Sat, Jul 26, 2014
A A A
Welcome kbr175@gmail.com
RSS

Commodities Briefing - Archive | March, 2013

China’s rebalancing could halve commodity prices

Posted on 26 March 2013 by VRS  |  Email |Print

China is about to undergo a rebalancing of its economy from investment to consumption that over the next three to four years could see the global price of hard commodities halve, Peking University-based finance professor and former investment banker Michael Pettis says.
The new leadership of President Xi Jinping and premier Li Keqiang understands the urgency of China making the policy changes necessary to implement this shift in growth, said Pettis ahead of a speech on Monday at the University of Sydney Business School………………………………………..Full Article: Source

$ 100 oil price ‘reasonable’: Kuwait

Posted on 26 March 2013 by VRS  |  Email |Print

The Kingdom said that $100 a barrel is a “reasonable” price for oil while Kuwait said the price is “fair” and the market was stable. “In 1997, I thought 20 dollars was reasonable. In 2006, I thought 27 dollars was reasonable,” said Minister for Petroleum and Mineral Resources Ali Al-Naimi in Kuwait City.
“Now, it is around $ 100 … and I say again it is reasonable.” Kuwait’s Oil Minister Hani Hussein said the “current oil price is fair. There is a little bit of over-supply, but we think that the market is stable at the moment,” he said………………………………………..Full Article: Source

Oil prices proper, market stable: Saudi minister

Posted on 26 March 2013 by VRS  |  Email |Print

Oil prices at around $100 a barrel are reasonable for both consumers and producers, OPEC heavyweight Saudi Arabia’s oil minister said, again highlighting the top crude exporter’s preferred oil price. Saudi Arabia’s Gulf ally Kuwait echoed the comments on price, saying the current levels were fair, with the market a little bit oversupplied.
“I just came from Hong Kong and I told everybody, in 1996, I thought $20 a barrel was reasonable; in 2006 I thought $27 a barrel was reasonable and now it is around $100 a barrel. I told them again it is reasonable,” Ali al Naimi told reporters asking him what the fair price for consumers and producers would be………………………………………..Full Article: Source

Oil prices set for a breakout, but which way will they go?

Posted on 26 March 2013 by VRS  |  Email |Print

Oil prices have been relatively strong in recent times despite the economic weakness in Europe and North America. But as this week’s monthly oil price futures chart from certified financial technician and councillor with the Australian Technical Analysts Association Mark Umansky shows, it has been trading in an ever-narrowing band since January 2009.
Oil reached a high of $US140 a barrel in June 2008, just before the global financial crisis really hit home with the collapse of Lehman Brothers. Then it fell for seven straight months to reach lows close to $US40 a barrel, under the influence of the intensifying recession and fears that China’s economy might collapse………………………………………..Full Article: Source

IEA expects global natural gas revolution

Posted on 26 March 2013 by VRS  |  Email |Print

Natural gas is positioned to make a sustained impact on the global energy market but only if it’s developed responsibly, the IEA executive director said.
The International Energy Agency hosted its inaugural unconventional natural gas forum in Paris. IEA Executive Director Maria Van der Hoeven said unconventional natural gas development needs a sustainable and responsible approach………………………………………..Full Article: Source

Energy from politics?

Posted on 26 March 2013 by VRS  |  Email |Print

From a president who seems to think energy comes from politics, yet another innovation emerged Mar. 15 in a speech at the Argonne National Laboratory in Lemont, Ill. “The only way to really break this cycle of spiking gas prices,” said President Barack Obama, “the only way to break that cycle for good is to shift our cars entirely—our cars and trucks—off oil.”
Like so many of Obama’s proposals for energy, this one is vacuous. If the demonstrated ability of the price of a major oil product to spike justified policies aimed at ending oil consumption, the same argument logically should apply to other commodities. Guess what: Prices of commodities other than oil spike, too………………………………………..Full Article: Source

Russia, Turkey raise gold holdings in Feb - IMF

Posted on 26 March 2013 by VRS  |  Email |Print

Russia, Kazakhstan and Turkey increased their official gold reserves in February, data from the International Monetary Fund showed on Tuesday.
Russia raised its gold holdings by 6.998 tonnes to 976.952 tonnes, and Turkey added 5.574 tonnes to increase its gold reserve to 375.731 tonnes. Kazakhstan boosted its gold holdings by 4.914 tonnes to 121.670 tonnes in February………………………………………..Full Article: Source

