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Commodities Briefing 30.Nov 2011

Posted on 30 November 2011 by VRS |  Email |Print

Commodities are beating equities for a fifth consecutive year, reports Bloomberg, a sign that developing countries are sustaining the growth that drove up prices nearly fourfold in a decade.
While most indexes have been doing poorly due to concerns of a global economic slowdown, the Standard & Poor’s GSCI Index of 24 commodities climbed 2% this year. This is considerably better than the last time there was a recession and raw material prices fell 43%……………………………………….Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Societe Generale warned investors against betting on commodities in 2012 even as data showed speculators’ sentiment already faded, with their positioning on many crops among the most bearish in recent history.
SocGen asset allocation specialists recommended investors take an underweight position on commodities, including agricultural ones, heading into 2012, warning of the threat to demand posted by economic slowdowns………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Commodities prices staged a surprising rally this week as investors opted to see the silver lining in the gathering economic clouds.
Strong retail figures in the U.S. over Thanksgiving weekend and fresh optimism that politicians would find a way to stabilize the situation in the euro-zone helped underpin the rally as investors looked to consolidate their positions following a sharp sell off last week………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Veteran traders Dennis Gartman and Mark Fisher launched the first ever cross-asset “risk” index on Tuesday, offering traders an easy gauge for tracking the increasingly correlated ebbs and flows of global market sentiment.
The index, calculated by Dow Jones Indexes, involves long weightings in typically “riskier” assets like commodities and stocks that total 150 percent, offset by 50 percent short positions in safety plays like Treasuries and the Yen………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Jim Rogers, chairman of Rogers Holdings, talks about his investment strategy. Rogers also discusses Europe’s sovereign debt crisis, Federal Reserve monetary policy and the U.S. economy. He speaks from Singapore with Susan Li on Bloomberg Television’s “First Up.”.………………………………………Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Gold mining stocks are trading at their cheapest level in at least nine years even as the industry’s profits are estimated to almost double this year and bullion trades close to its historic high.
The benchmark NYSE Arca Gold BUGS Index (HUI) that includes Barrick Gold Corp. (ABX), Newmont Mining Corp. (NEM) and AngloGold Ashanti Ltd. ended last week at 17 times earnings, the lowest since at least November 2002 and below a five-year average of 37 times………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

More and more it seems that local populations, perhaps stirred-up by often misleading information from environmental activists, are protesting - sometimes violently - against the establishment of significant gold mining operations in their areas.
For example, in Peru, there is an ongoing protest by the citizens of Cajamarca against the development of the Newmont/Buenaventura $3.4 billion Minas Conga gold mine while in Europe’s Balkan region the citizens of the town of Krumovgrad in Bulgaria are currently conducting a campaign against the development of an open pit gold mine by Dundee Precious Metals………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

The growing demand for Gold bars and coins reflects safe haven demand, while exchange-traded fund buying in November has recorded inflows, said Anne-Laure Tremblay, precious metals strategist at BNP Paribas.
According to Tremblay, the sell-off in gold holdings may have occurred in the over-the-counter market, which is dominated by institutional participants. The decline in exposure to gold may be linked to large-scale, cross-asset liquidation. Notably, gold holdings may have been sold to meet losses elsewhere and added that selling in indexes may have also resulted in price falls………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

The release of last week’s IMF statistics for October revealed a continuation of central bank appetite for Gold with net purchases of just over 20 tonnes. A number of existing buyers, such as Russia, added to holdings (a sizeable 19.5 tonnes), said Barclays Capital in a research note.
According to Barclays, data to October shows Russia has increased reserves by 82 tonnes so far in 2011, compared to 139.6 tonnes last year. Russian central bank First Deputy Chairman Alexei Ulyukayev has said, “We have been implementing a programme of raising the share of gold in the reserves for several years… we are acquiring huge volumes… we are not planning to step away from this path”………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

When buying gold bullion, yоu nееd to search оr pick a dealer thаt іs well established. There аrе sоmе gold dealers оr mints thаt havе excellent feedback records goіng wаy back. So trу to pick one thаt has a good reputation.
When you buy gold bars, bear in mind what iѕ thе purpose of buying it. Some people buy thеm for thеir collection and ѕomе buy them, hold it fоr а сertaіn time thеn whеn gold prices increases, sell it. This sеcоnd group аre thе real investors………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

