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Commodities Briefing 27.Oct 2010

Posted on 27 October 2010 by VRS |  Email |Print

From Bloomberg: As an investigation of the silver market by the top U.S. commodity regulator entered a third year, a member of the Commodity Futures Trading Commission said there have been “repeated attempts” to influence prices.
“There have been fraudulent efforts to persuade and deviously control that price,” said Commissioner Bart Chilton at a hearing today in Washington, alleging there have been violations of the Commodity Exchange Act. “Any such violation of the law in this regard should be prosecuted,” he said……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From WSJ: A Commodity Futures Trading Commission regulator is putting pressure on the agency to take action in a high-profile, two-year-old investigation of the silver market.
At a CFTC hearing Tuesday to consider new rules to strengthen its commodity-enforcement powers, commissioner Bart Chilton said market players have made “repeated” and “fraudulent efforts to persuade and deviously control” silver prices……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Dailyfinance.com: Silver has long been viewed as gold’s stepsister. Not as pretty, not as profitable. But lately, silver’s getting a second look. Shares of silver are up about 40% so far this year, compared to just over 20% for gold and beating other industrial metals as well as stocks and Treasuries.
Should silver be trading even higher? The silver markets have been under investigation for the past three years by the Commodity Futures Trading Commission because some analysts have suspected manipulation of the price of the metal, driving the price down……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Mineweb.co.za: Investor, mathematician and former fund manager Michael Berry, PhD, is bullish on gold, which he expects will double or more in price in the not-too-distant future. “you could see $3,000 gold in the next five years. I think that’s very possible. I also believe it’s possible that you could see $50 to $75 silver in the next five years.”
“Having said that, I hearken back to October 2002 when we had $5 silver and we were hoping it would rise to $6. Nobody dreamt it could be $24. Similarly with gold when it was trading below $400 in 2004, nobody dreamt that it would be $1,300 or $1,400. People thought “gold bugs” were fools.”………………………………………Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Reuters: India gold buying edged up on Tuesday afternoon as prices steadied, pushing premiums higher, with traders awaiting clear direction ahead of a slew of data from the U.S., dealers said.
“There were a few deals at $1,340-1,341 (an ounce), they all want to stock up for festivals,” said a dealer with a state-run bullion importing bank in Mumbai……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Reuters: China should significantly boost the amount of gold held in state reserves, a newspaper run by China’s Ministry of Commerce said on Wednesday, citing a local researcher.
Meng Qingfa, a researcher with China Chamber of International Commerce, was quoted by the International Business Daily as saying that China should eventually boost its gold reserves to a level equal to that held by the United States……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From AFP: European Union trade commissioner Karel De Gucht on Tuesday urged global partners to diversify mining sources for prized rare earths as a battle with China deepened over scarce supplies.
De Gucht spoke out as a row that began between China and Japan over access to 17 essential minerals used in high-tech products ranging from flat-screen televisions to hybrid cars threatened to turn into a worldwide protectionist rallying cry……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From AFP: The steel industry’s outlook has dimmed with the unevenness of the global economy. Sales have dropped along with prices while costs have risen, leaving companies pessimistic about the rest of the year.
Two of the world’s biggest steel manufacturers turned in third-quarter performances on Tuesday that demonstrated how much expectations have changed since mid-year as many countries and regions fail to generate significant economic growth……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Resourceinvestor.com: The world’s surplus production of refined zinc metal declined by 44% to 166,000 tonnes in the first eight months of 2010, the Portugal-based International Lead and Zinc study group said Tuesday in reporting preliminary data.
But inventories of the metal increased by 181,000 tonnes during the same period and mine production increased 11.3% or 823,000 tonnes to 8.1 million tonnes……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Agmetalminer.com: The zinc market isn’t copper and yet along with most base metals, zinc has risen strongly in recent weeks due to dollar weakness and a return to risk led among the metals by the tight and booming copper market.
All the base metals have looked a little frothy in the short term. There is a lot of money chasing hedges against further dollar weakness and an enduring belief in the emerging market bull run continuing for the foreseeable future. But in reality what does the future have in store for zinc?………………………………………Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Rigzone.com: Recent increases in oil reserves in Iraq, Iran and Venezuela are “good news,” but it remains unclear whether they will contribute to future supply, Nobuo Tanaka, executive director of the International Energy Agency, or IEA, said.
“To have more reserves is certainly good news, because it gives us a more precise prediction of costs and necessary investments,” Tanaka told Dow Jones Newswires at an energy conference in Moscow. “But the issue is how much investments will happen to develop these reserves, how this will increase production capacity……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Countercurrents.org: Through an accident of plate tectonics and other developments over geological time, most of the world’s remaining recoverable oil is situated around the Persian Gulf. This is unfortunate for us because we will thus never have a reasonable, universally agreed-upon estimate of the amount of oil left to produce.
Why talk about oil reserves at this point? Well, it seems that some Persian Gulf nations are now in a pissing contest over who has the most recoverable oil……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Ogj.com: Member countries of the Organization of Petroleum Exporting Countries are thriving on oil export revenue but, in many cases, eroding their export capacities by subsidizing domestic consumption, warns the Centre for Global Energy Studies, London.
In its Industry Watch report, CGES calculates that OPEC producers have generated almost $5 trillion in oil-export revenue since 1998, a year of unusually low revenue when the average crude price was only $12.30/bbl……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Guardian: The European commission is planning to clamp down on a £1.6bn carbon trading scam. The use of carbon permits from industrial gas projects in China could be banned because of their “total lack of environmental integrity”, the climate change commissioner, Connie Hedegaard, said.
