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Commodities Briefing - Archive | July, 2011

Europe banks outplay US peers in Q2 commods trading

Posted on 29 July 2011 by VRS  |  Email |Print

A strong commodities business saved Credit Suisse from a deeper slump in its trading division as the European bank outplayed many U.S. peers and some oil majors in the crowded and volatile natural resources sector last quarter.
The second-quarter report from Credit Suisse came two days after rival Deutsche Bank reported a similar trading performance and major oil players such as BP and Vitol reported disappointing trading results……………………………………….Full Article: Source

Commodity prices and the current state of the economy

Posted on 29 July 2011 by VRS  |  Email |Print

At a time when we approach the unprecedented potential of a default by the US on its national debt, it is worth acknowledging that there may well be trouble ahead (…and imminently).
As we face the music and prepare to lace up our dancing shoes, it seems prudent to remember where we were a year ago, and then appraise whether current downbeat perceptions are muddying the water. So from the starting point of Energyland™ to the general economy, let’s take a look at ten reference points, to see if we need to throw in the towel, or just throw some shapes:………………………………………Full Article: Source

A new bottom may be emerging for silver in upper $30 level

Posted on 29 July 2011 by VRS  |  Email |Print

The commitment of traders is released each Friday by the futures market regulator, the CTFC. Whereas there are plenty of concerns with the CTFC’s involvement in the futures market, generally the COT data proves to be a very important tool in understanding market highs and lows.
The real function of the futures market, outside of finance, is to allow buyers and sellers to exchange fungible products (commodities) on a central exchange. Buyers and sellers can also hedge their future purchases, thus keeping the namesake of the futures market……………………………………….Full Article: Source

Silver to rise but tarnished by May’s rout

Posted on 29 July 2011 by VRS  |  Email |Print

Silver prices look set for further gains after rallying more than 15 percent this month on gold’s coat-tails, but the metal will struggle to revisit this year’s record high near $50 an ounce after investors were burnt by May’s heart-stopping price correction.
Silver was one of 2010’s best-performing commodities and surged to a record $49.51 an ounce in April as investors favoured precious metals as a safe store of value during the euro zone debt crisis……………………………………….Full Article: Source

Europe, US debt woes may spur gold demand

Posted on 29 July 2011 by VRS  |  Email |Print

Gold may rise toward a record set on Wednesday in London as concern that the US and Europe will struggle to contain their debt burdens spurs demand for the metal as a protection of wealth.
US lawmakers remained at odds on how to raise the country’s debt limit in time to avoid a default.
Standard & Poor’s said Greece will partially default once European officials push through a second bailout plan for the nation agreed to last week. Gold reached a record $1,628.05 an ounce on Wednesday……………………………………….Full Article: Source

Confidence crisis keeps gold bull running

Posted on 29 July 2011 by VRS  |  Email |Print

With the immediate European sovereign debt crisis behind us, it could have been reasonable to believe that gold prices would be due for pause at the least, perhaps even a correction. But as we’ve said before, gold’s fundamentals remain extremely constructive, last week’s temporary European solution notwithstanding.
This week the U.S. has moved into the headlines as Congress continues to wrangle over raising the $14.3 debt ceiling……………………………………….Full Article: Source

India May gold sales up massive 161pct yoy - gold rush continuing

Posted on 29 July 2011 by VRS  |  Email |Print

The gold rush in India, the world’s biggest bullion consumer, continues unabated. Physical demand for the gold remains high despite the spike in prices, wealth management firm UBS has said in a note, adding that an indication of sales to India was a 23% jump in gold sales from the start of the year till July.
As compared to the seven months of last year, demand was rather robust, the agency has said. Physical bullion sales soared 76% in May as compared to sales in April and a thumping 161% from a year ago, UBS said in a report……………………………………….Full Article: Source

ETF strategy: What if the gold bubble bursts?

