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Commodities Briefing - Archive | September, 2010

Gold is the ultimate bubble, says Soros

Posted on 30 September 2010 by VRS  |  Email |Print

From Indiatimes.com: Billionaire financier this month repeated his warning is locked in the “ultimate bubble”, and told investors bluntly it was “certainly not safe” in troubled times. Mr Soros was simply repeating a warning he issued at the World Economic Forum (WEF) back in February. At the time gold was trading at less than $1,150 per ounce.
It has since risen to touch $1,300 this week, and is up more than 400% from its low of $252 in 1999. There is no end in sight for the bull run. Anyone who shorted gold back in February would be sitting on huge losses……………………………………….Full Article: Source

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Gold: Now the world’s hottest fiat commodity

Posted on 30 September 2010 by VRS  |  Email |Print

From Cityam.com: Gold just keeps going up. And the ways in which investors can buy it are becoming increasingly varied. This week, Deutsche Borse Commodities launched a new form of exchange-traded security that is essentially a certificate of ownership for a chunk of allocated gold. In a signal of how much demand they expect, the firm has reserved €1.6bn worth of gold for the purpose.
Meanwhile, iShares’ main physically backed gold exchange-traded note now stands at over $4bn in total net assets and data from the World Gold Council shows that investor (as opposed to industrial) demand now accounts for 38 per cent of gold demand, versus 19 per cent in 2007……………………………………….Full Article: Source

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Gold forecast over $1,450 as currency valuations assessed

Posted on 30 September 2010 by VRS  |  Email |Print

From Resourceinvestor.com: Gold has remained well bid above the $1,300/oz level and silver has risen another 0.7% and looks set to challenge the $22/oz level. Participants at the LBMA conference see gold rising to over $1,450/oz over the next year due to concerns about central banks’ reaction to the economic crisis.
LBMA delegates forecast silver to trade at $24/oz in 12 months time which it is a conservative estimate given the very strong technical and fundamental situation……………………………………….Full Article: Source

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The golden decade - how gold has risen nearly five-fold in 10 years and continues upwards

Posted on 30 September 2010 by VRS  |  Email |Print

From Mineweb.co.za: An analysis of gold’s rise from just $275 ten years ago to $1300+ today and the changes in perception which have kept it on rising. Forecasting is an entirely different matter because you have no facts from the future. What you do have is the past and the present. Now you have to extrapolate these forward to construct tomorrow’s picture.
This requires giving each its due portion in that future and its correct weighting together with a good dash of insight. Hopefully you will do the job well and be correct. This may sound simple but it isn’t. To help you look forward we look at the last decade in the gold market……………………………………….Full Article: Source

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Jason Toussaint: Why investors should buy gold

Posted on 30 September 2010 by VRS  |  Email |Print

From Hardassetsinvestor.com: The biggest shift that took place – and I would call it a paradigm shift in this market – is not necessarily the merits of gold investment, because those have been around for quite some time, and we’ll discuss those, but the access.
And when we launched the SPDR Gold Shares here in the U.S. in 2004, having an exchange-traded product with all the guaranteed two-way markets – infinite liquidity, if you will – of trading on the market, overcame a lot of the issues that investors have had in the past with accumulating gold……………………………………….Full Article: Source

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How US administration is pushing up gold prices?

Posted on 30 September 2010 by VRS  |  Email |Print

From Commodityonline.com: Gold is approaching $1,300 an ounce for good reason. The Obama administration has flooded the world with greenbacks and Treasuries, global investors have little confidence in the management of the U.S. economy and investors have taken refuge in gold.
Since U.S. President Barack Obama took the helm, the U.S. trade deficit increased 60 percent. At more than 3 percent of gross domestic product, the trade deficit drains off more demand for U.S. made goods and services than the president’s stimulus spending has added……………………………………….Full Article: Source

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Gold hedges gained most in 4 years in second quarter, GFMS says