World reported Aluminium inventories declined to 2.43 million tons in October 2011. International Aluminium Institute data showed that the total reported inventories were down by 4% from 2.54 million tons in the month of September 2011.
Inventories drawdown was noted in North America, Africa and Europe whereas South America, Asia and Oceania noted a rise in the inventory levels………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Oil price volatility is back, and so are calls for investigations into what’s driving it. Taxpayers have paid for countless similar probes for decades, without a single conclusive result.
Before this decade, it was unheard of for crude oil prices to jump a few dollars a day unless the U.S. was under a trade embargo or about to go to war. And even then, the outright price of oil was hardly prohibitive (recall that for the entire month leading up to the Iraq war in March 2003, oil did not cross $38 a barrel, let alone $100)………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Senior members of the Organization of Petroleum Exporting Countries informed that the oil cartel will likely decide to cut oil output at its December 14 meeting in Vienna.
Reuters reported last week that industry observers said a cut in output was unlikely to find support among the Persian Gulf Arab OPEC members while oil prices remain well above $100 a barrel, but Iraq joined Iran, Venezuela and many others who have all called for a decrease in production quotas. Iraq’s Oil Minister Abdul-Kareem Luaibi said the organization should cut. ……………………………………….Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

OPEC has been divided on the issue of cutting down oil production. But with members increasingly voicing that output be curbed, the possibility of a cutdown in production cannot be ruled out.
Venezuela repeated its call for output cuts with oil minister Rafael Ramirez saying “There were a group of OPEC countries who unilaterally raised their production, so we are not going to talk about any change in production until everyone returns to the levels of production last agreed”……………………………………….Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Opec oil output has risen in November to a three-year high due to increased supplies from Angola and a further recovery in Libya’s production, a Reuters survey found on Tuesday.
Supply from all 12 members of the Organisation of the Petroleum Exporting Countries is expected to average 30.27 million barrels per day (bpd) this month, up from a revised 29.81 million bpd in October, the survey of sources at oil companies, Opec officials and analysts found………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

There is an urgent need for governments to define objectives and implement necessary policies to address global energy challenges, said International Energy Agency (IEA) chief economist Fatih Birol here Monday.
The recently-released World Energy Outlook 2011 showed that in the climate change mitigation scenarios, four-fifths of the total energy-related carbon dioxide emissions permissible by 2035 are already “locked-in” by our existing power plants, factories, and other infrastructures………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Nuclear energy will continue to play a key role in global electricity production despite the Fukushima Daiichi Nuclear Power Plant accident, shows a recent report by the International Energy Agency (IEA).
“Nuclear’s share of electricity generation will remain between 10.3% and 19.8% - by 2035,” said Dr. Fatih Birol, IEA Chief Economist during a seminar hosted jointly by the International Atomic Energy Agency (IAEA) and IEA last week. The seminar included presentations on the IEA’s recently released annual World Energy Outlook and the IAEA’s nuclear projections published as Reference Data Series 1………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

In a strong opposition to a proposed uniform stamp duty on all derivative trades, a host of commodity exchanges and market associations have asked the government to withdraw the proposal.
The country’s five leading commexes, including MCX and NCDEX, as also over two dozen commodity market associations, have written to the Finance Ministry against the proposed move to impose a uniform duty of 0.003% on all derivative trades, including in commodities, equity and electricity………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Hedge funds are continuing to get hammered on currency trading as a tumultuous 2011 winds down, according to a widely followed performance index.
Currency-focused hedge funds dropped 1.33% in October, according to Parker Global Strategies, which invests in such funds, bringing losses over the last 12 months to over 3%. The funds lagged the nearly 6% gain in the Standard & Poor’s 500-stock index over the same period………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Jim Rickards’ new book, ‘Currency Wars’, has been getting plenty of attention recently as its launch has seen it rocket up the best sellers lists, and not just in the financial and economic world. Jim has also had an interesting spat with Nouriel Roubini recently on Twitter, which still seems to be rumbling on.
The title of Jim’s book seems to be rather prescient at this time as we look across the Eurozone and watch the markets generally. Jim advises that we are in the middle of the third great currency war, we find his arguments compelling, and the release of his book is perhaps timely………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

A fundamental understanding of the euro debt crisis can be appreciated better if its historical background is told. Then, the euro is examined as an economic experiment in institution-building.
“Euro currency is a stage of the European economic integration process.” As the European economic market progressed towards greater integration, the desirability of a single, stable currency among the European countries became a much desired objective………………………………………..Full Article: Source

Posted on 30 November 2011 by VRS |  Email |Print

Farmers who commit to soil carbon sequestration could be liable for payments if they fail to get results, under one carbon trading model being trialled in NSW. Economists are working with farmers to determine the scope and practicalities of two soil carbon trading models.
NSW Department of Primary Industries economist Jason Crean says it’s the first government-funded soil carbon sequestration project in Australia………………………………………..Full Article: Source

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