Commodities Report: December 16th, 2010
Copper continues to back away from record highs, with the most heavily traded March contract down about $0.02 this morning to $4.11 as stockpiles grew and speculation returned that China will raise interest rates to help control inflation and keeping a lid on future demand.
The contract reached a record $4.22 on Tuesday.
Crude oil also is easing from its recent highs as cold weather in the U.S. starts to moderate, reducing demand for heating oil. At last look, the January contract had nearly given back all of yesterday's gains, falling $0.31 to $88.31. Oil rose $0.34 cents in New York yesterday after the Energy Department reported crude inventories fell 9.85 million barrels last week to 346 million. Refiners operated at 88 percent of capacity, the most since September.
Gold likewise is down slightly today, falling $1.70 from yesterday's settlement at $1,386.20 an ounce. Overall, gold has gained 26 percent this year. propelled as an alternative to weakening currencies.
In company news, Agnico-Eagle (AEM) last night forecast an 18% increase in gold production next year, rising to between 1.13 million ounces and 1.23 million ounces. Total cash costs are expected to be in the range of $420 to $470 an ounce. The miner also increased its dividend.
Penn Virginia Resource Partners L.P. (PVR) moved to acquire additonal coal reserves in Kentucky and Tennessee from Begley Properties LLC for $97.25 million.
Thursday, December 16, 2010
Is the Crash JP Morgan - Buy Silver Campaign Actually Working?
What just happened with JP Morgan? http://www.FinancialSurvivalRadio.com... host Jay Carter discusses the latest developments with author and precious metals expert Larry LaBorde.
BOB CHAPMAN ON THE GREECE RIOTS 12-15-2010
BOB CHAPMAN ON THE RIOTS IN GREECE 12-15-2010
Video Of Greek Riot Violence:
And to think that six months ago images of rioters throwing gasoline bombs at the police were enough to get Waddell and Reed to sell 20 ES contracts...
All you Americans out there that do not believe your government will move in on your pension plans just take a look at these facts. In 1997, the UK's Labor government abolished the dividend tax credit for pension funds, which cost pensioners $157 billion.
Just last month the French Parliament agreed to transfer assets of the French pension fund from equities to cash and government bonds.
In Ireland, their PM agreed to take half of the National Pension Reserve fund of $16.5 billion and apply it to the IMF-EU bank bailout. These funds are to be used as a backup to the bank rescue package.
Recently Hungary announced the nationalization of assets and contributions into the country's supplementary "private pension scheme." The funds will go into government bonds to help meet the budget deficit targets of its IMF-EU bailout.
In 2008, Argentina set the precedent, when $30 billion of assets in the country's ten "private" pension funds, were nationalized.
Estonia has cut state contributions into private sector pension schemes, while Poland is considering similar action.
These events are not fantasy, but reality. The UK government is currently eyeing the pension assets of the Royal Mail of some $30 billion. In England, it is believed a government guarantee would be next to worthless and a partial default on pensions and welfare are inevitable. England is close to broke having bailed out its banks.
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