Posted on 30 September 2010 by VRS  |  Email |Print

From Bloomberg: Global gold hedges, or sales of future production, gained the most in more than four years in the second quarter, researcher GFMS Ltd. said.
The worldwide hedge book gained about 160,000 ounces to 7.19 million ounces in the quarter, GFMS said in a report. That’s the first and biggest increase since the fourth quarter of 2005, GFMS mining analyst Matthew Piggott said by telephone from London……………………………………….Full Article: Source

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Platinum to gain; buy dips, Barclays says

Posted on 30 September 2010 by VRS  |  Email |Print

From Bloomberg: Platinum may advance to $1,750 an ounce this year and investors should “buy the dip,” according to technical analysts at Barclays Capital.
As long as the price doesn’t close below $1,592 an ounce, platinum is likely to target the $1,750 area reached in April and May, they said in a report dated Sept. 27. “A small divergence signal suggests a correction is likely before the recent uptrend resumes,” the report said……………………………………….Full Article: Source

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Uranium projects update

Posted on 30 September 2010 by VRS  |  Email |Print

From Resourceinvestor.com: The world is in need of good uranium mining projects. Many of the deposits being explored and developed globally are marginal – up to three orders of magnitude lower in grade than the world’s top uranium mines.
This provides an opportunity to “poach the cost curve”. Any reasonably high-grade discovery would almost certainly rank among the lower-cost producers in the world, making such a deposit very valuable to the world’s uranium-producing companies……………………………………….Full Article: Source

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Copper prices hit a two-year high amid optimism on demand from China

Posted on 30 September 2010 by VRS  |  Email |Print

From Canadianbusiness.com: Copper prices soared to levels not seen in two years Wednesday after a new report signalled the potential for improving demand in China, one of the world’s biggest consumers of the industrial metal.
Copper settled up 2.45 cents at US$3.6615 a pound. Other metals and most energy contracts also rose……………………………………….Full Article: Source

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Iran ranks 1st in energy resources: Minister

Posted on 30 September 2010 by VRS  |  Email |Print

From Zawya.com: “In the aggregate, Iran ranks 1st in the world in energy resources,” said the Iranian minister of industry and mines. The Islamic Republic of Iran Broadcasting (IRIB) quoted Ali-Akbar Mehrabian as saying that Russia is number one in the world in gas reserves and Saudi Arabia is first in oil, but in total overall energy resources Iran ranks first.
The Iranian minister who was speaking to reporters at the reception ceremony of a delegation arriving in Tehran led by Li Changchun, a senior Communist Party of China official, said these abundant resources have created the potential for vast investments in Iran’s oil and gas sector……………………………………….Full Article: Source

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Oil may exceed $80 if global growth 3-3.5pct - IEA

Posted on 30 September 2010 by VRS  |  Email |Print

From Arabianbusiness.com: Oil may rise above $80 a barrel if global growth is 3-3.5 percent, though sharp rises are not expected this year or next due to excess capacity, the chief economist of the International Energy Agency (IEA) said on Wednesday.
Fatih Birol also said in an interview with Reuters that the fact that oil is between $70-80 despite a weak global economy and low capacity usage shows the period for cheap oil is over……………………………………….Full Article: Source

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Oil set to gain most in 7 months on lower stocks, dollar

Posted on 30 September 2010 by VRS  |  Email |Print

From Reuters: U.S. crude on Thursday is set to close September with the strongest gain in seven months after stockpiles at the world’s largest consumer declined while a weak dollar lifted most commodities.
U.S. West Texas Intermediate crude oil futures CLc1 for November remained unchanged at $77.86 a barrel at 0235 GMT, after pocketing gains of more than 2 percent to settle at a 7-week high on Wednesday……………………………………….Full Article: Source

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Kuwait ‘happy’ with oil price, expects no OPEC output change

Posted on 30 September 2010 by VRS  |  Email |Print

From Arabianbusiness.com: OPEC, supplier of 40 percent of the world’s crude, is unlikely to change its production levels when it meets next month, Kuwait’s oil minister said.
Speaking in Hanoi on Wednesday, Sheikh Ahmad al Abdullah al Sabah said: “The market is oversupplied to start with and there is lack of compliance, so the major issue to be discussed at our meeting is the compliance issue. I don’t see, in the near future at least, any change of policy of OPEC in this regard.”………………………………………Full Article: Source