Gold to drop to US$1300

Posted on 26 March 2013 by VRS  |  Email |Print

In what could be good news for the jewellery industry; after increasing for 11 consecutive years, the price of gold is set to drop to US$1,300 an ounce, according to a new report. The Australian Government Bureau of Resources and Energy Economics March 2013 Quarterly Report suggests the price of gold has begun its steady decline.
In 2012, the gold price averaged US$1699 per ounce (in 2013 dollars), a 5 per cent increase relative to 2011. By the end of 2012 the average price of gold had increased for 11 consecutive years; however, 2012 was the lowest average annual increase in the gold price over this period, the report stated………………………………………..Full Article: Source

Gold price trend forecast for April 2013

Posted on 26 March 2013 by VRS  |  Email |Print

With an astronomic and ever growing debt and derivatives overhang, there are essentially only two choices for the world economy. One is to deal with it head on, which would trigger a deflationary implosion that would create an economic wasteland leading to anarchy, riots and revolution etc. Quite clearly nobody wants that, least of all those in power.
So that only leaves one other option, which is to keep things limping along for as long as possible by clamping interest rates at zero to stop debt compounding and to print whatever quantity of money is required to keep the status quo going………………………………………..Full Article: Source

On the gold and silver price super-cycles

Posted on 26 March 2013 by VRS  |  Email |Print

Commodity prices including those of precious metals tend to go through super-cycles. Booms and busts occur as a result of these cycles. These cycles last for many years.
In the latest super-cycle gold prices have climbed consistently in the last decade up until 2011 when prices reached a peak of just over $1,900.00. Since then prices have been volatile. On Friday it closed at $1,609.20 in New York………………………………………..Full Article: Source

How much further can gold prices go?

Posted on 26 March 2013 by VRS  |  Email |Print

The Fed’s reassurance that they’ll keep pumping money into the economy is great news for gold. But even without it, we’ve got a long way for gold to go before we have to start worrying.
Many of you will have likely seen by now our new gold price calculator section. My favourite in there is the ‘Gold versus debts’ calculator which values gold against the US’s external debts……………………………………….Full Article: Source

Trend change in platinum-gold relationship?

Posted on 26 March 2013 by VRS  |  Email |Print

For many months, I have witnessed a trend toward resource nationalism, which is taking a major toll on the potential supply of platinum (PTM) where more than 90% comes from South Africa, Zimbabwe and Russia. These are far from safe mining jurisdictions. Simultaneously, auto sales are rebounding to levels not seen since before the credit crisis in early 2008.
Despite global supply concerns, increase of resource nationalism and rising industrial and automobile demand, platinum is still undervalued compared to gold (GLD)……………………………………….Full Article: Source

Time to sell this commodity ETF?

Posted on 26 March 2013 by VRS  |  Email |Print

Although some commodities have had a strong start to 2013, many have seen severe weakness to open up the year. This has been especially true in the beaten down base metal space, in products such as aluminum, zinc, and copper.
These metals have been victims of relatively sluggish conditions in some key emerging markets like China, as well as worries over continued dollar strength. This currency issue has been especially bad this year as the U.S. dollar has appreciated significantly, reversing a long trend in the space………………………………………..Full Article: Source

Rated funds: Top four commodity investments

Posted on 26 March 2013 by VRS  |  Email |Print

It is difficult to imagine that anyone is unaware of the importance of commodities in our everyday lives. Rising energy prices have cranked up household costs and higher food prices are squeezing family budgets.
World population growth and rising living standards in emerging markets mean prices are likely to increase over the long term. That said, it is possible to benefit from these trends by investing in companies in the commodities sector………………………………………..Full Article: Source

5 commodity stocks moving on news

Posted on 26 March 2013 by VRS  |  Email |Print

We are looking at a risk-on trade begin to take place as news that Cyprus has reached a deal with the EU on a 10 billion Euro bailout. Russia has been left out as they were unable to reach a deal of their own for a bailout and one has to question their actions as of late.
We have seen some reports that they wanted to get assets for pennies on the dollar, and will look to do that should Cyprus have problems in the future, but if Europe is going to be on the hook for this now, they might as well throw more money at the problem in the future. This further cements Cyprus as an EU member and solidifies the Union………………………………………..Full Article: Source

