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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

Ex-Noble trader Banga plans commodities splash with Caravel

Posted on 31 October 2013 by VRS  |  Email |Print

Harindarpal “Harry” Banga, a billionaire businessman who carved out a 20-year career at commodities trader Noble, plans a return to the industry in a new trading firm with his two sons.
The 63-year-old former sea captain has amassed a $1 billion (623 million pounds) war chest to splurge on the newly formed Caravel Group while luring 10 to 20 former Noble Group Ltd (NOBG.SI) colleagues to join the venture, sources said. They include former Noble staff in Hong Kong and at its iron ore business in Beijing……………………………….Full Article: Source

Goldman Sachs’ co-head of commodities Shenouda to leave: memo

Posted on 30 October 2013 by VRS  |  Email |Print

The co-head of Goldman Sachs’ global commodities business, Magid Shenouda, is leaving the bank after 14 years, according to an internal memo seen by Reuters on Tuesday.
London-based Shenouda, who has run the commodities business for the past two years alongside New York-based Greg Agran, joined the firm as an executive director in oil trading in 1999, and had run European oil as well as power and gas…………………………………….Full Article: Source

Why Buffett won’t invest in commodity companies

Posted on 22 October 2013 by VRS  |  Email |Print

The Oracle of Omaha has been quoted many times stating that he does not like to invest in companies that rely on commodities as a main source of income. Having said that, this has not stopped him from directing Berkshire’s cash to companies such as ExxonMobil and ConocoPhillips in the past. Of course, Buffett’s Conoco bet led to a $1 billion loss, leading the sage himself to openly admitted that the Conoco investment in particular was a mistake.
So why does Buffett like to stay away from commodity companies? Well, the answer becomes pretty clear we we take a quick look at the erratic earnings of companies that rely on commodities as their main source of income………………………………………..Full Article: Source

Gold price: Bernanke and Buffett

Posted on 21 October 2013 by VRS  |  Email |Print

Remember, several months ago when US Fed Chair Ben Bernanke made headiness saying, “Nobody really understands gold prices and I don’t either.” That was a Quaint remark, and brings up the Big Q, how does the world’s biggest holder of Gold not know anything about Gold or where it may go?
The US Fed just holds 75% of the its reserves in Gold, over 8,000 tonnes, and its Chairman says publicly that he does not understand what, why or how come. Not true…the Fed and Mr. Bernanke know all about it……………………………………….Full Article: Source

Jim Rogers, the commodities boom is not over

Posted on 07 October 2013 by VRS  |  Email |Print

Jim Rogers, ‘the Chinese-driven commodity boom is not over.” Savvy commodities analysts and participants including Jim Rogers have seen long-running Bull Markets stumble, falter and end, and some not so savvy folks try to predict their end, mostly missing the call. Instead of ending, the Bull Markets turned into a “frenzy” that finished in a “bubble.”
“I haven’t seen the frenzy yet,” say Mr. Rogers, who correctly predicted this Chinese-driven a commodities boom. ”I’ve been around markets long enough to know that when everybody’s on one side of the boat, it’s probably not the right side to be on………………………………………..Full Article: Source

Barclays’s Neelakandan said to resign as head of carbon trading

Posted on 04 October 2013 by VRS  |  Email |Print

Nima Neelakandan, Barclays Plc (BARC)’s head of emissions trading, resigned from the London-based bank, two people with direct knowledge of the matter said.
Neelakandan, 28, left the bank in September, five months after taking over the role from Louis Redshaw, who resigned in April, said the people, who asked not to be identified because the matter is confidential………………………………………..Full Article: Source

OPEC chief comfortable with drop in demand

Posted on 03 October 2013 by VRS  |  Email |Print

OPEC’s Secretary General says he is comfortable with the market outlook for 2014 and that a forecast drop in demand for OPEC oil is not large, indicating the group may not make big changes to output policy at a December meeting.
The Organization of the Petroleum Exporting Countries expects demand for its crude to fall to 29.61m barrels per day (bpd) in 2014, down 320,000 bpd from 2013, due to rising supply outside the producer group………………………………………..Full Article: Source

OPEC’s al-Badri says current oil price ‘comfortable’ (Video)

