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Commodities Briefing 09.Nov 2011

Posted on 09 November 2011 by VRS |  Email |Print

Jim RogersLonger term it is going to be a disaster for all of us, the whole world, especially for Europe, because this is not solving the problem. A year from now there is going to be more debt in Greece and in Europe. Two years from now, there is going to be more and more debt. Debt just keeps going up and nobody addresses the real fundamental problem.
Gold would certainly go to 2000. I do not know when it is going to go to 2000, but I know it certainly would during this decade. Whether it’s an asset class or a safe haven is irrelevant, the fact that I own it is because I want it. The price would go higher………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

European regulation aimed at driving more commodity derivatives trading through clearing is causing concern among small and medium-sized energy companies that don’t yet know if they will be exempted from the requirements. Gillian Carr reports
All signs point towards the growing trend of a majority-cleared over-the-counter commodity derivatives market, as European regulators follow the Group of 20’s (G-20) mandate calling for all standardised OTC derivatives contracts “to be traded on exchanges or electronic trading platforms, where appropriate, and cleared through central counterparties by end-2012 at latest………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

Vice Premier Li Keqiang on Monday urged the international community to promote the formation of long-term, stable and predictable commodity supply and demand relations and a reasonable price mechanism. Li made the appeal while meeting with a group of ministers in charge of energy and resources from 18 countries.
Facing drastic fluctuations of international commodity prices as well as shifts in market supply and demand, countries involved should enhance coordination to curb speculative speculation and ensure reasonable demands, Li said………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

OPEC now expects demand for oil to grow even more than it projected just a year ago, as the oil cartel said the recovery from the Great Recession took place faster than it expected.
But the group’s annual oil outlook released Tuesday also worried about the risk of a new recession in the world’s developed economies in the near-term due to threats such as the European debt crisis………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

This week, the two rival powers of the oil market, OPEC and the IEA, will publish their new long-term forecasts. Among all the data backing up their competing visions for the future, observers will be looking for the answer to a very important question: Why can’t the world produce more crude oil?
After years of historically high prices, oil production has barely budged above its level of just over 80 million barrels a day reached in 2004………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

The Organization of Petroleum Exporting Countries will cut crude supply to accommodate rising exports from Libya, its Secretary-General Abdalla el-Badri said.
“Some of our member countries are reducing their production to accommodate Libya,” el-Badri said today in an interview in Vienna. “As Libyan production comes on, I’m sure our member countries will cut their production accordingly.”……………………………………….Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

The Organization of Petroleum Exporting Countries raised estimates for global oil demand to 2015 after a swifter-than-expected economic rebound.
Worldwide consumption will increase by 5.3 percent to 92.9 million barrels a day in the next four years, led by emerging Asian economies, OPEC said today in its annual World Oil Outlook. The 2015 estimate is 1.9 million barrels more than last year’s forecast. Still, Europe’s debt crisis and slowing U.S. growth pose risks, the group said………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

Gold prices flirted with $1,800 an ounce Tuesday as a weaker U.S. dollar and safe haven buying supported the metal.
Gold for December delivery added $8.10 to settle at $1,799.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,804.40 and as low as $1,785.10 an ounce while the spot price slid $11, according to Kitco’s gold index………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

Gold prices have broken above the $1750 level and COMEX gold is currently trading around $1790/oz. Traditionally, the November-December season has been bullish for gold.
The main reasons for higher gold prices during the end- year are the wedding season in India, jewellery buying on account of Christmas in the US and the increased Chinese buying ahead of their new year………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

You predicted that Gold will top $3,000/ounce (oz), Silver will hit $50/oz and oil will exceed $300/barrel. Gasoline will go to $9/gallon. When will we see these rises? And what will be the catalysts that take them there?
The next QE, which I expect to come along no later than March, could set off a flight from dollars. Then we could see those predictions realized within 18 months………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

As far as I am concerned, corrupt governments that engage in reckless spending, banks and financial institutions that defraud, lie and deceive their own customers are all financial predators.
Governments and politicians are meant to serve the people and not themselves so when they spend money on their own personal indulgences, or in futile wars and aid programes which only enrich the leaders of impoverished nations, in effect they are squandering tax payer’s money………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

The Commodity Futures Trading Commission has recently issued a one-paragraph statement, announcing it is still pursuing an investigation into the possibility of unlawful acts in the silver market.
The investigation has been ongoing since September 2008. Since that time, the commission has received a number of comments and letters asking the government to investigate the COMEX silver futures market. Several complaints have asked the CFTC to limit the activities of large banks in the silver market………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

Gold and silver futures lost their momentum and dropped into negative territory Tuesday in electronic trading. The turn reversed earlier gains and came on the heels of word that Italy’s prime minister would step down .
At the same time, precious metals ETFs moved even lower in the regular session. The SPDR Gold ETF (GLD) was most recently down 0.8%. More worrisome, the ETF’s shares spiked down by more than $2 on a notable pick-up in volume after reports spread confirming earlier rumors that Italian Prime Minister Silvio Berlusconi planned to resign………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

The biggest decline in aluminum prices since the global recession means at least 25 percent of the world’s smelters may be unprofitable.
The metal fell 23 percent to $2,135.50 a metric ton on the London Metal Exchange since May 1 and energy costs gained 16 percent in the past month. Twenty-five percent of production loses money below $2,350 and 50 percent under $2,000, according to estimates by Bloomberg Industries……………………………………….Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

Tin prices will hit historic highs in the next to 3-5 years as increasing consumption and declining production will create a supply gap that will drive prices higher, as per a report by UK based tin body ITRI.
“Over the next decade technological changes offer major threats and opportunities. The biggest risks are in the current main applications of electronics solders and tinplate, where miniaturisation, new assembly technologies and lower coating weights could cut usage………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

There are only two currencies where I would hold much cash. The dollar, inevitably, even though the economy is awful, as it remains ‘the sanctuary’, and the Chinese renminbi, which has been undervalued for years, but at last looks close to a revaluation as part of our demise.’
Kempton, a highly experienced private investor, is investing in the redback via the new Allianz Renminbi Currency Fund (which invests in Hong Kong deposit accounts in the Chinese currency)………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

Emerging market currencies and debt were mixed on Tuesday but managed to eke out small gains towards the day’s end as there was some resolution to the political fates of Greece and Italy’s incumbent heads of state.
It became apparent during the day that an interim government in Greece would be formed by Lucas Papademos, the former European Central Bank vice president. Also, Italy’s Silvio Berlusconi reached an agreement to resign after the passage of the parliament passed its 2012 budget………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

The collapse of the price of carbon permits in Europe tells you everything you need to know about the prospects for international carbon trading. Unfortunately, the government isn’t listening.
Earlier this week Climate Change Minister Greg Combet rejected the idea that there are serious issues with international carbon trading and yesterday spoke rosily about the global carbon market’s prospects while the EU carbon price crashed………………………………………..Full Article: Source

Posted on 09 November 2011 by VRS |  Email |Print

The political stoush over carbon pricing is as divisive as any in recent memory, but the basic idea underpinning the clean energy laws is neither new nor particularly radical.
More than eight years ago, four federal departments advised John Howard’s cabinet that an emissions trading scheme was the cheapest way to tackle climate change and give companies an incentive to find cleaner ways to do business………………………………………..Full Article: Source

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