Posted on 29 July 2011 by VRS  |  Email |Print

Gold reached an all-time high above $1,600 an ounce in mid-July amid the continuing European sovereign debt crisis and as uncertainties persist over the US debt ceiling.
Investor anxiety over contagion risk and Greece’s debt woes spreading to Italy and other Mediterranean countries, as well as Moody’s decision to put the US credit rating on review for a downgrade, have fuelled flows into the precious metal more recently as a perceived safe haven……………………………………….Full Article: Source

ETF inflows set to exceed $100 bln in 2011

Posted on 29 July 2011 by VRS  |  Email |Print

U.S. exchange-traded funds (ETFs) are on a roll so far in 2011, according to State Street Global Advisors, which released its 2011 mid-year ETF outlook report on Thursday.
The report revealed that ETF inflows are set to exceed $100 billion in 2011, a signal of strength in the ETF industry despite historically low interest rates, persistently high unemployment, and global economic uncertainty. U.S. ETFs raked in $56.3 billion in new inflows during the first six months of 2011, an increase of 50.9% over the first half of 2010 and on pace to surpass last year’s total of $111.5 billion……………………………………….Full Article: Source

ETF chart of the day: Precious metals basket

Posted on 29 July 2011 by VRS  |  Email |Print

With precious metals largely delivering appealing returns once again in 2011, we have taken note of exchange traded funds that allow the investor to gain diversified exposure to the physical metals and not rely solely on the spot returns from one single metal such as gold or silver.
For instance, ETFS Physical Precious Metals Basket (GLTR) is weighted towards physical silver (47.99%), physical gold (41.26%), physical platinum (6.57%), and physical palladium (4.18%). GLTR has recently traded at its highest levels since early May……………………………………….Full Article: Source

LME Aluminum gains even as inventories highest in 7 months

Posted on 29 July 2011 by VRS  |  Email |Print

Aluminum inventories overseen by the London Metal Exchange (LME) reached the highest level in 7 months although prices have gained for the month of July, 2011.
Inventories climbed 92,425 metric tons, or 2.1 percent, the most since Jan. 10, to 4.46 million tons, as per the exchange data. Orders to draw aluminum from warehouses, known as canceled warrants, declined 7,575 tons to 386,225 tons……………………………………….Full Article: Source

OPEC oil output nears 3-year high in July: Survey

Posted on 29 July 2011 by VRS  |  Email |Print

OPEC oil output is expected to rise in July to its highest in almost three years, mainly due to extra oil from Saudi Arabia and Angola, a Reuters survey found on Thursday.
Supply from all 12 members of the Organization of the Petroleum Exporting Countries is expected to average 30.07 million barrels per day (bpd) this month, up from a revised 29.81 million bpd in June, the survey of oil companies, OPEC officials and analysts found……………………………………….Full Article: Source

Nigeria, Iran battle for OPEC’s no.2 position

Posted on 29 July 2011 by VRS  |  Email |Print

Iran retains its position as the second-largest producer in the Organization of Petroleum Exporting Countries, despite a recent OPEC report that Nigeria moved from the organization’s third to second place, OPEC Governor Mohammad Ali Khatibi said.
OPECs’ Annual Statistical Bulletin had put Nigeria ahead of Iran, but Iranian experts said they were examining the report, This Day newspaper reported……………………………………….Full Article: Source

India to frame regulation for alternative investments

Posted on 29 July 2011 by VRS  |  Email |Print

In order to safeguard investors from falling prey to dubious schemes of portfolio managers, capital market regulator Sebi will soon come out with guidelines for alternative investments.
The issue was discussed at the Sebi board meeting here today, after which Chairman U K Sinha announced that the regulator will soon frame rules to govern alternative investments and portfolio wealth managers……………………………………….Full Article: Source

Cross-asset class trading platforms: dream or reality?

Posted on 29 July 2011 by VRS  |  Email |Print

As traders diversify to realise greater opportunities for arbitrage and move into new markets, the demand for cross-asset class trading capabilities has never been greater. What solutions are out there and how traders are increasingly looking for platforms that can trade equities, derivatives, FX and commodities and how the search for low and ultra low latency is defining the evolution of the market.
Banks, brokers and traders are increasingly breaking down silos, ending the traditional separation of asset classes into distinct business activities with incompatible trading systems……………………………………….Full Article: Source

NAB expects further gains in non-rural commodity prices

Posted on 29 July 2011 by VRS  |  Email |Print

As National Australia Bank points out, movements in non-rural commodity prices have been mixed in recent months. This largely reflects mixed signals with respect to the global economic growth outlook. As examples, the bank’s non-rural commodities analyst Ben Westmore notes US construction activity has been very weak in recent months, while Chinese GDP in the June quarter surprised to the upside.
European sovereign debt issues have also impacted on both financial and commodity markets given the potential for further global growth implications, while a weaker US dollar has strengthened demand for commodities denominated in US dollars by foreign buyers……………………………………….Full Article: Source

