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Commodities Briefing - Archive | October, 2008

Climate Exchange to boost emission trading

Posted on 28 October 2008 by VRS  |  Email |Print

From Chinadaily.com: A month after two environment and energy exchanges opened virtually simultaneously in Beijing and Shanghai in August, an environmental trading platform was established in Tianjin municipality, one of most vigorously developing cities in China.

The newly unveiled Tianjin Climate Exchange (TCX) is a joint venture of US-based Chicago Climate Exchange (CCX), China National Petroleum Corporation Assets Management Co Ltd (CNPCAM) along with Tianjin Property Rights Exchange (TPRE)….. Full Article: Source

Russia predicts record grain harvest, plans sales to China

Posted on 28 October 2008 by VRS  |  Email |Print

From RIAN: Russia expects its best grain harvest in 16 years this year and is planning to develop eastern export markets, the country’s agriculture minister said.

Speaking to parliament’s upper house, Alexei Gordeyev said that this year was witnessing the largest grain harvest since 1992, with the 2008 crop expected to exceed 100 million metric tons in net weight….. Full Article: Source

It ain’t over ’til it’s over - silver and gold still seem the best bets

Posted on 28 October 2008 by VRS  |  Email |Print

From Mineweb.com: Despite government moves around the world to allay the financial meltdown, it’s not over yet and in the meantime gold and silver may offer the best bets for capital protection.

There has seldom been a more appropriate occasion in which to use the immortal words of Yogi Berra - “It ain’t over ’til it’s over”- than the current financial turmoil which has seen world stock markets decimated and commodities prices plunging….. Full Article: Source

Private forecaster trims Australian wheat estimate

Posted on 28 October 2008 by VRS  |  Email |Print

From Iii.co.uk: Australian Crop Forecasters (ACF) cut its forecast for the country’s 2008/09 wheat crop by 2.5 percent on Tuesday after crop failures in the south-east grainbelt.

ACF said it now expected the harvest to be 19.5 million tonnes, down from a 20 million tonnes estimate on Oct 21, following hot weather damaged crops in the states of Victoria and South Australia at the weekend….. Full Article: Source

Copper mine in Jordan could be King Solomon’s

Posted on 28 October 2008 by VRS  |  Email |Print

From USAtoday.com: The real King Solomon’s mine? Archaeologists reported finding a desert site not full of gold or diamonds but loaded with copper and offering a new glimpse of Bible-era industry.

Jordan’s Khirbat en-Nahas site has intrigued archaeologists since the 1930s, when they first linked ruins there, including a fortress, copper mine and smelter, to the Bible’s Edomite kingdom. Debate has ensued ever since over whether Edom really existed in the 1000 B.C. era of King Solomon described in the Old Testament….. Full Article: Source

The Clean Air Act: Jump-starting climate action

Posted on 28 October 2008 by VRS  |  Email |Print

From Guardian.co.uk: The next president should use the Clean Air Act to control greenhouse gas emissions and establish a national cap-and-trade programme.

The urgency of the current situation cannot be overemphasized: The latest scientific research tells us that global warming is accelerating at a rate beyond previous expectations, and that the window for a timely response is closing quickly….. Full Article: Source

Gold Futures rise as U.S. equities erase losses, silver slides

Posted on 28 October 2008 by VRS  |  Email |Print

From Bloomberg: Gold rose after U.S. equity indexes erased earlier declines, reducing the need to sell the precious metal to cover losses in other markets. Silver fell.

Gold fell 7.3 percent last week as the Standard & Poor’s 500 Index lost 6.8 percent. The metal touched $681 an ounce on Oct. 24, the lowest since Sept. 4, 2007, as share indexes plunged worldwide on concern that a global recession may damp demand for raw materials. The S&P fell as much as 2.4 percent today before rebounding to gain as much as 1.9 percent….. Full Article: Source

Oil leads huge slump in commodities

Posted on 28 October 2008 by VRS  |  Email |Print

From Chinapost.com.tw: Crude oil, copper and gold led a drop in commodities, heading for the worst month in at least 38 years, on expectations a global recession will curb raw-material demand.

Oil extended four consecutive weekly declines, copper traded at a three-year low and the slide in gold increased the chances of the metal breaking its seven-year winning streak….. Full Article: Source

Australia: Commodities crash to strain deficits

Posted on 27 October 2008 by VRS  |  Email |Print

From The Australian: Australia is likely to confront a balance of payments crisis next year as the commodities boom ends with a crash.