Euro drops as Cyprus bailout spooks depositors

Posted on 26 March 2013 by VRS  |  Email |Print

The euro fell on Monday, hit by worries that the Cyprus bailout deal — which includes a controversial tax on some bank deposits — will serve as a blueprint for future financial aid agreements for troubled countries.
The European shared currency (EURUSD) fell to $1.2855, down from $1.3048 in Asian trade and pulling back from $1.2983 in North America late Friday………………………………………..Full Article: Source

Volume of carbon market to grow by 14 pct

Posted on 26 March 2013 by VRS  |  Email |Print

The volume of carbon traded globally is likely to rise by 14 per cent this year despite depressed prices, but this growth is unlikely to last, analysts say. Research by Thomson Reuters Point Carbon finds around 12 gigatonnes of CO2 will be traded over 2013, with most of the growth coming from the 10 billion EU Allowance (EUA) credits expected to change hands - a rise of 40 per cent on 2012.
Anders Nordeng, senior analyst at Thomson Reuters Point Carbon and author of the analysis, said large volumes coming to market through auctioning would trigger more exchange trades, while the current volatility of prices is driving high levels of speculative trading………………………………………..Full Article: Source

EU ETS increasingly irrelevant: investors exit CDM market

Posted on 26 March 2013 by VRS  |  Email |Print

The EU Emissions Trading Scheme “no longer has a significant impact on emission reductions”, according to one in five respondents to Thomson Reuters Point Carbon’s annual carbon market survey. The results of the survey – Carbon 2013 – reveal that 20% of respondents said the EU ETS caused emission reductions in the past but has little impact on emissions today.
“We attribute this to the weak price signal currently generated by the EU ETS, which saw prices fall to historic lows in 2012” said Emil Dimantchev, Thomson Reuters Point Carbon analyst and author of the report………………………………………..Full Article: Source

Hedge funds take commodity bets back to month high from 1-yr low

Posted on 25 March 2013 by VRS  |  Email |Print

Hedge funds and other big speculators have taken their bullish bets on U.S. commodities back to a one-month high from a more than a one-year low, data showed on Friday, as they bought gold this week on fears of financial meltdown in Cyprus.
Reuters calculations of data from the Commodity Futures Trading Comission showed money managers, made up of hedge funds and other speculators, holding a net-long position of $65.2 billion across 22 commodities for the week to March 19………………………………………..Full Article: Source

Commodities rocked by Cyprus crisis

Posted on 25 March 2013 by VRS  |  Email |Print

Many global commodity markets fell this week as traders worried that the Cyprus situation would reignite the eurozone’s sovereign debt crisis and dent global demand for raw materials. However, precious metal gold won ground as many investors sought a safe place to park their cash.
“Gold prices have firmed as events in Cyprus have unfolded this week, but the base metals complex and oil prices have come under pressure,” said Barclays analyst Suki Cooper. “A recovery in investor risk appetite is passing commodities markets by. The growth outlook is still not strong enough to support the kind of broad-based pick-up already seen in many other asset classes.”……………………………………….Full Article: Source

China’s foreign oil drive set to continue

Posted on 25 March 2013 by VRS  |  Email |Print

China’s state-owned oil companies reported falling net profits last year due to the economic slowdown and state-controlled fuel prices, even as they are set to continue their rapid expansion overseas.
Sinopec, China’s largest refining company, reported on Sunday that net profits for 2012 fell 12.8 per cent from the previous year to Rmb63.9bn ($10.3bn), due to price controls for refined fuels and losses in the petrochemical sector. PetroChina, a subsidiary of CNPC, reported net profit down 13.3 per cent last year, while Cnooc, China’s largest offshore oil producers, saw net profit fall 9.3 per cent………………………………………..Full Article: Source