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OPEC crude oil production fell to eight-month low, survey shows

Posted on 30 September 2010 by VRS  |  Email |Print

From Bloomberg: The Organization of Petroleum Exporting Countries’ crude-oil output fell to an eight-month low in September, led by Iraq, where a pipeline disruption curtailed shipments, a Bloomberg News survey showed.
Production slipped 145,000 barrels, or 0.5 percent, to an average 29.055 million barrels a day, the lowest level since January, according to the survey. Output by members with quotas, all except Iraq, dropped 95,000 barrels to 26.76 million, 1.92 million above their target……………………………………….Full Article: Source

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PIMCO commodities fund to keep TIPS, no hedge funds

Posted on 30 September 2010 by VRS  |  Email |Print

From Businessspectator.com.au: PIMCO has no plan to widen commodities exposure with hedge funds or cut the portfolio’s reliance on inflation-protected securities, a senior official at the bond investment giant has said.
PIMCO’s RealReturn Strategy Fund, an $US18 billion commodities mutual fund, is up about seven per cent on the year, Pacific Investment Management Co senior vice-president and portfolio manager Nicholas Johnson said in an interview……………………………………….Full Article: Source

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Hedge funds to spur 30pct growth in global ETF assets

Posted on 30 September 2010 by VRS  |  Email |Print

From Barrons.com: A new analysis piece looking at alternative investment markets concludes that hedge fund managers are shifting gears and creating ETFs at a pace that could spur up to a 30% growth in assets this year.
The report comes out the same day that a major industry trade group published findings showing that ETF assets in the U.S. fell in August to $800.9 billion, down more than $20 million from a month earlier……………………………………….Full Article: Source

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ETFs: How to sort the wheat from the chaff

Posted on 30 September 2010 by VRS  |  Email |Print

From Cityam.com: Innovation is not always a good thing, or at least, that is what David Norman of TCF Investment says about the boom in exchange traded funds (ETFs): “There’s been a big rush to launch products: a lot of innovation, not all of it is good. Say you want exposure to a certain emerging market, for example, which of the 25-odd indices do you track?”
The ETF providers do not agree. Manooj Mistry from db x-trackers says: “There aren’t too many products. People should compare the ETF market to the fund market. There may be 25-odd ETFs giving you exposure to the Chinese market, but there will be hundreds of funds in that area. With due diligence and adequate research the choice is comparatively simpler.”………………………………………Full Article: Source

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India: Commexes given more time to up equity capital

Posted on 30 September 2010 by VRS  |  Email |Print

From Indiatimes.com: Commodity exchanges have been given more time to raise their equity capital by the commodity futures market regulator. The time limit for meeting the Forward Markets Commission (FMC) norm expires on Thursday, September 30. Metals & energy exchange and plantation & spices bourse NMCE have been given time till March 31, 2011 to increase their paid-up capital to `50 crore while has not yet gone through agri bourse NCDEX’s application seeking an extension.
“NCDEX was hoping to complete the process of including Jaypee Capital as anchor investor prior to the deadline but I am told their recent board meeting to finalise this issue was inconclusive,” said FMC chairman BC Khatua……………………………………….Full Article: Source

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Sri Lanka to invite offers for commodity exchange

Posted on 30 September 2010 by VRS  |  Email |Print

From LBO: Sri Lanka will shortly call for international expressions of interest to set up a commodities exchange, and the successful bidder will have to assist in developing a regulatory framework, a top official said.
“We are going to call for expressions of interest (EOI) to set up a commodities exchange,” deputy director general of the Securities and Exchange Commission Malik Cader told senior executives at the LBR-LBO chief executive officers forum in Colombo……………………………………….Full Article: Source

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Singapore bourse clears about 90pct of global iron ore swap trade