Around the world, nations with current account deficits are being punished by markets. Australia will be swept into the contagion, which is likely to choke business funding and force up market interest rates…… Full Article: Source

China’s troubled steelmakers spar with suppliers

Posted on 27 October 2008 by VRS  |  Email |Print

From Forbes: The sparring between China’s suddenly troubled steelmakers and their suppliers has gone another round. Cia. Vale do Rio Doce, the Brazilian iron ore producer that is the world’s biggest, has threatened to withhold supplies if China’s big steelmakers don’t pony up a 12% premium on their annual contract price, which was already 71% higher than 2007’s.

The Chinese companies seem to have backslid on a mid-year agreement to pay the premium after their Australian suppliers, such as BHP Billiton, Rio Tinto and Fortescue Metals, had also hiked prices…. Full Article: Source

Investors now flocking to ’safe haven’ yen

Posted on 27 October 2008 by VRS  |  Email |Print

From Economic Times: After years of gorging on Japanese credit to buy lucrative assets such as Icelandic bonds, Brazilian equities or the Hungarian forint, inv estors are now rushing back to the safe-haven yen, which is soaring.

The stampede out of stocks, commodities and other risky assets drove the yen up to a 13-year high against the dollar and to a six-year peak versus the euro on Friday as investors piled back into the currency…… Full Article: Source

Fitch says gold price will hold up reasonably well over 12-18 months

Posted on 27 October 2008 by VRS  |  Email |Print

From Mineweb: Fitch Ratings Thursday said liquidity for the mining and metals sector is generally healthy as “most companies have taken advantage of strong prices to improve their assets and capital structure.”

In their analysis on the liquidity of North American mining and metals, Fitch analysts Monica Bonar and Sean Sexton forecast that “gold producers should continue to benefit from a very strong pricing environment” as gold prices “hold up reasonably well over the next 12-18 months.”…. Full Article: Source

UAE: Credit crisis hurts commodity markets

Posted on 27 October 2008 by VRS  |  Email |Print

From AME Info: The global sell-off not only hits stock markets, but also commodities. Two weeks ago, the Dubai Financial Market (DFM) General Index tumbled to a multiyear low of around 3,000 points.

The federal government of the UAE guaranteed all interbank lending between UAE-based institutions and all deposits held by UAE-based commercial banks. Nevertheless last week the panic did not vanish, rather intensified: resulting in a severe collapse of the financial markets…… Full Article: Source

From how high, to how low?

Posted on 27 October 2008 by VRS  |  Email |Print

From Chron: Weren’t we just in an oil boom? Three months ago, crude had rocketed to a record $147 a barrel because investors were confident the world’s thirst for oil would only continue to grow.

Now, with the credit markets stuck in deep-freeze and economies around the globe tumbling into recession, world oil demand has flat-lined. The price of crude has dropped by more than half since the summer….. Full Article: Source

Brazilian giant Vale set for quiet ore demand

Posted on 27 October 2008 by VRS  |  Email |Print

From The Australian: Brazilian mining giant Vale has warned that demand for commodities will continue to weaken and has joined rival Rio Tinto in saying China will not bounce back this year.

The company also flagged cuts to about 30 million tonnes of its higher-cost iron ore production and some nickel output…… Full Article: Source

Commodities take a battering on global market

Posted on 27 October 2008 by VRS  |  Email |Print

From Live News: Once again nothing was spared in last week’s selling crunch in commodity markets. Shares, currencies and commodities were either pounded or pursued, such as the yen and the greenback.

Major commodity indices told the story in that sector: the Standard & Poor’s GSCI Index - which tracks the prices of two dozen raw materials including wheat, corn, sugar, copper and lead - has dropped nearly 29% from the start of the month. The Reuters Jefferies/CRB-Jeffries is off a similar amount. It fell more than 9% and is down 46% from a record in July….. Full Article: Source

Market swings expose Chinese offshore derivatives trades

Posted on 27 October 2008 by VRS  |  Email |Print

From FT: Large fluctuations in global commodity and currency markets have exposed a string of offshore derivatives trades made by large Chinese companies, prompting the government to issue a warning to speculators.