Billions of euros’ worth of the controversial permits were used between 2008-09 in the European Union’s emission trading scheme (ETS), in which companies must exchange pollution permits for any emissions produced. The ETS allows some of those permits to be bought in from developing countries……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Europeanvoice.com: The European Parliament today reached agreement with the Council of Ministers and the European Commission on new EU rules to regulate hedge funds and other alternative investment funds.
The agreement is to ensure effective supervision over how alternative investment funds are marketed and run within the EU. The Parliament is expected to endorse the accord in a plenary vote on 11 November……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Bloomberg: The Commodity Futures Trading Commission moved to restrict what brokers can do with clients’ assets after investments in money-market mutual funds and government-sponsored entities soured during the financial crisis.
CFTC commissioners voted 4-1 today to propose limiting investments in money-market funds to 10 percent of client assets and investments in GSE securities to 50 percent……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Etftrends.com: Food is a necessity of life, no matter where one lives or how much money they make. This fact alone makes an agriculture exchange traded fund (ETF) investment that much more appealing for an investor’s portfolio.
The fact that everybody needs to eat and the notion that food and eating patterns are transforming, there is a great opportunity in the agriculture industry. Money and Markets for The Trading Reports states that there are three big trends converging to bring about a dramatic shift in what and how people eat around the world:………………………………………Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Investorplace.com: If you are concerned about an impending bubble in bonds, and dismayed by volatility and low returns in traditional stock market sectors, consider something new: investing in agricultural commodities.
Buttressed by bad weather and continued demand worldwide, agricultural commodities have proven to be a bright spot for many investors. Even better, this asset class benefits from a hint of rising inflation. While the average inflation rate over the past ten years has been 2.6%, when inflation does ignite, it happens quickly………………………………………Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Msnbc: In many previously unexplored sectors of the financial markets, exchange-traded funds have been responsible for creating a stir throughout the investment community. But for one particular investment, so many companies tried to offer a related ETF that they ended up tripping over each other.
If you had to come up with what investment would draw this much attention, it’d be natural to guess precious metals like gold, which have run up so quickly in recent months. Alternatively, you might go with an emerging-markets stock fund, given the wide exposure that booming economies like China and Brazil have gotten lately……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Resourceinvestingnews.com: The world has caught on to the importance of rare earth elements in the global market. The metals are crucial to high tech products, renewable energy sources, medical devices and the automotive industry to name a few.
The cut backs on exports, and a looming ban for the rest of the year, have made uncertainty and prices for the metals skyrocket. Investors have been showing an increased interest in capitalizing on the rare earth market, but have very few options to invest in outside of a few non-Chinese mining companies……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Hardassetsinvestor.com: Last week marked the launch of ETF Securities’ Physical Precious Metal Basket of Shares, a fund created to allow investors to obtain exposure to four precious metals in one go. To do this, 0.03 ounces of gold, 1.1 ounces of silver, 0.004 ounces of platinum and 0.006 ounces of palladium will back each share of the fund.
Given how stellar all the precious metals have performed as of late, the new fund sounds like a great deal. But is it? Well, to understand that, first we must look at the metals themselves……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Indiatimes.com: The Kotak Group-promoted ACE Commodity Exchange, launched as a national level commodity exchange, has filed for four non-agri commodities for regulatory approval .
“We aim to focus on both agriculture and metals, and have already filed for four non-agri commodities — crude, gold, silver and copper — with the Forward Market Commission (FMC) for its approval,” ACE Chief Executive Officer Dilip Bhatia told reporters on the sidelines of the launch……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Digitaljournal.com: Scotiabank’s Commodity Price Index, which measures price trends in 32 of Canada’s major exports, posted its third consecutive monthly advance in September, edging up by 0.6 per cent month-over-month (m/m).
The All Items Index is now 27.1 per cent above the cyclical low in April 2009 and will surge in October, with gains in base and precious metals, grains and fertilizers. World food prices have ratcheted up in recent months, pointing to strong fertilizer application in the coming year……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Theaustralian.com.au: If one currency goes up in value on the foreign exchange markets, the worth of another currency must go down. Exchange rates can’t all move in the same direction. But we’re now seeing many countries attempting competitive devaluations. It’s being called the new currency wars.
The US and China have been at loggerheads for some time over the value of the Chinese currency, the yuan (also called the renminbi)……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Bloomberg: European Central Bank council member Axel Weber said the euro has become the second most important currency in the world.
“We never actively pushed for an international role for the euro, but we accept that the euro has become the world’s second most important currency” after the dollar, Weber said at an event in Berlin tonight……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Nytimes.com: As talk of currency battles rumble through the global economy, India has been a reluctant warrior. The Indian rupee is soaring — up 9 percent against the dollar in the last 16 months. That has taken a toll on exports like textiles by making them more expensive on the world market. And the strong rupee poses longer-term threats of overheating the economy.
But instead of fighting currency appreciation, as Brazil and some other countries have done, India has been willing to let the rupee rise — for now, at least……………………………………….Full Article: Source

Posted on 27 October 2010 by VRS |  Email |Print

From Investmentu.com: So here’s the big question… Is the Federal Reserve blowing a commodities bubble? Some analysts certainly think so. They can’t come up with a better reason why prices have shot up so high.
And they have a point, to some degree. The U.S. dollar certainly has tumbled on talk of QE2, another round of quantitative easing. Simply put, the Fed wants to print more money……………………………………….Full Article: Source

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