NEW YORK (TheStreet) -- Brian Hicks, co-manager of the U.S. Global Investors Global Resources Fund, reveals why he thinks the bulk of the selling in gold is done
Gold -- is trying to avoid that psychologically important level at thirteen hundred dollars an ounce. Because gold indexed on the gold price up about seven dollars while the futures market is relatively flat. Joining me is Brian hicks -- manager of the US global investors (GROW) global resources finds. And Brian my biggest question is where are all -- safe haven buyers why isn't gold at 2030 dollars on -- Egypt's Middle East news.
Friday, January 28, 2011
Commodity Price Swings "Here to Stay," PepsiCo CEO Says - Shares Down 1.9%
PepsiCo (PEP) shares are down in step with the broader market while the company's CEO says commodity prices are likely to remain volatile for some time to come.
Indra Nooyi, PepsiCo CEO, said swings in the price of commodities are "here to stay," Bloomberg reported.
The volatility will come from growing demand in the Middle East and environmental shocks in various parts of the world, he said.
PepsiCo shares are down 1.9%, or $1.25, to $64.31.
Indra Nooyi, PepsiCo CEO, said swings in the price of commodities are "here to stay," Bloomberg reported.
The volatility will come from growing demand in the Middle East and environmental shocks in various parts of the world, he said.
PepsiCo shares are down 1.9%, or $1.25, to $64.31.
Crude Oil Prices Surge on Unrest in Egypt
Crude oil futures soared to a record high since September 2009 on Friday on concerns that anti-government protests in Egypt would spread to other oil-producing countries in the Middle East.
Oil prices neared $90 a barrel at one point in the trading day, an increase of over 4%, before retreating in early afternoon trade. Oil for March delivery rose $3.70, or 4.3%, to settle at $89.34 a barrel on the New York Mercantile Exchange.
Linda Raschke, partner at FuturePath Trading, said, "The crisis in Egypt as well as the significance of a government shutting down the Internet for the entire country is causing major nervousness in market participants that have been long equities in front of the weekend."
Although Egypt is not a significant oil exporter, it is home to the Suez Canal, a major shipping channel between the Red Sea and the Mediterranean. The U.S. Energy Information Administration estimated that 1.8 million barrels of crude and refined petroleum passed through the Suez Canal per day in 2009.
In addition to pumping up oil prices, Egypt's unrest has driven investors to move away from equities toward the dollar, prompting stocks to fall and the greenback to gain.
Raschke noted that investor fears of regional instability could make crude oil a "major benefiting market."
Oil prices neared $90 a barrel at one point in the trading day, an increase of over 4%, before retreating in early afternoon trade. Oil for March delivery rose $3.70, or 4.3%, to settle at $89.34 a barrel on the New York Mercantile Exchange.
Linda Raschke, partner at FuturePath Trading, said, "The crisis in Egypt as well as the significance of a government shutting down the Internet for the entire country is causing major nervousness in market participants that have been long equities in front of the weekend."
Although Egypt is not a significant oil exporter, it is home to the Suez Canal, a major shipping channel between the Red Sea and the Mediterranean. The U.S. Energy Information Administration estimated that 1.8 million barrels of crude and refined petroleum passed through the Suez Canal per day in 2009.
In addition to pumping up oil prices, Egypt's unrest has driven investors to move away from equities toward the dollar, prompting stocks to fall and the greenback to gain.
Raschke noted that investor fears of regional instability could make crude oil a "major benefiting market."
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