US fury at EU plan for emissions trading scheme for airlines

Posted on 29 July 2011 by VRS  |  Email |Print

The US transport industry yesterday vented its anger at EU plans to introduce an Emissions Trading Scheme (ETS) it claims will cost its airlines more than US$3 billion by 2020.
From January, airlines flying through EU airspace will be expected to join the ETS system and buy permits for any carbon emissions they produce over a certain level……………………………………….Full Article: Source

Time running low in signing up for global carbon trading

Posted on 29 July 2011 by VRS  |  Email |Print

Producers of renewable energy have only until next year to tap into the global carbon trading market, a source of incremental income for those going into environment-friendly ventures that might turn out to be of marginal viability.
Carbons credits are currently selling for 10 euros to 12 euros per ton of reduction in carbon emissions, said Aloysius Santos, vice president for sustainability and energy efficiency of First Gen Corp……………………………………….Full Article: Source

Are commodities a safe shelter if US defaults?

Posted on 28 July 2011 by VRS  |  Email |Print

Julian Jessop As the US debt crisis deepens the natural inclination is to view commodities as safe havens. The logic is simple. A default in the US should in theory put pressure on the dollar and with metals priced in the greenback the prices of commodities should rise in dollar terms.
Recent market reaction seems to indicate that investors see commodities as potential safe havens. Since the US was placed on watch for a possible downgrade by S&P on 14 July the prices of commodities have ticked higher……………………………………….Full Article: Source

Not all commodities are safe havens

Posted on 28 July 2011 by VRS  |  Email |Print

The rise in commodity prices over the past two weeks as investors grow more worried about the U.S. debt ceiling impasse won’t last in the event of an actual US downgrade or default, says Julian Jessop, chief international economist at Capital Economics.
With the exception of gold and silver, which could benefit as safe haven investments, prices for base metals and oil would likely fall if the debt of the U.S. government is no longer deemed risk-free……………………………………….Full Article: Source

What is driving the price of commodities and the price of food?

Posted on 28 July 2011 by VRS  |  Email |Print

Farmers have long been willing to produce for the market, and farm programs over the past 20+ years have moved agriculture from a managed supply to a market oriented pricing system. But when you produce for the market, you don’t always know who is going to come to buy.
While the American consumers have been the primary force, they are being supplanted by Chinese consumers……………………………………….Full Article: Source

Agriculture investments, the need of the hour

Posted on 28 July 2011 by VRS  |  Email |Print

As investors continue their search for alternative investment assets that offer capital preservation, income and inflation hedging characteristics, and that are supported by sound long-term fundamentals such as population growth and economic expansion, many institutional investors such as Pension Funds, Hedge Funds, Sovereign Wealth Funds, Family Offices and UHNW Individuals are turning to farmland investments to generate long-term gains without dramatically altering the overall risk profile of a balanced investment portfolio.………………………………………Full Article: Source

Commodity price index declines further in June

Posted on 28 July 2011 by VRS  |  Email |Print

Prices of Canada’s major commodity exports eased further in June, falling 0.3 per cent as oil and gas prices fell.
The data, contained in Scotiabank’s monthly Commodity Price Index, shows that despite the decline, prices are still off only 2.8 per cent from the April near-term peak and remain 55.3 per cent above their cyclical low in April 2009……………………………………….Full Article: Source

Gold seen powering to another high in Sept quarter

Posted on 28 July 2011 by VRS  |  Email |Print

Gold, which hit a record on Monday, is likely to extend gains for a second straight quarter to its peak as investors seek refuge from U.S. debt crisis and surging inflation, though physical demand cringing as a result could keep a lid on gains, a Reuters poll revealed.
Gold had recorded its earlier all-time high on April 30. “Major factors in the coming quarters could see gold rising as high as $1,650 (an ounce) by 2011 end. Euro zone debt fears and U.S. economy troubles are positive for gold,” said Gnanasekar Thiagarajan, director with Mumbai-based Commtrendz Research……………………………………….Full Article: Source

1 gold bar = the average US home

Posted on 28 July 2011 by VRS  |  Email |Print

Is US housing nearing its low? Priced against gold it just might be. Falling hard as the gold price doubled and more since 2006, the average US home is now priced at 103 ounces of gold – little more than one market-approved gold bar for settling a 100-ounce Comex gold futures contract.
Housing has only been cheaper in 26 of the last 121 years, and is currently priced around half the long-run average of 201 ounces. But might there be further to go?………………………………………Full Article: Source

Gold breaches $1,625, US downgrade ‘almost certain’