Posted on 30 September 2010 by VRS  |  Email |Print

From Bloomberg: Singapore Exchange Ltd., operator of the city’s securities and derivatives markets, represents as much as 90 percent of global over-the-counter clearing of iron- ore swaps, said the chief executive of its commodity unit.
More than 200 counterparties, which are producers, users and traders of the steel-making ingredient, are using the service, Chief Executive Officer Jeremy Ang of the Singapore Commodity Exchange said in an interview today……………………………………….Full Article: Source

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Investors doubt ‘currency war’ as bets rise for gains

Posted on 30 September 2010 by VRS  |  Email |Print

From Bloomberg: Investors are stepping up bets that policy makers from Brazil to South Korea will fail in their efforts to stem the fastest appreciation of emerging-market currencies in more than a year.
Options traders are paying the lowest rate in five months for the right to sell the Brazilian real, South African rand, South Korean won and Indonesian rupiah rather than buy them, based on the so-called risk reversal rate……………………………………….Full Article: Source

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Volatility, not global currency wars, impacts exports most: Economists

Posted on 30 September 2010 by VRS  |  Email |Print

From Indiatimes.com: The international community is waking up to the threat of warfare, with some large economies trying to strengthen the faltering economic recovery by managing their currencies in a bid to increase exports.
“We are in the midst of an international currency war,” Brazilian finance minister Guido Mantega said on Monday while addressing an industry meet in Sao Paolo, Brazil……………………………………….Full Article: Source

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China says U.S. yuan bill violates WTO

Posted on 30 September 2010 by VRS  |  Email |Print

From Reuters: China on Thursday hit back at a bill passed by the U.S. House of Representatives aimed at pressuring Beijing to let its currency rise faster by branding it in violation of world trade rules.
China’s tight leash on the yuan is under intense scrutiny as countries around the world look to export their way back to economic health, raising concerns they will intentionally weaken their currencies to gain an edge……………………………………….Full Article: Source

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Time commodities got some respect

Posted on 30 September 2010 by VRS  |  Email |Print

From Financialpost.com: As major asset classes go, commodities don’t get much respect. But the established “big four” of stocks, bonds, cash and real estate all have their problems of late.
Portfolio manager and author John Stephenson is making a big personal bet on commodities, with more than 50% of his personal portfolio devoted either to raw commodity exposure or to stocks of commodity producers……………………………………….Full Article: Source

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Food commodity speculation should be limited, German Group says

Posted on 30 September 2010 by VRS  |  Email |Print

From Bloomberg: Speculative trading of food commodities by banks and funds should be restricted or their positions in items such as wheat and cocoa publicly disclosed, the Association of the German Confectionery Industry said.
Investors not connected to producing food have brought some food markets into “considerable disarray,” the Bonn-based association of about 200 companies said in a statement today. Cocoa climbed to the highest price since at least 1989 in June and wheat a month later had the biggest monthly jump since 1973……………………………………….Full Article: Source

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Commodity volatility may climb, SocGen’s Godin says

Posted on 29 September 2010 by VRS  |  Email |Print

From Bloomberg: Commodity prices, which have surged to the highest level since January, may see greater volatility as investors react to threats to the global economic recovery, according to Societe Generale SA.
“We’re not completely out of the crisis,” Olivier Godin, the bank’s head of commodities derivatives in Asia, said in an interview from Hong Kong. “There might be some bumps along the way, and that’s going to affect our markets.”………………………………………Full Article: Source

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A commodity selling near 1977 prices

Posted on 29 September 2010 by VRS  |  Email |Print

From Wyattresearch.com: It’s not often you get a chance to buy a commodity for the less than the price you’d pay during the Carter Administration. That’s how I know the time is right to start nibbling at companies in the sector.
The underlying asset is a true bargain - no matter how you dice it. So the companies that can bring this particular commodity to market and remain profitable at today’s prices are destined to be huge profit machines in the coming years as the price of all “real stuff” continues to rise……………………………………….Full Article: Source