Posted on 03 October 2013 by VRS  |  Email |Print

Oil prices are at an acceptable level for producers and consumers, says OPEC Secretary General Abdullah al-Badri, suggesting the group may not change output policy much at the next OPEC meeting. And it OPEC intensive production it’s still good in anything decent for many many decades to come. I think guys think yeah it’s. Yeah has noticed also who have bad habits and with the world news out of we’re out there — about reducing.
That’s the minimum today. Close so many years the compound without investing so we have given problem providing the world — – All inflows. For the foreseeable future………………………………………..Full Article: Source

Barclays hires four people in commodities from JPMorgan, Citadel

Posted on 03 October 2013 by VRS  |  Email |Print

Barclays Plc (BARC) hired three commodities directors from JPMorgan Chase & Co. last month and an oil trader from Citadel LLC. Crude oil trader Thomas Wiktorowski-Schweitz joined from Citadel and is based in London, the bank said in an e-mailed response to questions today.
Rebecca Lee joined as director in commodities sales in New York, Phil Hardwick is London-based director in energy sales for Europe, Middle East and North Africa and Thomas Horn was hired as director in commodity-linked finance in Hong Kong. They all worked at JPMorgan………………………………………..Full Article: Source

OPEC secretary general ‘comfortable’ with 2014 oil outlook

Posted on 02 October 2013 by VRS  |  Email |Print

OPEC’s Secretary General said he was comfortable with the market outlook for 2014 and a forecast drop in demand for OPEC oil was not large, indicating the group may not make big changes to output policy at a December meeting.
The Organization of the Petroleum Exporting Countries expects demand for its crude to fall to 29.61 million barrels per day (bpd) in 2014, down 320,000 bpd from 2013, due to rising supply outside the producer group………………………………………..Full Article: Source

Iran reappoints Kazempour as OPEC governor

Posted on 27 September 2013 by VRS  |  Email |Print

Iran has named a veteran oil official as its representative on OPEC’s board of governors, the latest former incumbent to return to a senior oil post under new president Hassan Rouhani.
The appointment of Hossein Kazempour Ardebili as Iran’s OPEC governor was confirmed this week by the Organization of the Petroleum Exporting Countries (OPEC) on its website………………………………………..Full Article: Source

Saudi Arabia OPEC governor Mufti said to leave by end of 2013

Posted on 26 September 2013 by VRS  |  Email |Print

Yasser Mufti, Saudi Arabia’s governor to OPEC, is stepping down after more than a year in his post at the producer group, according to three people with knowledge of the matter. Mufti, who serves as chairman of the board of governors for the 12-member Organization of Petroleum Exporting Countries, is leaving by the end of this year, the people said, declining to be identified because Mufti’s departure hasn’t been announced publicly.
Officials in the media department of the Saudi Ministry of Petroleum & Mineral Resources in Riyadh didn’t answer phone calls for comment after normal business hours………………………………………..Full Article: Source

Jim Rogers: The 3 most exciting investment opportunities right now

Posted on 24 September 2013 by VRS  |  Email |Print

Commodities guru Jim Rogers lives in Singapore and is a well-known China bull, but the contrarian investor travels all over the world (and has circumnavigated the globe twice). So we asked where he sees exciting economic opportunities for average investors now.
Rogers tells The Daily Ticker there are great opportunities in Africa – he names Angola and Ethiopia specifically. He also is focusing on the South American country of Uruguay. “I said to my wife, ‘let’s move to Angola – we could live like kings,’” Rogers, the author of Street Smarts: Adventures on the Road and in the Markets, tells us in the video above. “She said, ‘you move to Angola; I don’t want to live like a queen in Angola’…but you could!”………………………………….Full Article: Source

CEO Blankfein says commodities trading is ‘core’ to Goldman

Posted on 19 September 2013 by VRS  |  Email |Print

Goldman Sachs Group Inc Chief Executive Lloyd Blankfein made his most public commitment to the bank’s commodity trading business on Wednesday, even as regulators consider measures that may push Wall Street out of physical markets.
While rival JPMorgan Chase & Co decided in July to quit trading in the physical raw material markets and Morgan Stanley has publicly weighed spinning off all or part of its vast franchise, Goldman has remained steadfast………………………………………..Full Article: Source