High supplies to keep oil prices benign

Posted on 25 March 2013 by VRS  |  Email |Print

There are two main factors that drive oil prices - fundamentals and geopolitical risks. Looking purely at the fundamentals, oil markets are likely to be over-supplied in the near term. Much of this is due to the increases in North American oil production, which is expected to rise by around 800,000 barrles per day (bpd) this year. Despite their recent problems, African supply is expected to rise by at least 100,000 bpd by May, a significant part of that increase coming from Angola and South Sudan.
In the North Sea, where output has dropped significantly in recent years, loadings are expected to recover somewhat in the coming weeks, thanks to increase in oil production and deferrals from previous months………………………………………..Full Article: Source

Opec must prepare for uncertain future

Posted on 25 March 2013 by VRS  |  Email |Print

High oil and gas prices have unleashed the biggest drilling boom in 30 years. Opec members must prepare for a big increase in oil supplies in the second half of the decade, as well as heightened competition from natural gas in some of their core markets, and a further erosion in demand as conservation and efficiency measures bite harder.
Outside North America, the number of rigs actually drilling for oil and gas averaged 1,277 in January and February, the highest since 1983, and more than double the number operating in 1999, according to rig counts published by oil field services company Baker Hughes International on its website………………………………………..Full Article: Source

How gold, silver prices are ‘fixed’

Posted on 25 March 2013 by VRS  |  Email |Print

London’s gold and silver markets face the possibility of a probe into price setting, putting a century-old practice under the spotlight after the Libor rigging scandal that exposed widespread interest rate manipulation by banks.
The US Commodity Futures Trading Commission (CFTC) has started internal discussions on whether the daily setting of gold and silver prices is open to manipulation, the Wall Street Journal reported. The CFTC declined to comment, while the chairs of the London Gold Fixing Company and London Silver Fixing Company were not available for comment………………………………………..Full Article: Source

HSBC cuts gold forecast, sees recovery later in 2013

Posted on 25 March 2013 by VRS  |  Email |Print

HSBC cut its gold forecast for this year and next on Monday after the metal’s weak start to the year, but said ultra-loose monetary policy in the United States and elsewhere meant it remains positive on prices overall. The bank lowered its 2013 gold price forecast to $1,700 per ounce from $1,760 and the 2014 price outlook to $1,720 per ounce from $1,775. It sees the metal trading between $1,525 and $1,825 an ounce this year.
Gold prices are down 4 percent in the year to date, primarily due to investor expectations the Federal Reserve would curb its US quantitative easing (QE) programme, and have fallen for the last five months straight……………………………………….Full Article: Source

Gold shines in Dubai as trade said to hit record $70bln in 2012

Posted on 25 March 2013 by VRS  |  Email |Print

Dubai’s gold trade is estimated to have exceeded $70 billion in 2012, hitting record highs as more of the precious metal is exchanged and stored in the emirate. Official figures show the gold trade was worth around $56 billion in 2011, and the figure for last year is estimated to be at least 25 percent higher.
Ahmed Bin Sulayem, executive chairman of the Dubai Multi Commodities Centre (DMCC), attributed the rise to greater confidence in the market and the trading infrastructure in the emirate………………………………………..Full Article: Source

Why gold shares haven’t lost their shine

Posted on 25 March 2013 by VRS  |  Email |Print

Despite a small uptick last week due to Cyprus jitters, the price of gold has been heading south in fits and starts since hitting a record near $1,900 (U.S.) an ounce back in September, 2011. Gold-mining shares have been just about the worst investment on the stock market, with the TSX global gold index losing about a third of its value over the past two years.
Being a gold bug has clearly become a painful investment thesis and investors are responding accordingly by yanking money from the sector………………………………………..Full Article: Source

Has the gold price now turned the corner?

Posted on 25 March 2013 by VRS  |  Email |Print

Gold bounced off $1,560 a target that it had held for the last year and more. It consolidated at $1,580 and has now tackled $1,600.The bounce was off the long-term trend line. While resistance in the higher $1,600 area could be formidable a look at the reasons why it fell through support at $1,650 is worthwhile.
Recent Fundamentals: The prime cause of the gold price falling so much in the last few months, has been the over 100 tonnes of sales from the SPDR gold Exchange Traded Fund, an amount that triggered a considerable amount of stop loss selling………………………………………..Full Article: Source

