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Commodities Briefing 08.Nov 2010

Posted on 08 November 2010 by VRS |  Email |Print

From Reuters: Gold’s record-breaking climb should continue for at least six months, corresponding to the planned duration of the Federal Reserve’s monetary stimulus, according to a Reuters poll conducted on Thursday and Friday.
Two out of three respondents see gold prices topping out between $1,400 and $1,500 an ounce on an interim basis, with most analysts surveyed expecting prices to peak during the first or second quarter of next year……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From 9msn.com: India’s farmers and housewives are joining western investors and stocking up on gold, underpinning the market even as prices soar to new records. Buyers in India, the world’s largest consumers of bullion with one-eighth of global demand, are typically very sensitive to price moves and have scaled back their purchases as gold has spiralled ever higher.
But jewellers in Mumbai and bankers in London said that gold consumption in the country had rebounded……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Hardassetsinvestor.com: People aren’t buying gold simply as a dollar hedge or inflation hedge, or for double-dip fears. Some cultures around the world—like India and China, which are the largest gold demand markets—will purchase gold, most often in the form of jewelry, as a matter of lifestyle, religious beliefs, cultural beliefs, etc.
So yes, gold is a good inflation hedge. But if you look at the buyer of jewelry at a gold market in Chennai, India, they’re not asking, “Well, wait a minute, what’s the CPI estimate coming out of the U.S. tomorrow?” They don’t care……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Mineweb.com: As we write, the gold price is about to assault the $1,400 level having been $1,332 on Wednesday of this week, a day ahead of the Fed announcement. Against the pound sterling, the yen the Swiss franc and most other currencies the dollar has weakened too.
In the days ahead of that announcement the dollar had been wavering between $1.38 and $1.40 against the euro. After the announcement the U.S. dollar fell quickly down to $1.42 against the euro. But then the dollar recovered a little and is sitting at $1.41……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Reuters: Gold prices rallied to record above $1,398 an ounce on Monday on concern of a continued weak dollar trend after the U.S. Federal Reserve last week acted to resume buying Treasurys.
Following are key facts about the market and different ways to invest in the precious metal……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Moneyweek.com: Almost every type of raw material, from agricultural commodities to obscure rare-earth metals, is soaring in price. In some cases there are solid fundamental reasons for this – bad weather and trade restrictions in the case of many ’soft’ commodities.
In others, such as oil, the rise has more to do with the threat of quantitative easing than any genuine imbalance between supply and demand……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From WSJ: China is displaying some Olympic-size oil demand of late. A swell of new car owners and double-digit percentage economic growth is spurring oil consumption across the country, and refineries are having trouble keeping up.
And for the first time since Beijing hosted the Summer Olympic Games in 2008, China this month may become a net importer of diesel. That demand spike—China was stocking up in case it needed backup fuel—played a role in oil’s climb to its record of $145 a barrel……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Reuters: The International Monetary Fund does not see a rise in oil prices as a threat to the global economic recovery and will closely monitor a new round of U.S. policy easing, a senior IMF official said on Saturday.
“No, it seems that in the current environment the energy prices seem to be responding to strengthening growth certainly relatively close to a range that has appeared consistent with continued expansion in the global economy,” first managing director John Lipsky told reporters on the sidelines of a meeting of Gulf policymakers in Kuwait……………………………………….Full Article: Source