Power veteran Posoli returns to JPMorgan to advise on commodities sale

Posted on 19 September 2013 by VRS  |  Email |Print

Power market veteran Paul Posoli has returned to JPMorgan Chase & Co. after a year-long sabbatical to help advise on the bank’s sale of its physical commodities business, according to an internal bank memo.
Posoli, a senior trading executives who rose through Enron and utility giant Calpine before building a formidable gas and power trading division at Bear Stearns, will serve on the commodity unit’s management team in an advisory capacity, according to the memo from commodities chief Blythe Masters, a copy of which was seen by Reuters………………………………………..Full Article: Source

National Spot Exchange names chief executive

Posted on 18 September 2013 by VRS  |  Email |Print

India’s National Spot Exchange Tuesday named a new chief executive, as it struggles to settle commodity contracts that were outstanding when it halted trading amid a regulatory probe into alleged rule violations.
The board has appointed Saji Cherian, the new CEO, also as the exchange’s managing director, it said in a news release. Mr. Cherian was previously head of listing at MCX Stock Exchange Ltd., a stock exchange co-founded by Financial Technologies (India) Ltd., the owner of the National Spot Exchange………………………………………..Full Article: Source

India’s would-be PM ‘beacon of hope for the gold industry’

Posted on 17 September 2013 by VRS  |  Email |Print

An unlikely saviour appears to have arrived on the horizon for the country’s beleaguered gold industry, battered by import duty restrictions. India goes to the polls in 2014. With the main opposition party, the Bharatiya Janata Party (BJP) announcing Gujarat chief minister Narendra Modi’s name as the party’s prime ministerial candidate, jewellers from across the country, diamond retailers and bullion traders are all lining up to pledge their support Modi.
Though India has recorded three decades of reasonable growth under the Congress led government, the question doing the rounds is whether the model has run out of steam………………………………………..Full Article: Source

OPEC unlikely be able to appoint new secretary general: Iran

Posted on 10 September 2013 by VRS  |  Email |Print

Iranian oil minister Bijan Zanganeh said Monday it was unlikely that OPEC would be able to appoint a new secretary general to run the group’s Vienna secretariat when it makes another attempt in December to fill the post, parliamentary news service icana.ir reported.
OPEC has so far failed to agree on a successor to Libyan Abdalla el-Badri, whose second three-year term as secretary general ended on December 31, 2012, but who was asked to remain in the post for an additional year………………………………………..Full Article: Source

Iran adamant over top Opec post

Posted on 05 September 2013 by VRS  |  Email |Print

Iran will not back down in its quest for an Iranian head of Opec, the country’s new oil minister, Bijan Zanganeh, was quoted by Mehr news agency as saying on Tuesday. The long deadlock over who should be the next secretary general of the Organisation of the Petroleum Exporting Countries has highlighted political tensions within the 12-country group that have increased due to Western sanctions on Iran.
Saudi willingness to raise exports to make up for a reduction in supplies from Iran and rising competition from Iraq has intensified the rivalries between the Gulf neighbours, with each having put forward a candidate for the job and none willing to back down………………………………………..Full Article: Source

Jim Rogers: US war with Syria would be bullish for commodities

Posted on 30 August 2013 by VRS  |  Email |Print

It’s looks likely that the United States will launch a military attack against Syrian government forces, and that would boost commodity prices, says legendary investor Jim Rogers, chairman of Rogers Holdings.
He told Reuters he owns oil and gold. “If there is going to be a war, and it sounds like America’s desperate to have a war, they’re going to go much, much higher,” Rogers said, according to the news service. “Stocks are going to go down, some of the markets are already going down. Commodities are going to go up.”……………………………………….Full Article: Source

Jim Rogers expects higher gold prices, and Marc Faber does too!