Silver: 4 thing you need to know

Posted on 25 March 2013 by VRS  |  Email |Print

What? Silver prices remained basically unchanged from last week, however they could not stay above US$ 29, Silver has been trading in a range of between $28.50 and $29.30.
Why? Because of the financial crises in Cyprus, there was a sell-off of all the industrial metals during the first couple of days of the week. Silver, which has been taking its clues from the industrial white precious metals group for the last couple of weeks, was hit by the sell off. However it was able recoup some of its losses………………………………………..Full Article: Source

Silver prices before the monetary collapse

Posted on 25 March 2013 by VRS  |  Email |Print

Has the silver market been pricing in the coming collapse? In a word, no! Markets dominated by the impulses of real people largely no longer exist. The machines have taken over, as bots read the news and respond rapidly with large transactions.
No matter how volatile world markets will get, remember that there will be more Cyprus-type events, more Quantitative Easing programs, more denials of the importance of inflation, more threats from Central Banks to remove liquidity, more mining sector failures and more bubble callers designed to influence mainstream investor opinion………………………………………..Full Article: Source

Hedge funds most bearish ever on copper, favor gold: Commodities

Posted on 25 March 2013 by VRS  |  Email |Print

Hedge funds are making the biggest bet against copper on record as global inventories expand to a nine-year high, while concern that Europe’s debt crisis will spread spurred the biggest gain in gold bets since 2008.
Speculators raised net-short positions in U.S. copper futures and options by 53 percent to 25,719 contracts in the week ended March 19, according to Commodity Futures Trading Commission data that begins in 2006. A jump in bullish bets on corn, gold and natural gas boosted overall holdings across 18 raw materials for a second consecutive week………………………………………..Full Article: Source

LME Aluminium spot prices may touch $2,050/t in H2 2013

Posted on 25 March 2013 by VRS  |  Email |Print

London Metal Exchange (LME) Aluminium spot prices would go higher in the second half of 2013, averaging $2,050/t versus $1,925/t in the first half, according to a market analysis by London based Barclays. For short term, it could trigger some short covering in the metal, particularly if macro sentiments improve in line with developments in Europe.
Barclays has already expected the approaching maturity of the backwardation pockets in the LME curve to drive such activity, given the uncertainties regarding the underlying dynamics; hence, given some incremental tightening in fundamental expectations, the near-term risks of short covering are certainly escalating………………………………………..Full Article: Source

ICE to study cutting soft commodities trading hours

Posted on 25 March 2013 by VRS  |  Email |Print

IntercontinentalExchange Inc will consider cutting trading hours for soft commodities in a bid to improve liquidity, president and chief operating officer of ICE Futures U.S. Ben Jackson said on Friday.
The Atlanta-based exchange will put forward a proposal to reduce hours in sugar, coffee and cocoa contracts listed on Liffe in London and ICE Futures U.S. in New York once it has completed its $8 billion acquisition of NYSE Euronext, he told delegates at the National Coffee Association USA conference………………………………………..Full Article: Source

Outlook of currencies in the next six months

Posted on 25 March 2013 by VRS  |  Email |Print

US dollar: The dollar will be somewhat stronger over the next six months, though the currencies that it appreciates against the most may change depending on market developments.
If US economic data continues to improve, the idea that the Federal Reserve may begin tightening its monetary policy will continue to gain steam, and this will see the dollar strengthen relative to those currencies where central banks are [keeping interest rates low]………………………………………..Full Article: Source

Asian currency moves misunderstood

Posted on 25 March 2013 by VRS  |  Email |Print

Asia came to currency early, and it soon learnt to treat coinage as a weapon of war. Indeed, the coins minted in China during the warring states era, almost 500 years before Christ, were made in the shape of knives.
This may explain why the west tends to be terrified by Asian currency policy. China has long been branded a currency manipulator. Japan’s aggressive new attempt to stimulate its economy with monetary policy under prime minister Shinzo Abe has led other countries to complain that the yen is deliberately being devalued………………………………………..Full Article: Source

China may sustain its economic recovery in Q2 2013: Barclays

Posted on 25 March 2013 by VRS  |  Email |Print

China may sustain its recent economic recovery in the second quarter of 2013, states a recent market analysis by London based Barclays which is good news for base metal prices.
Fabricators and traders predominantly observed demand conditions picking up, matched by an increase in physical buying. In particular, demand for copper wire, cable, rod and foil has picked, and commensurate with that, semi fabricator utilisation rates have picked up………………………………………..Full Article: Source