China has been largely insulated from the direct effects of the global financial crisis because of its tight cross-border capital controls, but last week a procession of state-owned companies with offshore operations reported large losses from bad currency and commodity bets…… Full Article: Source

Qatar Steel sees local demand remaining ‘very high’

Posted on 27 October 2008 by VRS  |  Email |Print

From Gulf Times: “While the prices have slumped, it is not panic situation yet. The prices scaled up to unsustainable levels in the past due to the rising global demand and are now seeing a correction because of the economic crisis,” Qatar Steel commercial manager Ali bin Hassan al-Muraikhi said.

He said the drop in oil prices also had an impact on steel and other commodities. Qatar Steel marketing manager Mohamed Ahmed al-Saadi said steel was not the only commodity to be hit by the global economic turbulence…… Full Article: Source

Regulators may raise exposure cap in currency futures

Posted on 27 October 2008 by VRS  |  Email |Print

From Economic Times: With the successful launch of currency futures, regulators are now looking at taking a series of measures to further deepen the currency derivatives market. Apart from introducing trading in 4-5 more currencies, the regulators — the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) — are considering raising the exposure limit for players.

Besides rupee-dollar futures, which are currently available, the regulators are planning to introduce rupee-yen, rupee-euro, rupee-yuan and rupee-pound futures as well. More players, including foreign institutional investors and non-resident Indians (NRIs), may also be allowed to operate in the market….. Full Article: Source

Lucrative deal in works of CME

Posted on 27 October 2008 by VRS  |  Email |Print

From Sun Times: Financial regulation in Washington is a jumble, as Congress and the bureaucrats kick around ideas for putting freewheeling credit default swaps under somebody’s control. CME Group (CME), owner of the Chicago Mercantile Exchange and the Chicago Board of Trade, has center stage in the negotiations and is liable to benefit hugely from regulatory change.

But nothing comes cheap in Washington. CME probably will win government blessing for its push to bring the $55 trillion credit default market under its wing. In return, it may need to give up two of its longheld lobbying views…… Full Article: Source

Oil steady despite OPEC cuts

Posted on 27 October 2008 by VRS  |  Email |Print

From The Age: Crude oil was little changed in New York near a 16-month low amid expectations that OPEC’s decision to cut production will start to bring supply back in line with demand that is being curbed by the global financial crisis.

The 13 members of the Organization of Petroleum Exporting Countries agreed October 24 to lower supply by 1.5 million barrels a day starting in November. The group is likely to reduce production further if the latest cut doesn’t stabilize prices, Agence France-Presse said, citing an interview Iran’s OPEC representative Mohammad Ali Khatibi gave on state television….. Full Article: Source

Emerging market funds face heat

Posted on 27 October 2008 by VRS  |  Email |Print

From Economic Times: Emerging market equity funds lost about a tenth of their value for the week ended October 22 as fears of a global recession loomed. Most m
ajor fund groups tuned to developed markets, meanwhile, were down 4-5%.

However, for the second week running, outflows were generally modest — with the exception of some fixed-income fund groups. Net redemptions from equity fund groups were just over $2 billion, according to the weekly report by Emerging markets Portfolio Funds Research (EPFR)…… Full Article: Source

GCC single currency: monetary independence first

Posted on 27 October 2008 by VRS  |  Email |Print

From Khaleej Times: A single currency for the Gulf Cooperation Council emerged as one of the highlights of the discussions held between the finance ministers of the member states in Riyadh on the weekend.

Some ministers pointed out that the current global financial crisis has in fact strengthened the case of a single currency to be managed by a single central bank through a unified monetary policy…… Full Article: Source

Gold climbs in N.Y. as investors seek haven from falling shares

Posted on 27 October 2008 by VRS  |  Email |Print

From Bloomberg: Gold climbed in New York, erasing earlier losses, as equities tumbled worldwide, boosting demand for the precious metal as a safe harbor. Silver fell.

U.S. Treasuries rose as investors bought government securities amid a worldwide collapse in shares. The dollar climbed as much as 1.9 percent against a weighted basket of six major currencies before paring gains…… Full Article: Source

How to buy physical gold and silver on the COMEX

Posted on 27 October 2008 by VRS  |  Email |Print

From Resource Investor: It is perhaps the ultimate irony in this great crash market of 2008. Exactly when precious metals ought to be soaring on safe haven demand; when they should be stronger than a acre of garlic as a place for people to store wealth away from the hurricane of uncertainty that has become of the forex market (and the bizarre fluctuations of its now hugely inflated fiat currencies);

The two most popular precious metals are instead being sold off on the futures markets just like all the other overly-leveraged commodities. The ongoing deleveraging and intense flight to cash has buyers terrified worldwide. They are locked-up, deer-in-the-headlights fashion, which gives the hedgers and short sellers supernatural strength…… Full Article: Source

GCC Food Security Forum next week to discuss more active food production

Posted on 27 October 2008 by VRS  |  Email |Print

From Kuna: The Federation of Gulf Cooperation Council (GCC) Chambers of Commerce stressed believes it is importance to join GCC efforts to fill the gap in food commodity production, according to its Secretary General Abdulrahim Naqi on Sunday.