Posted on 30 August 2013 by VRS  |  Email |Print

It’s not a surprise to hear that billionaire investor Jim Rogers, who’s usually bullish on commodities, expects higher prices for gold, but The Gloom, Boom & Doom Report’s Marc Faber said he does too.
Marc Faber, also known as “Doctor Doom,” told HardAssetsInvestor in an interview published Wednesday that “looking at how debt will continue to increase and how central banks will continue their monetization not only in the U.S. but on a worldwide scale, I assume the price of gold will trend higher.”……………………………………….Full Article: Source

London Metal Exchange gets new CEO

Posted on 28 August 2013 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd. said Tuesday it had appointed Garry Jones as the new chief executive of the London Metal Exchange, the venerable industrial metals bourse it acquired last year, which has been embroiled in a series of price-manipulation lawsuits.
Mr. Jones, a derivatives-market veteran who most recently led the rival NYSE Liffe commodities exchange, is expected to help lead the LME’s push into more lucrative commodities trading even as the 136-year-old institution battles accusations that it turned a blind eye to metal hoarding at exchange-registered warehouses aimed at pushing prices higher………………………………………..Full Article: Source

FMC tightens rules for commodity bourse CEOs

Posted on 28 August 2013 by VRS  |  Email |Print

Tightening its noose around commodity exchanges in the aftermath of NSEL fisaco, the Forward Markets Commission (FMC) today issued a circular making CEOs more accountable to their board and the sector regulator.
FMC asked Managing Directors and/or CEOs of the commodity exchanges to furnish by September 2 if they were keeping their boards informed about the material developments and asked if expenditure incurred by them was approved by their boards………………………………………..Full Article: Source

Iran oil minister vows to revive output as he eyes price war

Posted on 23 August 2013 by VRS  |  Email |Print

Bijan Namdar-Zanganeh is on a mission to make up for the last eight years. In his first few days as oil minister in President Hassan Rohani’s new government in Tehran, the 61-year-old initiated plans to revive oil production to pre-2005 levels, hinted at a price war to win old customers and brought back managers sidelined by the previous administration.
“Revival of Iran’s lost oil markets is among my top priorities,” Zanganeh told the Fars News agency this week. “We only ask those who have replaced us in the world’s oil markets to know that when we are reentering these markets they will have to accept that oil prices decline or they should reduce their production to create enough space for Iran’s oil.”……………………………………….Full Article: Source

Eric Sprott on gold and why it’s heading to $2,400 in a year

Posted on 16 August 2013 by VRS  |  Email |Print

I firmly believe that we reached the bottom on June 28th and that gold should double from that bottom within the next 12 months. So by next summer, I think that the price of gold will have made new highs and stand around $2,400 per ounce.
Given my outlook on gold prices, this sector will be explosive. The continuation of the gold bull market will lead the junior gold mining stocks higher by many hundreds of per cents, just like it did during the 2008 recovery. By the way, since hitting the bottom on June 28, gold has rebounded by 12 per cent while gold miners have gone up by about 25 per cent………………………………………..Full Article: Source

John Paulson’s faith in gold unshaken despite ETF sale

Posted on 16 August 2013 by VRS  |  Email |Print

The hedge fund run by John Paulson, one of the world’s highest-profile gold bulls, has sold more than half its shares in the largest exchange traded fund backed by the metal, according to a regulatory filing.
However, Paulson & Co offset much of its sale of about 1.1m ounces of bullion held in SPDR Gold Shares in the second quarter by buying gold swaps on the over-the-counter market, according to a person familiar with the matter………………………………………..Full Article: Source

Bernanke tells congress: I don’t really understand gold

Posted on 19 July 2013 by VRS  |  Email |Print

While Ron Paul is no longer part of the Congressional committees that grill Ben Bernanke twice a year, the Fed Chairman was forced to answer questions about gold on Thursday again. Asked about the falling price of gold, which is down nearly 25% this year, Bernanke admitted he doesn’t understand the yellow metal.
“No one really understands gold prices,” Bernanke told the Senate Banking Committee, adding he doesn’t portend to either………………………………………..Full Article: Source

Jim Rogers: Why gold broke its bull run

Posted on 17 July 2013 by VRS  |  Email |Print

After 12 long years of being the darling commodity, gold is finally showing signs of mortality, as the precious metal has lost more than 20% in 2013. Though many felt the bull run, which included a dozen consecutive winning years, would continue with the Fed’s easing policy, the metal has finally succumb to the pressures around it.
While many continue to try and pinpoint the reason behind gold’s steep drop, commodity legend Jim Rogers points the blame to a popular emerging market. As Rogers notes, India is the largest buyer of gold in the world, giving them a fair amount of influence over the price of the metal. As gold continued to skyrocket in price, so too did India’s trade deficit, the largest drivers of which are gold and oil………………………………………..Full Article: Source