Commodity rebound seen by Barclays as limited in 2nd quarter

Posted on 22 March 2013 by VRS  |  Email |Print

Any commodities rebound in the second quarter will be limited by a stronger dollar and accelerating supply in copper and oil, Barclays Plc said.
Investors should be prepared to sell industrial metals if there is a “significant” rise in prices, Kevin Norrish, an analyst at Barclays in London, said in a report dated today. The growth outlook is not strong enough to support commodities the way it has other markets, he said………………………………………..Full Article: Source

News accounts for just 1/3 of commodity price moves-study

Posted on 22 March 2013 by VRS  |  Email |Print

Only about a third of commodity price moves are caused by news, reflecting the growing role of high-frequency trading in steering prices, according to a study selected by the International Monetary Fund. The study, co-written by researchers at the United Nations Conference on Trade and Development and ETH Zurich, may spur regulators who blame traders for price volatility.
High frequency trading involves rapid-fire computers which place thousands of bets within the space of a second. “At least 60-70 percent of commodity price changes are now due to self-generated activities rather than novel information,” according to the 56-page study published this week………………………………………..Full Article: Source

Commodity catch-up with stocks seen as elusive

Posted on 22 March 2013 by VRS  |  Email |Print

Stocks and commodities are more likely to go separate ways than to move together, according to Binky Chadha, Deutsche Bank AG’s chief global strategist.
As the CHART OF THE DAY illustrates, the Standard & Poor’s/GSCI Index of commodity prices was little changed from the end of 2011 through yesterday. During the same period, the S&P 500 climbed as much as 24 percent and approached a record set in October 2007………………………………………..Full Article: Source

Fund managers underweight commodities big time

Posted on 22 March 2013 by VRS  |  Email |Print

Fund managers are underweighting commodities big time according to the latest fund manager survey issued by Bank of America Merrill Lynch (BoAML) on March 19 which reveal a big jump in the underweighting of the commodities sector from a net 1% to a net 11% underweight in March. This is 1.3 standard deviations below the average and the largest underweight since July 2012.
The number of emerging market investors worried about a hard landing in China also rose from 10% to 18%, highlighting concerns about demand for commodities after four months of improved sentiment towards China recorded by the BoAML survey………………………………………..Full Article: Source

A simple way to profit with commodities

Posted on 22 March 2013 by VRS  |  Email |Print

Commodity investing has a bad reputation. It is looked on as risky and not for amateurs. And in the highly leveraged futures markets, that’s certainly true. You can quickly lose all your investment if a trade goes against you. In this article, however, I will detail a simple strategy anyone can use. It’s unleveraged, relatively safe and carries a better than 50% probability of success.
Moreover, this strategy does not require detailed fundamental or technical analysis. Nor does it require extensive research. Instead, it relies on the mathematical principle of mean reversion………………………………………..Full Article: Source

Is gold really a suitable tool to fight inflation, and if not then what is?

Posted on 22 March 2013 by VRS  |  Email |Print

Many investors became concerned about inflation the moment central banks started to flood markets with cash and cut interest rates to record lows in the wake of the financial crisis.
However, so far the reality is that the cheap money made available by policy makers hasn’t fed into the economic system as expected, and inflation has remained under control in most developed countries including the US and Europe, although not in the UK. The question remains whether investors should consider inflation as part of their investment decision processes in the first place……………………………………….Full Article: Source

Societe Generale sees gold under $1,400 gold by year-end, copper underperforming base metals

Posted on 22 March 2013 by VRS  |  Email |Print

Societe Generale looks for gold to pull back below $1,400 an ounce by the end of the year. In a review on the commodities sector, the bank said it looks for gains by platinum group metals, however. Meanwhile, it sees copper underperforming the other base metals traded on the London Metal Exchange.
Societe Generale listed a “moderately positive” outlook for the year in commodities as a whole, suggesting the most upside is likely from energy prices………………………………………..Full Article: Source