In a statement on the occasion of the Food Security Forum to be held next Saturday in Muscat, Oman, Naqi said that there were a number of strategies on the way aimed at agricultural integration and unified food production, especially after the launch of the GCC Common Market…… Full Article: Source

Iran says OPEC could make further cuts

Posted on 27 October 2008 by VRS  |  Email |Print

From Rthk.org.hk: Iran, the number two oil producer in OPEC, says the cartel is likely to cut back further on production if the latest reduction does not stabilise crude prices.

The Organisation of Petroleum Exporting Countries, which produces 40 percent of world crude, decided Friday to reduce its production quota by 1.5 million barrels per day as of November to a level of 27.3 million bpd. Despite the announcement, the price of Brent North Sea crude sank to $US61, the lowest point for 17 months….. Full Article: Source

Some comfort in commodities price plunges

Posted on 27 October 2008 by VRS  |  Email |Print

From Business Spectator: Access Economics states in its latest “Business Outlook” report that commodity markets have entered a dangerous phase.

The slowdown in major economies has negatively affected commodity prices, with nickel and zinc prices falling more than 70 per cent below their peaks….. Full Article: Source

Gas prices fall nearly 53 cents in 2 weeks

Posted on 27 October 2008 by VRS  |  Email |Print

From IBTimes: A national survey shows gas prices continue to decline, tumbling nearly 53 cents a gallon in the last two weeks.

The average price of a gallon of regular gasoline at self-serve stations was $2.78 Friday. Mid-grade was at $2.93 and premium was at $3.05. That’s according to the Lundberg Survey of 5,000 gas stations nationwide, released Sunday….. Full Article: Source

Russia feels chill winds of the global downturn

Posted on 27 October 2008 by VRS  |  Email |Print

From Telegraph: On Friday, both Russia’s stock exchanges saw dramatic falls – with MICEX, the leading exchange controlling 99pc of volume in Russian shares, bonds and commodities, falling 14.2pc after being suspended twice and closing early.

Moreover, MICEX chose to suspend all trading today , to allow investors time to digest what appears to be the new economic order, before reopening tomorrow….. Full Article: Source

Where might gold go?

Posted on 27 October 2008 by VRS  |  Email |Print

From Theaureport.com: Jon Nadler, Kitco’s well-known senior investment products analyst, elicits both criticism and acclaim for opinions that some characterize as contrarian. In this installment of an exclusive interview with The Gold Report, he brings his three decades of experience to bear (no pun intended) on the outlook for gold, promoting the precious metal as a key asset in a balanced portfolio, as well as for its intrinsic value and “insurance” attributes.

The Gold Report: Economic theory tells us gold should be taking off, given all the uncertainty in the marketplace. But we haven’t seen that happen. What is going on?…. Full Article: Source

China’s top aluminum maker Chalco net dives 92 percent

Posted on 27 October 2008 by VRS  |  Email |Print

From Reuters: Aluminum Corp of China Ltd, the world’s No.3 alumina producer, said its third quarter net profit dived 92 percent, dented by high production costs and sliding aluminum prices amid weakening demand in a slowing world economy.

Also known as Chalco, the country’s top alumina and aluminum maker reported a net profit of 182.9 million yuan ($26.7 million) in the quarter ended September, down from a restated profit of 2.29 billion yuan a year ago, under Chinese accounting standards…… Full Article: Source

Financial crisis takes toll on carbon scheme

Posted on 27 October 2008 by VRS  |  Email |Print

From Iol.co.za: Australia’s Prime Minister Kevin Rudd won office promising to be a climate change warrior but his chief weapon - a carbon trade scheme to slash emissions - is falling victim to shifting politics and world financial tumult.

