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Commodities Briefing 12.Aug 2011

Posted on 12 August 2011 by VRS |  Email |Print

Angelos DamaskosOil is likely to remain weak in the short term due to the sluggish global economy, while gold reaches new peaks on its increasing safe haven appeal and an expected further easing of U.S. monetary policy, a London-based fund manager said.
Angelos Damaskos, chief executive officer of Sector Investment Managers Ltd, said that OPEC producers prefer oil prices around $100 a barrel and that the group would act to cut production to support prices……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Jim RogersInvesting legend, Jim Rogers has stopped buying gold, Silver and stocks and is upbeat on agriculture. In an interview to Garett Baldwin, Executive Editor of Investment U, Rogers said that agriculture prices on a historic basis are still depressed and that is where he sees the next opportunity.
Jim Rogers, co-founder of the Quantum Fund told Investment U that he has stopped buying Gold and Silver but is not selling as he believes that gold will hit and surpass $2,000 an ounce soon rather than later……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Investors will abandon stocks and continue to chase gold over the next few years, based on an analysis of the spot gold XAU= to S&P 500 .SPX ratio, Reuters market analyst Wang Tao said.
The current ratio is about 1.6, worked out after dividing the gold price by the value of the index, and will rise to 3.72 over the next one or two years, according to Wang’s prediction……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

The price of gold is continuing its aggressive push towards the $US2000 an ounce barrier, with records continuing to tumble as volatility in global markets drives investors to the relative safety of the precious metal.
The price of gold in Sydney closed at $US1781.68 an ounce yesterday, up $US34.58 from Wednesday’s local close, which sent gold stocks higher in an otherwise flat sharemarket……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Deutsche Bank maintained its 2012 gold price target of $2,000 an ounce with a bias towards even higher prices, saying the precious metal would benefit from the low interest rates in the United States.
“We believe the main beneficiary of super low interest rates in the United States, a weak U.S. dollar, a view that central bank holdings in the U.S. dollar are still excessive and ongoing questions over the stability of the financial system will be gold,” the investment bank said……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

The precious yellow metal, which is now officially more expensive than platinum, traded as high as US$1810.23 an ounce on Thursday morning after spot gold hit an all-time high of $1813.79.
Gold has risen from below $1500/oz to nearly $1800/oz in five weeks since the start of July and is up nearly 18 percent in dollar terms……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

The high price of gold has many people eager to sell their gold jewelry. Investors are also looking to add gold to their portfolios. On Thursday, Anna DiMarzio stopped by RocGold with a necklace and a pair of earrings. She was shocked to find out what they were worth.
“I just took a guess, $350 dollars at most,” says DiMarzio “But the clerk said $500! That’s a little more than what I expected!” On that day gold was priced at around $1,750 per ounce. Four years ago, DiMarzio would have only gotten $250 for the same pieces of jewelry……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Gold struck yet another all-time high of $1813.80 early this morning (Thursday), marking an 18% gain in just over a month. The acceleration in gains in the gold price underscores just how nervous the financial markets are of the recent run of events both and more recently with regards to stability in Spain, Italy and now France.
The knock-on effects of the downgrading of US debt by the rating agencies from its coveted AAA level have less than many had feared with equity markets taking much of the brunt. The effect is likely to be most pronounced amongst the main creditors, who, after the Fed itself, are China, Japan and the UK……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Gold prices buckled under pressure from anxious investors who cashed in recent gains in a bid to keep their wealth safe, but losses were limited as traders kept a weary eye on Europe’s sovereign debt problems.
“This is not an American problem, it’s a global problem, and in this environment there’s no such thing as a top for gold prices,” said Scott Meyers, senior trading analyst with MF Global………………………………………Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Gold, and only gold, will be our salvation when the value of companies, banks, countries and even money itself melts away. Gold, not shifting currencies, is the foundation of wealth and security. Gold is back, for good.
This is the song of the “gold bugs” - the fervent fans of the precious metal who have clung to its investment value for three generations and now glow in the reflected lustre of a record price approaching $2,000 for just one ounce……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Fear is high and investors are fleeing to gold. Amid a volatile stock market, Europe’s debt woes and concerns about a weak U.S. economy, gold touched a new high above $1,800 earlier this week.
It has fluctuated since, and is now back down around $1,750……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Gold struck yet another all time high of $1813.80 early this morning, marking an 18% gain in just over a month. The acceleration in the gains in the gold price underscores just how nervous the financial markets are of the recent run of events both and more recently with regards to stability in Spain, Italy and now France.
The knock on effects of the downgrading of US debt by the rating agencies from its coveted AAA level have been less than many had feared with equity markets taking much of the brunt………………………………………Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

