Energy Information Administration.
The forecast in the STEO (Short-Term Energy Outlook) is probably pretty good. And what it says is we’re expecting the markets to begin to rebalance as we get towards the end of this year and as we get into the middle of 2017 we should see prices beginning to come back up again………………………………………..Full Article: Source

Venezuela oil minister talks to OPEC head, seeks higher oil price

Posted on 05 August 2016 by VRS  |  Email |Print

Venezuela’s Oil Minister Eulogio del Pino has spoken to OPEC Secretary-General Mohammed Barkindo ahead of a meeting between OPEC and non-OPEC producers in hope of boosting the global oil price, President Nicolas Maduro said on Thursday.
“He spoke with the secretary of OPEC, we are making efforts for a new meeting soon between OPEC and non-OPEC members, with Russia at the head … to stabilize the price towards $40 (per barrel) and over $50 and $60,” Maduro said on state TV. He did not give any further details on the meeting………………………………………..Full Article: Source

Nigeria’s Barkindo assumes OPEC Sec-Gen job

Posted on 04 August 2016 by VRS  |  Email |Print

Barkindo would occupy the position for three years in the first instance with effect from August 1, 2016. Nigeria’s Mohammed Barkindo tenure as the secretary-general of the Organisation of Petroleum Exporting Countries (OPEC) assumed his post, following his appointment at the 169th Meeting of the cartel in Vienna, Austria, on June 2, 2016.
He succeeded Libyan Oil Minister, Abdalla El-Badri, whose tenure ended on July. The new secretary-general came to the position with a 23-year experience in the oil and gas industry, mainly in the Nigerian National Petroleum Corporation (NNPC)………………………………………..Full Article: Source

OPEC has a new chief—here’s why the industry’s not expecting that much from him

Posted on 02 August 2016 by VRS  |  Email |Print

Powerful oil cartel OPEC has a new secretary-general — Mohammed Sanusi Barkindo — but analysts doubt he’ll have any influence over either the 14-member group’s near-term future or oil markets as a whole.
Barkindo, a Nigerian oil industry “veteran,” is due to take over from Abdalla Salem El-Badri on Monday, ending a long, drawn-out tussle between members of the group over who the next secretary general should be………………………………………..Full Article: Source

Trump as President Means Gold’s Going Higher, Mint Forecasts

Posted on 02 August 2016 by VRS  |  Email |Print

A Donald Trump victory in the U.S. presidential election in November would probably lift gold prices, according to the mint that refines almost all the bullion output from one of the world’s biggest producers.
“If someone like Donald Trump does get himself elected, it will stimulate some fear within the economy as to where things are going,” Richard Hayes, chief executive officer of the Perth Mint, said in a Bloomberg TV interview. “Trump is very much a protectionist, he is very much for almost ‘Fortress America’.”……………………………………….Full Article: Source

New OPEC Chief Faces Fragile Unity (Video)

Posted on 01 August 2016 by VRS  |  Email |Print

OPEC’s new boss starts work tomorrow against a backdrop of sinking oil prices. Mohammed Barkindo will also be leading an organization that’s been divided over output policy. Bloomberg’s Dan Murtaugh reports on “Bloomberg Markets Middle East.”.………………………………………Full Article: Source

2015’s most accurate gold price forecaster turns huge bull

Posted on 01 August 2016 by VRS  |  Email |Print

Since the global financial crisis the relationship between interest rate expectations and the gold price has only become tighter and these factors have created a bullish environment for gold and is the main reason many analysts are upping their forecasts for the metal.
The winner of the 2015 London Bullion Market Association long running forecasting competition, Bernard Dahdah of French investment bank Natixis, got it exactly right last year with a forecast of an average $1,160 gold price in 2015………………………………………..Full Article: Source

Could a Trump win lift gold?