Posted on 28 July 2011 by VRS  |  Email |Print

Gold bullion prices set a new intraday record of $1,625 per ounce in Wednesday’s Asian trade – 1.5% up on Friday’s close – before easing back slightly after London opened.
Stocks and commodities fell but US Treasury bonds were up, as the US Congress had to postpone a vote on the $14.2 trillion debt ceiling……………………………………….Full Article: Source

How a dollar default would change gold/silver market

Posted on 28 July 2011 by VRS  |  Email |Print

A technical default by the U.S., which is drawing ever closer, will have serious consequences for the global economy with gold and silver becoming the preferred reserve assets.
Bear in mind that the U.S. is not the hub of the global gold market. In fact, in terms of jewelry, bar and coin demand, the entire North America is only responsible for 8% of global demand. Europe and Russia is responsible for another 13%. In other words, these markets are not driven by the financial affairs of the developed world……………………………………….Full Article: Source

US debt debacle boosting gold’s status, says Investec’s George

Posted on 28 July 2011 by VRS  |  Email |Print

Top performing natural resources manager Bradley George of Investec believes the failure of US politicans to reach a resolution in the debt ceiling debate is helping gold to maintain its safe haven status.
The firm’s head of commodities and natural resources considers the current environment to be ideal conditions for an asset like gold……………………………………….Full Article: Source

Gold sidelining platinum/palladium, may hit $1 800/oz by Christmas – UBS

Posted on 28 July 2011 by VRS  |  Email |Print

Gold is sidelining platinum and palladium and could hit $1 800/oz by Christmas, says UBS bullion bank precious metals strategist Dr Edel Tully, who describes the present as “an extremely exciting time” to be in precious metals.
Tully expects gold to be in deficit in 2011 as a result of only moderate mine-supply growth, a lower level of recycling than in 2009 and the steady buying of gold by central banks……………………………………….Full Article: Source

Louise Yamada: Gold to skyrocket to $5200; Silver to hit $85

Posted on 28 July 2011 by VRS  |  Email |Print

Will Silver price skyrocket to $85 per ounce? Can Gold surge to $5200 per ounce? Gold and silver prices at these astronomical levels may seem unrealistic and without fundamentals. But renowned technical analyst on bullion Louise Yamada says the hot precious metals gold and silver could go to these whopping price levels in the years to come.
Yamada said on silver: “We hit part of our silver targets at $50, (expect) $65, even $80, $85 over time. We had an 88% rally in a very short period of time from January and a one third retracement, 34% down, so that was pretty normal. We saw some support at $33 and would loved to have seen it go sideways a little bit longer to be honest with you.”………………………………………Full Article: Source

Why we need rare earth minerals every day

Posted on 28 July 2011 by VRS  |  Email |Print

China extracts and produces about 95% of the world’s rare earth minerals, and since last year it has cut its exports. The World Trade Organization recently ruled China’s export quotas on certain raw materials violate international trade laws.
Japan, the EU and the United States have all contested that China’s quotas drive up the price of products, while China argues that it’s trying to protect the environment by foraging less land for rare earth minerals……………………………………….Full Article: Source

Oil prices to surge if US defaults on debt

Posted on 28 July 2011 by VRS  |  Email |Print

Major analysts in the (MENA) region are predicting a sharp increase in oil prices if the US defaults on its debt. Although oil producers will benefit from such moves, a crude price increase is not necessarily a good event for the global economy and it could lead to price pressures building globally, they pointed out.
The debt crisis rattles global markets as oil demand is once again clearly above pre-crisis levels and is continuing to grow, thereby eating into the cushion of spare capacity that now is largely in Saudi hands……………………………………….Full Article: Source

Oil steady as strategic reserves enter market

Posted on 28 July 2011 by VRS  |  Email |Print

The Department of Energy reported this morning that in the week ending July 22, 2011, U.S. crude oil inventories increased by 2.3 million barrels, gasoline inventories increased by 1 million barrels, distillate inventories increased by 3.4 million barrels and total petroleum inventories increased by 11.4 million barrels.
Crude oil prices didn’t react much to the latest EIA report. WTI fell modestly toward $98, but those prices were likely following equity markets lower………………………………………..Full Article: Source

Venezuela: OPEC shouldn’t attempt to lower prices

Posted on 28 July 2011 by VRS  |  Email |Print

Venezuela’s energy minister said Tuesday that OPEC shouldn’t intervene to lower oil prices, which he said will come down only if military actions such as NATO airstrikes in Libya cease.
Energy Minister Rafael Ramirez echoed President Hugo Chavez’s opposition to the strikes in Libya while announcing the financial results of state oil company Petroleos de Venezuela SA……………………………………….Full Article: Source

Nigeria: Nation and Iran - Who benefits more in Opec oil ranking?