There аre mаnу reasons to invest іn silver bullion. And therе аrе mаny ways to invest іn silver.
This discussion focuses оn long-term silver investing in silver bullion. There аrе three basic reasons tо invest іn silver bullion. Depending on hоw high inflation rises, one, two, or all threе cоuld pay оff ovеr the соurѕе оf the nеxt twо tо ten years……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

OPEC, source of more than a third of the world’s oil, is unlikely to become concerned about a slide in oil prices unless Brent crude falls towards $90 a barrel, OPEC delegates said on Thursday.
Brent LCOc1 has fallen to $106 a barrel, down more than $20 from its peak this year of $127.02, on concern of slowing oil demand due to the European debt crisis and a weakening economic outlook for the United States……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Based on projections from the EIA August 2011 Short-Term Energy Outlook (STEO), members of the Organization of the Petroleum Exporting Countries (OPEC) could earn $1,011 billion of net oil export revenues in 2011 and $1,105 billion in 2012.
Last year, OPEC earned $778 billion in net oil export revenues, a 35 percent increase from 2009. Saudi Arabia earned the largest share of these earnings, $225 billion, representing 29 percent of total OPEC revenues. On a per-capita basis, OPEC net oil export earnings reached $2,074 in 2010……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

The Paris-based International Energy Agency (IEA) on Wednesday lowered its global oil demand forecast by 60,000 barrels per day (bpd) for 2011, citing lower than expected figures during the second and third quarters of the year, sustained pressure of high oil prices and increased evidence of economic slowdown.
“Overall, global oil demand is expected to average 89.5 million bpd in 2011, 1.4 per cent higher year on year,” said the IEA in its latest oil market report………………………………………Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

In the last week the ECB has announced QE programs such as the aggressive buying of Spanish and Italian bonds (in order to drive the yields of those bonds down) and the resumption of the long-term loan facility.
With lower bond yields, Spain and Italy may be able to manage their way out of their current financial problems given time. This plan has merit. Shortly after the ECB announcement, the U.S. Fed announced plans to extend low Fed interest rates until at least 2013. All of the above actions are inflationary……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

The US has been downgraded and countries like the UK that has very high debt will have to be downgraded too. You can’t have the UK as triple ‘A’ and the US as not a triple ‘A’. You need to be asking S&P or Moody’s why they haven’t got around doing that. I don’t think, the European countries deserve their rates.
Commodity markets are moving at all-time high records. Do I expect gold to crash? No, I don’t expect it to crash, although I see it coming down; Crude oil has come down quite a lot. I expect it to rally soon just like everything else. ……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Singapore Mercantile Exchange (SMX), the first pan-Asian multi-product commodity and currency derivatives exchange, today announced that the world’s first Iron Ore Futures Contract on a global platform, settled based on the Metal Bulletin Iron Ore (MBIO) Index will be launched on the 12th August 2011.
Metal Bulletin is the leading independent provider of premium information and pricing for the metals industries. Metal Bulletin’s MBIO index is a good reflection of the seaborne merchant market for sinter fines delivered to China………………………………………Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Mutual funds that invest in alternative asset classes increased assets under management 60% in 2010, to $201 billion. Analysts at Cerulli Associates Inc., Boston, have published those figures in a report on the market for retail alternative products and strategies. The analysts looked at investment vehicles such as hedge funds, private equity funds and commodities as well mutual funds and exchanged-traded funds.
Alternative-asset funds hold just 2.6% of total long-term mutual funds assets, but that share is up from 1.9% in 2009……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Food commodities such as grain, corn and soybeans saw futures prices soar yesterday after the US government said months of bad weather would slash crop yields.
The department of agriculture said droughts in corn-producing areas and heavy rain and floods in other parts of the US would cut crop sizes……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Commodities rose, capping the biggest two-day gain in three months, after an unexpected drop in U.S. jobless claims spurred optimism for the U.S. economy, bolstering prospects for crop and industrial-metal demand.
The Standard & Poor’s GSCI Index of 24 raw materials rose 2.1 percent to settle at 643.41 at 3:45 p.m. in New York. Metals including lead and zinc led the rally. Corn, wheat and soybeans jumped after the U.S. government forecast smaller crops. Gold tumbled the most in seven weeks……………………………………….Full Article: Source

Posted on 12 August 2011 by VRS |  Email |Print

Emissions trading is one among a range of policy options av­ailable to mitigate greenhouse gas em­issions. It involves putting a limit on the quantity of greenhouse gas emissions (usually converted to their carbon dioxide equivalent [CO2e]) that can be emitted over a set period of time—the ‘emissions cap’.
Tr­ading sc­heme participants (ty­pically firms or production fac­i­lities) are then permitted to buy and sell emission allowances to meet their emissions cap. Most recently, emissions trading has attracted considerable attention due to its potential to deliver emission reductions at lower cost than other policy alternatives, such as traditional regulatory approaches……………………………………….Full Article: Source

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