A former diplomat, Rudd made ratification of the Kyoto climate pact - opposed by the former conservative government for more than a decade - his first act after winning November elections tinged green by the seeming onrush of climate shift…… Full Article: Source

Commodity Fund that tracks global coal price

Posted on 27 October 2008 by VRS  |  Email |Print

From Seeking Alpha: The accompanying table contains a summary and statistics for 16 ETFI global equity indexes and two commodity pool fund ideas, with the short/inverse and defensive themes outpacing the overall market averages over the past year in the midst of ongoing market turmoil around the world.

Although currently out of favor with investors, new commodity pool fund ideas include timber and coal. The CoalFund is a commodity pool that is structured to track the performance of exchange-traded, near-month futures contracts for global coal prices from the following four major coal-producing/exporting regions in the world as specified below….. Full Article: Source

Jewel industry glitters in a gloomy financial market

Posted on 27 October 2008 by VRS  |  Email |Print

From Zawya: The slump on global equity and general economic sector has benefited the jewellery market, said Tamjid Abdullah, deputy managing director of UAE-based Damas.

“The gold and related jewellery business is on the up as it gives the best value for cash,” he told Gulf News during the jewellery giant’s launch of a range of products in Muscat…… Full Article: Source

Carbon ends down 5%

Posted on 27 October 2008 by VRS  |  Email |Print

From Commodities Now: European carbon allowances plunged more than 5 per cent today amid a wave of selling in financial and commodities markets prompted by heightened fears of a worldwide economic recession.

EU allowances for December 2008 delivery closed at €19.10, down €1.05 from Thursday’s close in the cleared brokered market. The December 2008 carbon price has fallen by more than a third from its peak of nearly €30 it struck in July. ….. Full Article: Source

Weak sentiment across commodities

Posted on 27 October 2008 by VRS  |  Email |Print

From The Hindu Business Line: It was a disastrous week for the commodities market. There was an across-the-board collapse covering especially industrial metals, base metals, precious metals, ferroalloys, scrap and energy products.

Among commodity groups, it is noticeable that energy and industrial metals saw the steepest falls, followed by precious metals. Agriculture markets have declined less…… Full Article: Source

Australia will avoid recession despite resource sector reliance

Posted on 27 October 2008 by VRS  |  Email |Print

From Mineweb: A paper presented by Mike Smith, Chief Executive of the ANZ Bank, one of Australia’s major banks, to Prime Minister Rudd and Federal Treasurer Wayne Swan on October 23 has been released by its Author Saul Eslake.

While not painting a rosy picture, Saul Eslake - who is the ANZ’s chief economist - said the bank does not expect Australia will experience recession, “in the popular sense of consecutive quarters of negative economic growth.” However, many other Western economies will…… Full Article: Source

Gold-diggers swoop after bullion falls below $US700

Posted on 27 October 2008 by VRS  |  Email |Print

From Business Spectator: On 24 October 2008, gold prices fell below $US700 an ounce for the first time in more than one year. Gold for December delivery traded at $US695.20 an ounce.

Spot gold traded at $US709.03 on the COMEX division of the New York Mercantile Exchange….. Full Article: Source

MGEX Board recommends trading exclusively electronically

Posted on 27 October 2008 by VRS  |  Email |Print

From Commodities Now: After a long history of futures and options open outcry trading, MGEX (Minneapolis Grain Exchange or Exchange) is closing its trading pits effective December 19, 2008.

The decision to make the transition to exclusively electronic trading was unanimously approved by the MGEX Board of Directors and is pending MGEX ownership approval. The Exchange’s electronic trading operations on the CME Globex® electronic trading platform will remain unchanged. ….. Full Article: Source

Cocoa prices drop to one-year low as emerging-market use wanes

Posted on 27 October 2008 by VRS  |  Email |Print

From Bloomberg: Cocoa prices fell to a one-year low in New York on speculation that emerging economies are heading for a slump, slashing commodity use.

Cocoa climbed 35 percent in the two years through Dec. 31 as demand for chocolate climbed in countries including China and India. Chinese President Hu Jintao said today his country faces “uncertainties” because of the global financial crisis. India faces a “temporary slowdown,” Prime Minister Manmohan Singh has said. …. Full Article: Source

Indian Bank to launch gold bullion trading

Posted on 27 October 2008 by VRS  |  Email |Print

From Business Standard: Chennai-based Indian Bank is planning to launch gold bullion trading. A proposal to this effect was recently cleared by the board of directors.