Posted on 26 July 2016 by VRS  |  Email |Print

A new ABN AMRO study states gold will rise in price under a potential Trump presidency. “If Trump were to become president gold prices will likely perform well, because we expect that his policies will be inward looking and will weaken the fundamentals of the US economy,” ABN AMRO report author Georgette Boele said.
The report cited gold’s trajectory under previous presidents, stating that inflation has always been a driver for gold, and economic uncertainty coupled with likely domestic uncertainty will drive investors to gold, creating a more bullish market………………………………………..Full Article: Source

JPMorgan oil trader takes over commodities

Posted on 21 July 2016 by VRS  |  Email |Print

JPMorgan has appointed its top oil trader as the new head of its commodities division, the latest move in a business that has reinvented itself since selling the bulk of its physical operations two years ago.
Jeff Katz, who previously oversaw oil trading at the Wall Street bank, is to replace Mike Camacho who is moving into the bank’s asset management division, according to an internal memo seen by the Financial Times………………………………………..Full Article: Source

Deltec’s Lele says commodity prices will be decimated

Posted on 20 July 2016 by VRS  |  Email |Print

Commodities are heading into another bear market and will be “decimated” by an environment of tightening United States dollar liquidity, similar to the sell-off at the start of 2016, that will drag emerging markets and high-yield credit down too.
Atul Lele, chief investment officer at Deltec, remains convinced that the US Federal Reserve can raise interest rates once this year and again in 2017. Futures indicate that right now traders are not counting on a Fed hike until 2018 and Mr Lele agrees the market “is not at all prepared” for a return to slower US dollar liquidity growth, which will come as the Fed puts more distance between itself and the era of zero per cent interest rates………………………………………..Full Article: Source

Saudi always reacts to oil supply and demand, watching market - minister

Posted on 18 July 2016 by VRS  |  Email |Print

Saudi Arabia’s energy minister said on Sunday the kingdom always reacts to oil market supply and demand and it would continue to monitor crude markets for any developments. Khalid al-Falih also said that final agreements with foreign investors taking part in state oil giant Saudi Aramco’s IPO huge ship repair and shipbuilding complex that it is developing at Ras al-Khair would be signed “over the next few weeks and months”.
The complex, on the kingdom’s east coast, is due to be fully operational by 2021. Lamprell, Aramco, National Shipping Company of Saudi Arabia (Bahri) and Hyundai Heavy Industries signed a potential partnership agreement relating to the yard earlier this year………………………………………..Full Article: Source

Saudi energy minister says oil market is balancing

Posted on 11 July 2016 by VRS  |  Email |Print

Saudi Arabia’s energy minister said on Sunday the oil market was becoming more balanced and prices were stabilizing. Khalid al-Falih said Saudi Arabia, the world’s biggest oil exporter, would always strive to stabilize the oil market, a statement by the energy ministry said on Sunday.
“In doing so, the Kingdom secures the flow of oil supplies as it retains a spare production capacity,” the minister, attending a climate meeting in Berlin, was quoted as saying in the statement………………………………………..Full Article: Source

Oil price rally is over for 2016, says Vitol boss

Posted on 06 July 2016 by VRS  |  Email |Print

The six-month rally in global oil markets could grind to a halt at a price of $50 a barrel as a string of recent production outages comes to an end, according to the world’s biggest independent oil trading house.
Vitol’s chief executive Ian Taylor said the market may stall at the $50 mark for the rest of the year after a quicker-than-expected recovery, before creeping slowly up to around $60 by the end of next year………………………………………..Full Article: Source

$10 a Barrel Oil Coming Soon? Market Expert Warns the Worst is Yet to Come

Posted on 05 July 2016 by VRS  |  Email |Print

A top oil industry analyst issued an editorial this week suggesting that the recovery of the oil market will be short lived, but is he right? Probably not.
In an editorial this week, acclaimed oil market expert Gary Shilling stood by a prediction he made in August 2015 that oil prices would collapse to $10 per barrel citing higher than expected North American fracking outputs and OPEC’s refusal to limit production………………………………………..Full Article: Source

Saudi energy minister says oil market heading toward a balance

Posted on 04 July 2016 by VRS  |  Email |Print

The energy minister of Saudi Arabia, the world’s largest oil exporter, and the secretary general of OPEC agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA.
The statement said Khalid al-Falih and the Organization of the Petroleum Exporting Countries’ newly appointed secretary general, Mohammed Barkindo, had met in the Saudi city of Dhahran to discuss the role of OPEC in maintaining the stability of oil markets………………………………………..Full Article: Source

How a Brexit Would Impact the Commodities Market (Video)

Posted on 23 June 2016 by VRS  |  Email |Print

Mark Keenan, Societe Generale managing director and head of commodity research - Asia, explains how a Brexit would impact commodities. He speaks with Bloomberg’s Rishaad Salamat on “Trending Business.”.………………………………………Full Article: Source