Posted on 28 July 2011 by VRS  |  Email |Print

Nigeria has been ranked above Iran as the second largest crude oil exporter in the world after Saudi Arabia. The ranking was contained in a report released by the Organisation of Petroleum Exporting Countries (OPEC) in its 2010 report published recently.
The ranking has attracted concerns both from Iranian and Nigerian oil officials, painting divergent views on the issue. OPEC’s Annual Statistical Bulletin published last week says Nigeria shipped 2.464 million barrels a day last year, followed by Iran with 2.248 million barrels……………………………………….Full Article: Source

IEA oil release damages Opec relations

Posted on 28 July 2011 by VRS  |  Email |Print

A strategic release of reserve oil has damaged relations between oil-consuming countries and the OPEC oil-producing cartel, an Arab expert warns.
The International Energy Agency announced last month it was coordinating the release of 60 million barrels from its member countries. It blamed supply disruptions resulting from the loss of Libya’s 1.6 million daily barrels of crude……………………………………….Full Article: Source

US launches global study on swap regs

Posted on 28 July 2011 by VRS  |  Email |Print

US authorities have taken a step towards tighter regulation of security swaps, dealers and clearing houses announcing a public consultation on the sector.
The Dodd Frank act requires the Commodity Futures Trading Commission and the Securities and Exchange Commission to conduct a joint study on swap regulation and clearing house regulation in the US, Asia and Europe “to identify areas of regulation that are similar and other areas of regulation that could be harmonised”……………………………………….Full Article: Source

EU seen imposing standards to avert trading glitches

Posted on 28 July 2011 by VRS  |  Email |Print

Regulators will impose minimum technical standards on trading platforms after crashes have become more commonplace due to reliability being sacrificed for speed, a consultancy said on Wednesday.
Frederic Ponzo, managing partner at GreySpark, which advises investment banks on trading, said systems are becoming leaner to bump up speed, making them brittle and prone to glitches. ………………………………………Full Article: Source

When currencies push up commodity prices, is squeezing demand the solution to persistent inflation?

Posted on 28 July 2011 by VRS  |  Email |Print

This has become an era of cheap currencies. All the more terrible since we have seen that economic well-being comes only in periods of stability and cheap currencies are its antithesis.
Arguably April/May 2009 may be regarded as marking the end of the global crisis. Between June 1, 2009 and July 15, 2011, theUSdollar has come around a full circle - from 1.4192 to 1.4156 euros - with a low of 1.51 and a high of 1.19 in-between……………………………………….Full Article: Source

Emerging-market currencies face intervention; debt little changed

Posted on 28 July 2011 by VRS  |  Email |Print

Brazil’s real slid sharply against the dollar after the government announced new currency controls, even as investors searching for safety drove up Asian currencies to fresh highs.
The continued move to developing market assets as the euro-zone and U.S. both deal with their debt issues, translated into gains for emerging currencies and debt, although there were some holdouts……………………………………….Full Article: Source

Rubber prices may rise as demand shrinks inventories in China, RCMA says

Posted on 28 July 2011 by VRS  |  Email |Print

The global natural rubber stocks-to- use ratio has plunged to the lowest level ever as expanding demand shrinks inventories in China, potentially boosting prices, according to RCMA Commodities Asia Pte Ltd.
Global inventories are just enough to meet about a month’s demand compared with supplies for about 6.3 weeks a year earlier, Chief Executive Officer Chris Pardey said in an interview on July 26 in Singapore. ………………………………………Full Article: Source

Asia faces rising price pressures: ADB

Posted on 28 July 2011 by VRS  |  Email |Print

Asian policy makers need to tackle rising inflationary pressures in their economies even as global growth weakens, the Asian Development Bank said.
The region can use monetary and fiscal policies as well as exchange rates to ease price pressure, the Manila-based lender said in its Asia Economic Monitor report today. Asian economies also face the risk of increased financial market volatility and destabilizing capital flows, the ADB said……………………………………….Full Article: Source

Agricultural commodity markets’ sensitivity to adverse weather news is expected to remain acute

Posted on 27 July 2011 by VRS  |  Email |Print

Weather is currently the focal point foragricultural commodity markets, supporting prices and increasing volatility. The tight supply of many products requires favourable conditions for production to replenish stocks and meet growing demand, but in many producing regions adverse weather conditions are threatening output potential, and markets are reacting by pricing in production risks.
Hot and dry conditions in the US are imperilling the corn, wheat, soybean, and cotton crops, and the Brazilian sugar crop has been revised lower due to climatic conditions………………………………………..Full Article: Source

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Have we reached the top of the commodities market?