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The commodity-price bubble

Posted on 29 September 2010 by VRS  |  Email |Print

From Wabusinessnews.com.au: Get ready for the pricking of the gold bubble. That’s what some experts are saying, not that too many investors are listening with the price sailing through the $US1300 an ounce mark - as was predicted here last week.
But, in little more than three years, according to analysts at Patersons, a stockbroking firm, gold will be trading closer to $US700/oz. Alex Passmore, head of research at the Perth brokerage, publicly aired the $US700/oz forecast at an investment conference in Queensland yesterday……………………………………….Full Article: Source

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Gold industry eyes another boom year for bullion

Posted on 29 September 2010 by VRS  |  Email |Print

From Reuters: Uncertainty over the global economic outlook and expectations for a weaker U.S. dollar should see gold prices reach eye-watering heights in the coming year, topping record highs set earlier on Tuesday.
Delegates at the London Bullion Market Association’s annual conference raised their already bullish forecast for the gold price in a poll conducted at the end of the gathering in Berlin, with expectations for the price to hit $1,450 an ounce by next September……………………………………….Full Article: Source

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$5,000 gold and $200 silver - how realistic?

Posted on 29 September 2010 by VRS  |  Email |Print

From Mineweb.co.za: Taking into account 11 key measurements based on historical movements and price ratios, gold is likely to exceed $5,000 and silver is likely to exceed $200 within the next 5 years. If silver reverts to its historical ratio of 16 to 1 with gold, then it could rise even higher. Let me explain.
In recent weeks gold and silver have broken through their multi-month consolidation levels, and investors are wondering where the precious metals are headed. On a short term basis both gold and silver are overbought and due for a correction that may retest the breakout levels of $1,250 on gold and $20 on silver……………………………………….Full Article: Source

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Gold prices set record high on investor worries

Posted on 29 September 2010 by VRS  |  Email |Print

From AP:Gold prices settled at a record high Tuesday as investors looked for a safety net after sorting through a batch of mixed economic news. Gold also got a helping hand from a weaker dollar as it rose $9.70 to settle at $1,308.30 an ounce. Earlier in the day, it reached $1,311.80 an ounce.
It’s the latest in a series of recent record-setting days for gold as investors seek alternatives to the jittery stock market as prospects for the economy remain uncertain. Many analysts expect the price to continue to climb……………………………………….Full Article: Source

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Gold price may dip as demand falls

Posted on 29 September 2010 by VRS  |  Email |Print

From Watoday.com.au: Gold, trading little changed near a record, may drop as an advance in the dollar reduces demand for the precious metal as an alternative asset. Silver declined from a 30-year high.
Gold for immediate delivery lost as much as $US2.50, or 0.2 per cent, to $US1291.85 an ounce before trading at $US1293.60 in Seoul. Bullion reached an all-time high of $US1,300.15 yesterday……………………………………….Full Article: Source

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Gold: A global risk management challenge

Posted on 29 September 2010 by VRS  |  Email |Print

From Forbes: Last week’s Denver Gold Forum can no doubt be described as exquisitely well-timed. By end of day Friday, futures had set a new record at $1,300 per ounce with no end in sight as weak paper currencies drive investor flights to quality.
Back in the 1970s, gold bugs were often publicly castigated for self-interestedly fueling inflation. Today, the dialogue is all about safe harbors, accelerating demand, and diminished supply……………………………………….Full Article: Source

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China set to take centre stage in gold market

Posted on 29 September 2010 by VRS  |  Email |Print

From Reuters: The easing of restrictions on China’s gold imports should boost its influence on global bullion trade as Chinese investors turn to the open market to satisfy their hunger for the metal, the World Gold Council said.
Chinese gold demand is expected to show at least single digit percent growth this year at a time when high prices are curbing buying in other major physical markets like India, the WGC’s Far East managing director Albert Cheng said on Tuesday……………………………………….Full Article: Source

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Silver’s rise vulnerable to correction in industrial commodities

Posted on 29 September 2010 by VRS  |  Email |Print

From Mineweb.co.za: Silver, trading at 30-year highs, looks set to continue benefiting from strength in gold prices but is at risk of a correction if a sluggish economic recovery hurts industrial commodities, metals consultancy GFMS said.
Silver has benefited this year from a hefty rise in gold prices, which peaked at a record $1,300 an ounce earlier in the session, and are up some 18 percent this year. Silver hit a peak of $21.61 in earlier trade, its strongest level since 1980……………………………………….Full Article: Source