Gold prices could still correct 50pct: Rogers

Posted on 12 July 2013 by VRS  |  Email |Print

Investors can expect to see more volatility in gold prices in the next two years as the yellow metal forms a “complicated bottom,” said famed investor and author Jim Rogers. Rogers was one of the keynote speakers at FreedomFest, an annual convention that looks to gather free minds for open discussions on politics and the economy.
Rogers said he doesn’t think that gold has found a bottom despite the fact that prices managed to rally after comments from Fed Chairman Ben Bernanke, who said on Wednesday that a “highly accommodative policy is needed for the foreseeable future.”……………………………………….Full Article: Source

How to invest like Jim Rogers

Posted on 12 July 2013 by VRS  |  Email |Print

Making millions and retiring in your 30s is every investor’s dream. But for legendary commodities trader Jim Rogers, it was just the beginning of a career on Wall Street that has spanned six decades and produced a net worth in the hundreds of millions.
Rogers’ amazing success was built on his uncanny ability to spot long-term trends well before the masses, earning him a reputation as a contrarian. But now, after “retiring” at 37, scoring huge gains in commodities in the early 2000s and correctly predicting the financial and housing crisis, Jim Rogers has his sights set squarely on what he calls one of the greatest opportunities he has ever seen………………………………………..Full Article: Source

Is Vladimir Putin building a new OPEC?

Posted on 10 July 2013 by VRS  |  Email |Print

For years, natural gas has been a relatively regional product, and producers that had access to major markets via pipelines were the only game in town. The prospect of liquefied natural gas, or LNG, exports from new places all over the world is turning that logic on its head, and so the former big bosses of natural gas are looking to maintain their prominence through an OPEC-style cartel.
Let’s find out why these natural gas giants are nervous and discover what an organization like OPEC could mean for the natural gas industry………………………………………..Full Article: Source

Commodities Guru Jim Rogers warns gold price could dip to $900/ounce

Posted on 09 July 2013 by VRS  |  Email |Print

The worse has not yet come for the gold market. Commodities expert Jim Rogers warned that the price of the yellow metal could fall to $900 an ounce.
When gold was trading at $1,900 in the fall of 2011, Mr Rogers correctly forecast the price of the safe haven would go down to $1,200. It did on June 27. He joins another gold expert, Nouriel Roubini, in foreseeing gold will further crash………………………………………..Full Article: Source

Gold correction is over, suggests Deutsche Bank, but Jim Rogers disagrees

Posted on 09 July 2013 by VRS  |  Email |Print

Monday produced a lot of gold chatter. One of the standouts came from Deutsche Bank, which said the gold correction may just about be over. Gold has tumbled more than 30% from a September 2011 peak above $1,900 to under $1,300 presently. Gold was up about $20 on Monday, rebounding from a selloff late last week. A short-covering bounce and some safe-haven demand on Egypt unrest helped, says Kitco’s Jim Wyckoff.
So here’s the Deutsche Bank rationale: There have been worse gold fallouts, such as that of 1980-81. During that time, gold hit a record $850, plunged to between $300 and $400 and stayed there for years before resuming its upward trend………………………………………..Full Article: Source

Lawmakers cite risk of banks in commodities in Bernanke letter

Posted on 04 July 2013 by VRS  |  Email |Print

Four Democratic lawmakers sent a letter to Federal Reserve Board Chairman Ben S. Bernanke asking if investments in the commodities business by Goldman Sachs Group Inc. and JPMorgan Chase & Co. (JPM) pose risks to the economy.
Representatives Alan Grayson of Florida, Raul Grijalva of Arizona, John Conyers of Michigan and Keith Ellison of Minnesota also asked Bernanke in the letter to explain the legal basis for allowing the banks to hold commodity-related assets………………………………………..Full Article: Source

The commodities empire of Brazil’s richest man looks a bit shaky

Posted on 03 July 2013 by VRS  |  Email |Print

Flamboyant Brazilian commodities billionaire Eike Batista’s (pawall) empire is under assault. The latest blow was Monday’s announcement that his oil company would probably close its only productive wells next year (paywall).
OGX is one of the six publicly-listed corporations he runs through his holding company EBX. OGX shares have lost nearly all of their value over the last year……………………………….Full Article: Source