Iran names new OPEC envoy - oil ministry

Posted on 23 June 2016 by VRS  |  Email |Print

Iran named oil ministry senior analyst Behrouz Beik Alizadeh as its new representative at the Organization of the Petroleum Exporting Countries (OPEC), the ministry’s news agency SHANA reported on Wednesday.
Oil Minister Bijan Zanganeh said in an official statement that Beik Alizadeh would replace Mehdi Asali, who is retiring………………………………………..Full Article: Source

Saudi energy minister says oil glut has vanished

Posted on 23 June 2016 by VRS  |  Email |Print

Saudi Arabia’s new energy minister said the supply glut that kindled a crippling oil rout around the world and thrashed Houston’s biggest business for two years has finally vanished.
“We are out of it,” Khalid Al-Falih said in his first newspaper interview since his rise to the most powerful job in the global energy industry last month. “The oversupply has disappeared. We just have to carry the overhang of inventory for a while until the system works it out.”……………………………………….Full Article: Source

Donald Trump has commodity traders nervous, could impact ag commodities, says analyst

Posted on 22 June 2016 by VRS  |  Email |Print

The controversial rhetoric of presumptive republican nominee Donald Trump has commodity traders nervous, according to one analyst. Pete Johnson, of marketing news publication Cotton Compass believes a Trump presidency could have a negative impact on the price of Australian agricultural commodities like beef, grain and fibre.
Mr Johnson, a market analyst, said Trump had so far shown himself to be hard to predict, which could put pressure on the US dollar and in turn, the international commodity market………………………………………..Full Article: Source

Rosneft’s Sechin says Saudi Arabia, U.S. and Russia call shots on oil markets

Posted on 22 June 2016 by VRS  |  Email |Print

Igor Sechin, the head of Russia’s top oil producer Rosneft, said on Tuesday that Saudi Arabia, the United States and Russia were the three main players on global oil markets, dismissing again OPEC’s role as a regulator. He told Rossiya-24 TV that Russia’s role in hydrocarbon markets will strengthen.
Russia is the world’s top oil and natural gas producer, pumping oil at around 10.8 million barrels per day. It plans to at least keep production of crude oil, its chief export commodity, at the current level………………………………………..Full Article: Source

Will Trump or Hillary Be Good for Precious Metals Prices?

Posted on 22 June 2016 by VRS  |  Email |Print

This year’s presidential election is getting lots of attention, and customers are asking about how the outcome might impact the gold and silver markets. The questions generally fall along two lines. One is whether we think a Donald Trump victory will be good for prices and another regarding what a Hillary Clinton presidency might mean.
There is no telling exactly what either candidate has in store for the nation. And, this year more than most, we can’t even be certain that either of the front runners will win. There is plenty to dislike about both Trump and Hillary and many voters are looking for alternatives. The Libertarian party has become the fastest growing political party in the country………………………………………..Full Article: Source

Father of ETFs urges ever more creative disruption

Posted on 20 June 2016 by VRS  |  Email |Print

Disrupt or die – that was the message to the exchange-traded funds industry from Lee Kranefuss, the man who engineered the ETFs that led to the products’ global success. Although global assets in ETFs have soared to trillions of dollars, there is still immense scope to devise creative versions of the products that subvert conventional approaches to asset management, Kranefuss, chairman of ETF provider Source, said.
Assets will be attracted only by products that are inventive in providing what investors want, he said, warning that cheap copies of ETFs that already exist would not succeed………………………………………..Full Article: Source

Lew warns China not to weaken its currency

Posted on 17 June 2016 by VRS  |  Email |Print

Treasury Secretary Jacob Lew on Thursday warned China not to revert to past foreign-exchange policy in which it kept its currency artificially low to boost its exports.
“Any reversion to the foreign exchange policies and export-led growth model of the past, within the current context of weak global growth, would trigger a new round of tension between our two countries,” Lew said in a speech at the American Enterprise Institute after returning from talks with top Chinese officials in Beijing earlier in the month………………………………………..Full Article: Source

The Big Bet of 2016: Joining George Soros in Gold

Posted on 10 June 2016 by VRS  |  Email |Print

Investors pile into the metal, up 20% this year, and mining stocks, which have vaulted even more. There is a new gold rush on. Abating expectations for Federal Reserve rate increases have fueled a fresh boom in everything that glitters, from gold futures to the shares of gold-mining firms to exchange-traded funds that give traders a way to bet on gold’s daily rise and fall.
Front-month Comex gold futures have been among the best-performing major asset classes in financial markets this year, up about 20% as of Thursday………………………………………..Full Article: Source

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