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From Alibaba.com: Oil hit a two-year high above $87 a barrel on Friday as fresh U.S. economic stimulus boosted the appeal of commodities as an asset class in an environment of a weak dollar and better than expected U.S. jobs data.
U.S. crude futures were trading 40 cents up at $86.89 a barrel by 1248 GMT, having touched $87.22 earlier, the highest intra-day price since October 2008. So far this week oil has risen more than six percent……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Gulfnews.com: Opec no longer expects the world economy to remain “gloomy” as the “recovery from the recession has been swifter than previously thought. Now that the effects of the financial and economic crisis are believed to be behind us, the prospects for the oil market may be viewed more positively.
The Organisation of Pet-roleum Exporting Countries (Opec) just published its “World Oil Outlook 2010″, an annual in-house study which has been made public only for the second time……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Neurope.eu: During Qatari Emir Hamad bin Khalifa Al Thani’s visit to Russia, Moscow agreed to back Doha’s proposal to hold a ministerial meeting of gas exporters, Russian Prime Minister Vladimir Putin said. “First of all, I would like to say we are ready to support your initiative to hold a meeting of gas producers in November next year,” Putin was quoted as saying by the press on 2 November.
Russia and Qatar have active energy contracts, including through OPEC and the Gas Exporting Countries Forum (GECF)……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From China.org.cn: The European Union (EU) is working with China on arrangements for a pilot scheme on carbon trading in the world’s biggest developing country, said Jos Delbeke, director-general of the European Commission’s (EC) climate team.
During a two-day workshop with officials from China’s National Development and Reform Commission (NDRC), the top economic planner that also oversees climate issues, the two sides discussed “operational details,” such as how to verify and register carbon credits, which is necessary for the program, Delbeke said in Beijing over the weekend……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Emirates247.com: Saudi Arabia has completed a gigantic hydrocarbon capacity expansion programme involving investment of more than $100 billion and this will support global energy security, according to its oil minister.
Ali Al-Naimi said the programme was part of overall plans by the 12-nation Organization of Petroleum Exporting Countries (OPEC) and other producers to expand their sustainable output capacity to face world demand……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Bloomberg: Hedge funds ramped up bullish bets on oil to the highest level since at least June 2006 as the Federal Reserve enacted stimulus measures, helping spur crude to a two- year high and weakening the dollar.
The funds and other large speculators increased wagers on rising crude prices by 8.6 percent in the seven days ended Nov. 2, according to the Commodity Futures Trading Commission’s weekly Commitments of Traders report. So-called net-long positions climbed to a record for the CFTC data available……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Usatoday.com: With any investment, your first question should be, “What’s the worst that could happen?” Investors in exchange traded funds founds found out during the May 6 “flash crash,” when some ETFs sold for a penny a share. Could it happen again? Hard to say.
But the stock exchanges are taking steps to prevent another ETF meltdown. And you can take some more steps to protect yourself……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Mydigitalfc.com: Are you among those trying to take advantage of the global surge in commodity prices? You may look at taking exposure to globally-focussed commodity mutual funds as a part of your diversification strategy.
The US Federal Reserve’s $600 billion bond buying programme unveiled last week has just put the focus back on commodity prices, which have hogged the limelight in the recent months, helped by a weaker dollar and high demand from emerging markets such as India and China……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Bloomberg: Tokyo Commodity Exchange Inc., Japan’s largest raw-material bourse, said it was open to merger talks with other exchanges as the government considers creating a one-stop exchange for financial products.
The exchange, known as Tocom, once the second-largest commodities bourse after the New York Mercantile Exchange, ranked 11th last year and was surpassed by China’s Shanghai and Dalian exchanges. The government has started discussions on whether to combine securities, currencies and commodities bourses by 2013 to boost trade and remain competitive……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Financialexpress.com: Retail investors investing in gold and silver through electronic spot exchange in the last few months would now have the option to buy many more metals during next one year.
E-gold and e-silver which was launched by the National Spot Exchange Limited (NSEL) promoted by a consortium of companies, including Financial Technologies (promoter of MCX, the country’s largest commodity exchange) since March 2010 is rolling out e-copper this week and has plans to launch more than 20 ferrous and non-ferrous metals for the investment purpose during the next one year……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Theaustralian.com.au: Singapore should become the global hub of rice futures and spot trading to defend Asia’s billions from price swings and food riots.
It would also guard against shortages of the crop that feeds half the world, according to some of the world’s foremost authorities on food supply……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Indiatimes.com: Two down and one to go. Having navigated past quantitative easing (QE2) and the US mid-term elections , investors have another big one for the coming week — a Group of 20 summit meeting that threatens a global clash of currencies. The result could have broad implications for the flow of money into emerging markets and the returns on current holdings.
Not that, from a risk standpoint, you could tell in the aftermath of the Federal Reserve’s decision to spend $600 billion in a quantitative easing asset-buying programme……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Commodityonline.com: A currency crisis is under way. It’s not a matter of if we’ll have one or not. My boss is always getting heat for his “crazy” claims and predictions. Porter’s latest claim might be his “craziest” yet…
In late 2006, Porter predicted GM would go bankrupt. He looked at GM’s debts and determined there was no way the automaker could avoid bankruptcy. He received stacks of hate mail calling him crazy and anti-American……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Xinhuanet: Seigniorage is a very old-fashioned word making a sudden reappearance in the modern world. It follows close on the heels by the confirmation announcement that the second round of quantitative easing in the United States would proceed.
Seigniorage describes the situation where a government makes a profit through the increase in the amount of money in circulation. It happens when the government prints more money and then uses that money to buy its own debt - issued as bonds or treasuries. Then the government pays itself interest on the debt……………………………………….Full Article: Source

Posted on 08 November 2010 by VRS |  Email |Print

From Businessspectator.com.au: US efforts to remedy dangerous global trade imbalances at this week’s Group of 20 economic summit appear doomed to failure, with major surplus countries instead signalling that they intend to put US policy under scrutiny.
Both Germany and China have criticised the move by the US central bank to inject an extra $US600 billion into the US economy by buying up government bonds……………………………………….Full Article: Source

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