SocGen: Gold is going to tank to $1,375 this year

Posted on 22 March 2013 by VRS  |  Email |Print

Over the last 20-years, gold has shown zero correlation with stocks and bonds, and had therefore become a favorite in terms of diversifying the portfolio, according to Societe Generale. But SocGen analysts Alain Bokobza and Roland Kaloyan think “The Gold Rush Is Over”.
Gold is well off it’s 52-week high of $1,802. And the analysts expects gold to fall 15 percent from its spot price to $1,375 per ounce by year end. This is more bearish than the consensus view which is 30 percent above SocGen’s, with a forecast of $1,750 per ounce………………………………………..Full Article: Source

Gold “to fall to $1,400 by end 2013″ but “could see $2,000 next year”

Posted on 22 March 2013 by VRS  |  Email |Print

The dollar gold price hovered just below $1,610 an ounce Thursday morning, while stocks and commodities fell along with the euro as disappointing economic data was added to news that Cyprus’s banks will remain closed until next Tuesday.
“We forecast the gold price to have dropped to below $1,400 by year-end and for it to continue to trend lower next year,” says a note from Societe Generale. SocGen has cut its average gold price forecast for this year to $1,500 an ounce, with the per ounce averages for 2014 and 2015 cut to $1,400 and $1,300 respectively………………………………………..Full Article: Source

India: Gold consumption set to grow first time in 3 years

Posted on 22 March 2013 by VRS  |  Email |Print

Gold use in India, the world’s biggest buyer, may climb for the first time in three years as rising incomes and inflation boost investment demand, undermining efforts to narrow a record current account deficit.
Consumption may total 865 tonnes to 960 tonnes this year, compared with 864.2 tonnes in 2012, Somasundaram PR, managing director of the World Gold Council for India, said in an interview in Mumbai. The gain in imports will match the increase in demand, he said. The country imported 860 tonnes last year, according to data from the council………………………………………..Full Article: Source

Commerzbank lowers gold price on slack ETF demand; silver, PGM price forecasts also cut

Posted on 22 March 2013 by VRS  |  Email |Print

Commerzbank lowered its gold price forecast by 10% as it sees reduced demand by investors weighing on prices, the bank said on Thursday. The bank said while it has downwardly adjusted its gold price forecast, it still expects to see higher prices later this year, saying it is “premature to call the end of the bull market in gold.”
They also reduced price forecasts for silver, platinum and palladium, saying that price performance for those metals is “mediocre” when considering the strong exchange-traded fund inflows this year. However, they also see prices for these metals rising toward year’s end………………………………………..Full Article: Source

LME copper inventories at 10-year high

Posted on 22 March 2013 by VRS  |  Email |Print

Copper inventories on the London Metal Exchange have risen to their highest level since 2003, in the latest sign of the copper market’s shift into oversupply.
LME copper stocks have risen 165 per cent since October, amid an increase global mine production and slower purchases from China, which has seen a rapid build-up of copper stocks in recent years………………………………………..Full Article: Source

The next energy shortage: Big oil CEOs

Posted on 22 March 2013 by VRS  |  Email |Print

In recent years oil and gas companies have applied innovative technologies to make discoveries of vast new hydrocarbon resources. If only it were that easy for them to deal with a dire challenge above ground: identifying and training a new generation of qualified and prepared executives who are ready and willing to lead oil and gas companies at this pivotal time in the industry’s history.
As we found this month at the 2013 CERAWeek conference — the annual gathering of senior energy decision-makers from around the world — yesterday’s pessimism about “peak oil” has given way to a much different picture………………………………………..Full Article: Source

OPEC exports slip on Asia refiner overhauls, Oil Movements says

Posted on 22 March 2013 by VRS  |  Email |Print

The Organization of Petroleum Exporting Countries will trim crude shipments through early April while refiners in Asia perform seasonal maintenance work, according to tanker-tracker Oil Movements.
The group that supplies about 40 percent of the world’s oil will reduce crude shipments by 40,000 barrels a day, or 0.2 percent, to 23.72 million barrels a day in the four weeks to April 6, the researcher said today in an e-mailed report. The figures exclude Angola and Ecuador………………………………………..Full Article: Source

March 2013
S M T W T F S
« Feb   Apr »
 12
3456789
10111213141516
17181920212223
24252627282930
31