Putin calls for single pricing of oil

Posted on 03 July 2013 by VRS  |  Email |Print

Russia’s President Vladimir Putin has called for a single-pricing model for gas production. Speaking at the Gas Exporting Countries Forum (GECF), whose members represent 60% of the world’s gas reserves, he called for a commonly agreed price formation for gas, similar to the OPEC agreements on oil pricing.
Speaking at the GECG, which continues on Tuesday and which was also attended by Venezuelan President Nicolas Maduro and Iran’s leader Mahmoud Ahmadinejad, he said: “I believe that we need to go even further, cooperate even more closely and consolidate our efforts to effectively protect gas exporting countries’’ interests in order to strengthen the competitiveness of gas as a promising and clean fuel.”………………………………Full Article: Source

Anglo American chief fears China cash crunch will hurt commodities demand

Posted on 28 June 2013 by VRS  |  Email |Print

The new chief executive of Anglo American PLC said he fears a cash crunch in China will curb investment in the world’s second-largest economy, hurting commodities demand at a time when mining companies are grappling with high costs and low prices.
In an interview with The Wall Street Journal, Mark Cutifani said the fallout from Beijing squeezing the Chinese financial system as a warning to overenthusiastic lenders was a concern, though he added policy makers needed to act swiftly to prevent a credit bubble………………………………………..Full Article: Source

‘King of commodities’ dies in Switzerland, aged 78

Posted on 27 June 2013 by VRS  |  Email |Print

Marc Rich, the trader known as the “King of Commodities” whose controversial 2001 pardon by President Bill Clinton just hours before he left office unleashed a political firestorm of criticism in 2001, died on Wednesday. He was 78.
Rich died in Switzerland, where he lived, according to his Israel-based spokesman Avner Azulay. He did not give further details, but said Rich would be buried in Israel on Thursday………………………………………..Full Article: Source

Marc Faber: More S&P downside, commodities ‘horrible’…except gold

Posted on 24 June 2013 by VRS  |  Email |Print

With the S&P 500 SPX 0.27% down 2.4% after the Fed laid it on the line, it shouldn’t come as too much of a surprise to see the bears out there growling away. Noted contrarian Marc Faber told CNBC on Thursday that he sees further downside for the S&P.
“…not because of Fed’s statements because, like always, they hedged their bets in the sense that this tapering off would not neccesarily stop. Mr Bernanke said if the economy does not improve along the lines that we expect we will provide additional support. I think the markets are worried about something else,” says the publisher of the GloomBoomDoom report………………………………………..Full Article: Source

Commodity Futures Trading Commission faces top-level shake-up

Posted on 19 June 2013 by VRS  |  Email |Print

In the past month bankers and lawyers from Citigroup, Goldman Sachs and JPMorgan Chase have streamed into a dark brick Washington office building where the future of finance is being shaped.
The high-powered visitors to the home of the Commodity Futures Trading Commission testify to its rise from an obscure US government agency to a global watchdog of financial derivatives, the scandal-hit Libor lending benchmark and physical commodities from oil to silver………………………………………..Full Article: Source

Serge Schoen resigns as CEO of Louis Dreyfus Commodities

Posted on 18 June 2013 by VRS  |  Email |Print

Serge Schoen, chief executive officer of Louis Dreyfus Commodities, decided to resign with effect from the end of this month, the company said.
Ciro Echesortu, the chief operating officer and head trader since 2009, was appointed the new CEO, Louis Dreyfus said in a statement e-mailed today. Schoen will join the parent company, Louis Dreyfus Holding B.V., in an advisory capacity and will remain a member of the supervisory board of Louis Dreyfus Commodities Holdings, it said………………………………………..Full Article: Source

Shale boom curbing OPEC’s grip as Saleri sees oil capped at $120

Posted on 11 June 2013 by VRS  |  Email |Print

Technological advances to harness shale resources will curb OPEC’s influence in the oil market and cap prices at $120 a barrel, said Nansen Saleri, former head of reservoir management at Saudi Arabian Oil Co.
The boom in North American oil output could be replicated in Russia, China and Brazil as new extraction techniques enable the development of as much as 9 trillion barrels in unconventional reserves, said Saleri, who is now chief executive officer of Houston-based Quantum Reservoir Impact………………………………………..Full Article: Source