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Strong fundamentals lift tin premiums

Posted on 29 September 2010 by VRS  |  Email |Print

From Metalbulletin.com: Tin premiums have risen to between $600 and $700 per tonne from $500 to $620 in the summer due to unexpectedly high demand and tightening supply, traders and consumers told AMM. Premiums also are up 33 percent from a year ago, when they stood at between $450 and $525 per tonne.
Market players attributed the higher premiums to improving fundamentals, particularly an uptick in physical demand……………………………………….Full Article: Source

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Outlook upbeat for Chinese iron ore demand

Posted on 29 September 2010 by VRS  |  Email |Print

From Ninemsn.com.au: Iron ore demand in China, the world’s largest importer of the commodity, will rise next year as Beijing’s power cuts for the steelmaking sector start to fade, according to industry executives.
The upbeat outlook came after small and medium-sized Chinese steel mills suffered recently amid an electricity clampdown aimed at meeting Beijing’s energy efficiency targets……………………………………….Full Article: Source

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BP economist: Oil, product supply may return to normal mid-2011

Posted on 29 September 2010 by VRS  |  Email |Print

From Dow Jones: Global crude oil and product inventories could move from current oversupply back into typical ranges in the middle of 2011, BP PLC’s (BP) Chief Economist Christof Ruehl said Tuesday.
“If OPEC holds the line and if the economy grows as predicted…then we should see crude and product inventories move back to normal” in mid-2011, Ruehl told Dow Jones Newswires……………………………………….Full Article: Source

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OPEC oil supply falls for 2nd month in September

Posted on 29 September 2010 by VRS  |  Email |Print

From Forexyard.com: OPEC crude oil supply has fallen so far this month to the lowest level since November 2009 due to reduced output from Angola and smaller declines in the United Arab Emirates and Iran, a Reuters survey showed on Tuesday.
Supply from the 11 members of the Organization of the Petroleum Exporting Countries with output targets, all except Iraq, has averaged 26.63 million barrels per day this month, down from a revised 26.87 million bpd in August, according to the survey of oil companies, OPEC officials and analysts……………………………………….Full Article: Source

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Germany approves new energy proposals

Posted on 29 September 2010 by VRS  |  Email |Print

From WSJ: Germany’s cabinet approved Tuesday a broad slate of new energy proposals, including extending the lifespan of the country’s nuclear plants and billions in levies the operating utilities will be obliged to pay in return.
The government’s energy strategy also includes targets for drawing more power from renewable energy, renovating power grids and improving efficiency by 2050. “I admit, our targets are ambitious,” Chancellor Angela Merkel said……………………………………….Full Article: Source

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Exchange-traded funds: The midas touch?

Posted on 29 September 2010 by VRS  |  Email |Print

From Ifaonline.co.uk: The World Gold Council’s Jason Toussaint on innovations in the ETF sector providing investors more opportunities to enjoy the allure of gold. Today’s investment environment has created many interesting opportunities for the global ETF industry.
Providers of ETFs – which are essentially securities tracking an index, commodity or basket of assets like an index fund, but that trade like a stock on an exchange – are very active in the current market……………………………………….Full Article: Source

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Gold ETP assets may gain up to 20pct, ABN Amro’s Schubert says

Posted on 29 September 2010 by VRS  |  Email |Print

From Bloomberg: Gold holdings in exchange-traded products may climb between 10 percent and 20 percent for each of the next two years, said Gerry Schubert, head of precious metals at ABN Amro Markets (U.K.) Ltd.
Bullion held via 10 ETP providers reached a record 2,089.74 metric tons on Sept. 22, data compiled by Bloomberg shows. That almost equaled the combined official reserves of China and Switzerland, based on figures from the World Gold Council……………………………………….Full Article: Source

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Investment demand drives metal ETFs