Speaking to Business Standard here, MS Sundara Rajan, chairman and managing director, Indian Bank, said the bank was now offering all financial services under one roof and trading in bullion would be one step forward in that direction. The bank would soon sign an agreement with an overseas supplier in this regard, he added…… Full Article: Source

Commodities take a hit

Posted on 27 October 2008 by VRS  |  Email |Print

From CNN: It’s not just stocks suffering the pain of the global financial mayhem. Commodities like corn, coffee and oil are also taking a big hit. The weakening world economy - and the stronger dollar - are causing many investors to bail out of commodities.

The S&P GSCI Index - which tracks the prices of two dozen raw materials including wheat, corn, sugar, copper and lead - has dropped nearly 29% from the start of the month…… Full Article: Source

Next metals boom may outshine the last - CRU

Posted on 24 October 2008 by VRS  |  Email |Print

From Reuters: The economic downturn will hurt demand for metals and lead to sharp price falls, but in the medium term prices could recover and put the last commodity boom in the shade, consultants CRU Group said.

The downturn would also provide an opportunity for some participants in the metals industry, CRU said in a statement. …. Full Article: Source

What an Opec oil cut would mean

Posted on 24 October 2008 by VRS  |  Email |Print

From Sky.com: If you’d have asked anyone two years ago what would happen if oil breaches $140 barrel, they’d have told you, without hesitation, that there would be a worldwide recession.

Well back in the summer oil did hit $147 and, would you Adam and Eve it, the world’s big economies now all look headed for recession.The high price of oil was not wholly responsible for this downturn - the near-collapse of the banking system did most of the hard work there - but oil prices did help inflation play its part. …. Full Article: Source

Commodities ETFs take a beating

Posted on 24 October 2008 by VRS  |  Email |Print

From Seekingalpha.com: Steel companies in the Market Vectors Steel Index Fund (SLX) dropped about 16% Wednesday and fell 70% over the last 6 months. Those numbers are comparable to the collapse in networking stocks of the dot-com bust!

It’s not much better for the more diversified miners. The S&P Metals and Mining Index Fund (XME) gave up nearly 19% in a single session, and blew up by 65% over the last half year. Gold, silver and copper may be down, but spot prices are not quite as bad off as company share prices. …. Full Article: Source

Traders bet on falling oil price

Posted on 24 October 2008 by VRS  |  Email |Print

From FT: When Opec ministers meet today in Vienna, they will be looking in dismay at tumbling oil prices. But some might be even more concerned about activity in an obscure corner of the energy market – options trading, where investors have amassed a record position betting that prices could fall even further.

The strong buying of put options – an insurance against falling prices as the contracts give holders the right to sell oil at a predetermined price and date – comes as spot oil prices fell this week to a 16-month low of $66.2 a barrel …. Full Article: Source

‘We treated food crops as commodities’ - Clinton

Posted on 24 October 2008 by VRS  |  Email |Print

From Nzherald.co.nz: Today’s global food crisis shows “we all blew it, including me when I was president,” by treating food crops as commodities instead of as a vital right of the world’s poor, Bill Clinton told a UN gathering on Thursday.

The former president, addressing a high-level event marking Oct. 16’s World Food Day, also saluted US President George W. Bush - “one thing he got right” - for pushing for a change in US food-aid policy. He chided the bipartisan coalition in the US Congress that killed the idea. …. Full Article: Source

‘Drastic’ reforms on energy urged

Posted on 24 October 2008 by VRS  |  Email |Print

From BBC: “Urgent and drastic” policy and system changes are needed if the UK is to meet EU targets on renewable energy, according to a committee of Lords.

The UK’s commitment to producing 15% of its energy from renewable sources by 2020 is “laudable, but an enormous challenge”, the EU committee said. …. Full Article: Source

Will the IMF & Co. let gold crash?

Posted on 24 October 2008 by VRS  |  Email |Print

From Mineweb.com: A personal viewpoint from a Swiss fund co-manager on the immediate and long term future for the gold price vis-à-vis Central Banks and the IMF in particular: Right now, I believe we are very close to a significant short and long term event happening in the gold market.

For the short term, in my view, there are two possibilities: one is very bullish for gold (such as the breakdown of the systematically applied suppressing schema followed by massive safe heaven buying and a huge spike in the price of gold) and the other is very bearish for gold (such as significant gold sales from supranational organizations like the IMF or the ECB). But the long term implications will nevertheless be on both ways bullish. …. Full Article: Source

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