IEA’s Didier Houssin: the world’s energy future is not hopeless

Posted on 07 June 2013 by VRS  |  Email |Print

As part of an institution that is raising the alarm about the future of the planet, you would expect Didier Houssin, director of sustainable energy policy at the International Energy Agency (IEA), to be gloomy. “Scaring people is not always a good strategy,” he says. “It’s important to explain that there are solutions, the future is not hopeless.” He concedes that the situation “is not rosy”, but “there are some positive examples and we need to learn from them”.
Some clean technologies are progressing fast, with developments in electric vehicles boding well for a decarbonised transportation system, for example, and people can make a big impact with some simple changes in their lifestyle……………………………………Full Article: Source

London Metal Exchange chief to quit after Hong Kong sale triumph

Posted on 07 June 2013 by VRS  |  Email |Print

Martin Abbott quit as chief of the London Metal Exchange (LME) on Thursday, six months after triumphantly steering a sale to Hong Kong owners of the world’s biggest marketplace for materials such as copper and zinc.
While admirers and critics credit him for persuading the 137-year old London institution’s fractious shareholders to accept the $2.2 billion takeover by Hong Kong Exchanges and Clearing (0388.HK), he leaves boiling controversy over an LME warehouse system that constantly frustrates industrial users……………………………………Full Article: Source

Roubini the biggest bear on gold prices, but not alone

Posted on 05 June 2013 by VRS  |  Email |Print

Although Roubini made headlines on Monday with his forecast that gold will drop to $1,000 an ounce by 2015, he is not the only bear in the marketplace. A few firms have updated their forecasts and expect prices will continue to drop.
By far Roubini, nicknamed Dr. Doom, is the most bearish in his predictions; on Saturday he published a report highlighting six reasons why prices would fall to $1,000 by 2015………………………………………..Full Article: Source

Long-term bull market in commodities is not yet over: Jim Rogers

Posted on 04 June 2013 by VRS  |  Email |Print

Global equity markets have been rattled by the comments of the US Federal Reserve that it might wind down the $85-billion-a-month bond-buying programme. On the other hand, investors in the commodity space, especially in gold and crude oil, have seen the value erode with the prices of these two commodities on a downward spiral.
I think the bull-run in commodities will continue and what we are seeing now is a long overdue correction. In all bull markets, there are corrections and it does not mean that it has come to an end. We have seen that in the equity bull markets………………………………………..Full Article: Source

Six reasons why the gold rush is over - Nouriel Roubini

Posted on 04 June 2013 by VRS  |  Email |Print

As a Devil’s Advocate writing a contrary opinion to those who are convinced that the gold price will soon resume its upwards trajectory, Economist Nouriel Roubini has few equals. Indeed to the ardent gold believer Roubini may well be considered the Devil himself, rather than just an Advocate for the Satanic master.
In his latest opinion on gold, Roubini pulls few punches, although he does condescend at the end that the gold price will be volatile and could still temporarily move higher in the next few years. But he qualifies this in saying that the overall trend will be lower over time as the global economy mends itself. “The gold rush is over”, he says and predicts gold falling towards $1,000 by 2015………………………………………..Full Article: Source

Economist Nouriel Roubini forecast gold prices to plummet to $1,000 before end of 2015

Posted on 03 June 2013 by VRS  |  Email |Print

Economist Nouriel Roubini, in a fearless forecast on Project Syndicate, projected that the price of gold would likely plummet to about $1,000 before the end of 2015. He attributed the likely further plunge of gold prices to:
1. Gold spiking during extreme crises, but the crises days are now over. 2. A risk of high inflation is the period that gold does well. 3.Because of the recovering economy, investors are not interested in holdings that pay no dividends………………………………………..Full Article: Source

Jim Rogers: The commodities long term bull market continues

Posted on 29 May 2013 by VRS  |  Email |Print

Silver prices have slumped to their lowest level since September 2010 and gold prices are down 18% year-to-date leading many market observers to declare that the super-rally in commodities is over.
Jim Rogers, the legendary investor and Chairman of Rogers Holdings, says the commodities bull market continues. He calls the latest slump in prices a correction. “I still don’t see massive new supply coming into the market which will keep prices down,” he said. Rogers correctly called the commodities bull market that began in 1999 and the housing slump of 2007-2008 well before either occurred……………………………………Full Article: Source

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