Posted on 29 September 2010 by VRS  |  Email |Print

From Miningmx.com: While physical demand for commodities - such as gold, platinum, palladium and even oil -has been a bit up and down along with the economic cycle, much of that’s been countered by strong investment demand through exchange-traded fund (ETF) products, both in South Africa and globally.
In general, it’s been a busy year for resources-related investment products in South Africa. Earlier this year, the JSE introduced its commodity futures while Standard Bank is currently rolling out a variety of commodity warrants on gold, platinum and oil on the back of client demand……………………………………….Full Article: Source

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SMX plans to list first Iron ore futures contract

Posted on 29 September 2010 by VRS  |  Email |Print

From Indiainfoline.com: Singapore Mercantile Exchange (SMX), the first pan-Asian multi-product commodity and currency derivatives exchange, has announced its plans to list the world’s first Iron Ore Futures Contract*, settled basis the Metal Bulletin Iron Ore Index. Metal Bulletin is the leading independent premium information and pricing provider for the metals industries.
The Metal Bulletin Iron Ore Index (MBIOI) utilises daily price data from a broad spectrum of industry participants and through leading independent Chinese steel consultancy and data provider Shanghai Steelhome’s widespread contact base of steel producers and iron ore traders across China……………………………………….Full Article: Source

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Singapore Mercantile Exchange to trade black pepper

Posted on 29 September 2010 by VRS  |  Email |Print

From Asiaone.com: The Singapore Mercantile Exchange (SMX), which started trading less than a month ago, will launch the world’s first international black pepper futures contract.
Black pepper will be the exchange’s first agricultural derivatives product, SMX said in a statement on Tuesday, and its settlement will be based on physical delivery……………………………………….Full Article: Source

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MCX-SX cries foul against Sebi, weighing legal options

Posted on 29 September 2010 by VRS  |  Email |Print

From Livemint.com: Five days after the Securities and Exchange Board of India (Sebi) rejected its application to trade in new products, MCX Stock Exchange Ltd (MCX-SX) stuck to its guns and said the capital market regulator’s decision was biased.
It also alleged that the exchange was a victim of discrimination against the “dominant exchange”, without naming it. “The order by Sebi…is very harsh in its tenor and is continuation of injustice being meted out to us. The order goes on to reinforce our feeling that the regulator is biased,” the exchange said in an unsigned handout on Tuesday……………………………………….Full Article: Source

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Deutsche Börse commodities launches Xetra-gold in the UK

Posted on 29 September 2010 by VRS  |  Email |Print

From Mondovisione.com: Deutsche Börse Commodities GmbH launched Xetra-Gold in the UK. Xetra-Gold is an exchange-traded security in the form of a bearer note which is always 100 percent backed by gold. Each unit of the Xetra-Gold bearer note grants investors the right to demand the delivery of one gram of gold from the issuer.
Deutsche Börse Commodities’gold reserve for Xetra-Gold is currently around 50 tons – valued at around € 1.6 billion at current prices. Private investors can have the physical gold delivered to their bank and receive it there personally. In Germany, more than 400 private investors have taken this option to date……………………………………….Full Article: Source

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IMF chief sees no risk of ‘currency war’

Posted on 29 September 2010 by VRS  |  Email |Print

From Indiatimes.com: International Monetary Fund chief Dominique Strauss-Kahn said on Tuesday he did not see a risk of a global “currency war” as countries intervene to weaken their currencies but acknowledged it was a concern.
The IMF managing director said efforts by countries to devalue their currencies will be discussed at meetings of the IMF in Washington on Oct. 8-9 and the Group of 20 major economies in South Korea in November……………………………………….Full Article: Source

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U.S. regulator: Global derivatives rules will be similar

Posted on 29 September 2010 by VRS  |  Email |Print

From Reuters: A top U.S. regulator said on Tuesday that transatlantic trading requirements for derivatives were likely to vary somewhat but that the differences should be kept to a minimum.
The United States has approved a reform of Wall Street which requires that contracts in the $615 trillion derivatives market be standardized where possible, cleared and reported, and with trading done on an exchange in some cases……………………………………….Full Article: Source

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