Posted on 27 July 2011 by VRS  |  Email |Print

This week Metal Bulletin has been asking: have we reached the top of the commodities market? The commodities market has been a major talking point since the financial crash of 2008. Gold has hit an all-time high at $1,610 per oz, copper has exceeded $10,100 per tonne and oil has returned to its 2008 level, standing at $118 per barrel.
Do those commodities have any steam left, or are they on the way down? The answers you gave to MB’s big question reveal that you think they have a way to go……………………………………….Full Article: Source

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Gold surges toward record as ‘go-to asset’

Posted on 27 July 2011 by VRS  |  Email |Print

Gold approached an all-time high as investors sought to protect their wealth against the possibility of a U.S. default that may come as soon as next week amid a standoff over the country’s $14.3 trillion debt limit.
Spot bullion gained as much as 0.3 percent to $1,623.38 an ounce, compared to the record $1,624.07 reached on July 25, and traded at $1,622.65 at 9:18 a.m. in Singapore. Futures climbed as much as 0.4 percent to $1,625.60 in New York……………………………………….Full Article: Source

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Gold hits new high, may touch $1,700 by Diwali

Posted on 27 July 2011 by VRS  |  Email |Print

Gold climbed to a high of $1,622.49 an ounce on Monday and Rs 23,690 per 10 gm in domestic market amid US and European economic uncertainties. With the Diwali season ahead, commodity watchers expect gold to touch $1,700 an ounce, when physical demand would couple with safe-haven buying.
On Monday, gold moved 1.5 per cent to its intraday high level from its opening level of $1,598.78 an ounce. Silver, too, moved up from $40.02 an ounce to $41.05 an ounce, but remained comparatively moderate……………………………………….Full Article: Source

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Gold haven established, looking to risk appetite

Posted on 27 July 2011 by VRS  |  Email |Print

The inverse correlation between the S&P 500 and gold prices is growing increasingly significant, reinforcing the yellow metal’s safe-haven credentials. Like oil, that amounts to an uncertain near-term outlook at the moment as sentiment trends look for direction with the global growth outlook in flux while the US debt fiasco continues to fester.
Prices are inching lower following a retest of support-turned-resistance at the underside of a rising channel established from the July swing low……………………………………….Full Article: Source

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Gold: Plenty of room to move higher - and higher

Posted on 27 July 2011 by VRS  |  Email |Print

Despite gold’s recent run up to new historic highs, I believe the yellow metal’s price has far to go - both in future percentage appreciation and duration before the great gold bull market comes to its ultimate cyclical end.
Right now, there is no evidence of a buying frenzy to suggest we are anywhere near a long-term top . . . but there are plenty of rock-solid fundamentals that suggest the market is healthy with plenty of room to move higher. Moreover, the world economic and geopolitical environment remains very supportive - and seems likely to remain pro-gold for years to come……………………………………….Full Article: Source

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When push comes to shove gold is real money

Posted on 27 July 2011 by VRS  |  Email |Print

Gold did not experience a bull market then. Yes, the gold and silver prices did rise remarkably but not because they were in a market that ‘was going up and must surely come down.’ We feel the titles ‘bull’ and ‘bear’ markets in the case of gold and silver are misnomers because of the central banking campaign to crush the gold price.
A more accurate statement would be to say that currencies had a ‘bull’ market and went into a ‘bear’ market. The flaws inherent in the un-backed paper money system really started to show themselves from 2007 on. But this can only clearly be seen with hindsight……………………………………….Full Article: Source

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Precious metals monitor: Confidence crisis keeps gold bull running

Posted on 27 July 2011 by VRS  |  Email |Print

Resolution to U.S. debt ceiling fiasco won’t mark the end of gold’s historic rally. With the immediate European sovereign debt crisis behind us, it could have been reasonable to believe that gold prices would be due for pause at the least, perhaps even a correction. But as we’ve said before, gold’s fundamentals remain extremely constructive, last week’s temporary European solution notwithstanding.
This week the U.S. has moved into the headlines as Congress continues to wrangle over raising the $14.3 debt ceiling………………………………………Full Article: Source

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