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Rare Double-Play Opportunity in Oil, Gold and More
Truth be told, I’m even more bullish now on gold, oil and other natural resources than I was when I nailed the start of the massive bull market in commodities nine years ago, in the middle of the year 2000 — before gold prices tripled and before oil rocketed up some 1,030 percent from $13 per barrel to its all-time high of $147.
But despite what you might expect, I am not bullish merely because the Obama administration seems to be committed to lighting the fuse on massive inflation in 2010 and beyond.
True; even in more normal times you’d expect Washington’s mind-blowing…
31Aug2009 | Money and Markets | 1 comment | ContinuedRussian Economy to Shrink 4.5%, World Bank Believes Social Crisis Near
After nearly a decade of double-digit economic growth, Russia’s economy is facing the prospect of a 4.5% contraction this year that will drive unemployment and poverty to “social crisis” levels, the World Bank said.
This is a quick and drastic reversal of the World Bank’s previous forecast of 3% growth in Russia, but Russia’s “real economy has deteriorated more than expected,” said Zeljko Bogetic, the World Bank’s Moscow-based lead economist.
Earlier projections were based on oil prices of $75 a barrel. The revision was calculated using an average price of $41 a barrel and an inflation rate between 11% and 13%,…
31Mar2009 | Money Morning | 1 comment | ContinuedChina to Supplant U.S. as World’s Largest Manufacturer by Next Year
China will overtake the United States as the world’s largest producer of manufactured goods by next year, according to forecasts by economics consultancy firm Global Insight Inc. done on behalf of the Financial Times.
China will account for 17% of the world’s manufacturing value-added output next year, versus the United States’ 16%, the FT reported.
In 2007, the United States accounted for 20% of manufacturing output worldwide, while China made up just 13.2%. Also, last year, Global Insight predicted the United States would hold its top position until 2013, but a severe economic downturn has expedited China’s rise to the…
12Aug2008 | Money Morning | Comments Off | ContinuedGlobal Investing Roundups
Verizon Helped by Wireless Sales; Kraft Produces Profit; Raytheon Teams with NASA; Ryanair Crashes and Burns; Dow Dives 240 points; Oil Rallies on Political Tension; White House Lowers Growth Estimate; Amgen Profit Slides
-Verizon Communications Inc. (VZ) reported strong quarterly profit boosted by wireless sales. Second-quarter profit was $1.88 billion, or 66 cents a share, up from $1.68 billion, or 58 cents a share, a year earlier. Excluding items such as merger integration costs, earnings per share were 67 cents, beating the average analyst forecast for 64 cents a share, according to Reuters Estimates.
-Kraft Foods Inc. (KFT), the nation’s largest food and…
29Jul2008 | Money Morning | Comments Off | ContinuedEconomy Enters Dangerous Waters as Job Losses Mount in June
Payrolls tumbled for the sixth consecutive month in June, bringing the total number of job losses in the first half of the year to 438,000.
Such a steep drop in employment could easily cause consumer spending to falter in the months ahead and drag the economy into a recession.
After shedding 62,000 jobs in May, U.S. employers slashed another 62,000 jobs in June, the Labor Department said last week. Builders reduced payrolls by 43,000 after cutting 37,000 employees in May. Financial firms cut 10,000 jobs in June after losing 3,000 the month prior. And factory payrolls dropped by 33,000 after…
7Jul2008 | Money Morning | Comments Off | ContinuedDon’t Mention the Dollar
Last week, amid a stream of bearish economic news, the chairman of the Federal Reserve, Ben Bernanke, asserted his priority on price stability and uttered the word dollar, as if turning a new leaf.
He did that to get your attention.
Fed chairs rarely ever say that word, for reasons that Greenspan learned on his first days in office back in 1987,” the same reasons that CEOs rarely comment on their stock’s valuation.
Bernanke’s original remarks came before Friday’s unemployment report rained on Wall Street.
But just in case anyone thought the weak report might have softened his stance over the weekend, on Monday,…
20Jun2008 | Whiskey and Gunpowder | Comments Off | ContinuedIndia and Other Emerging Economies Continue to Struggle With Inflation
India’s wholesale price index rose 7.82% for in the week ended May 10, the Ministry of Commerce and Industry reported. It marked the 13th straight week that the inflation rate has been above the central bank’s 5.5% target, highlighting the increased pressures many developing nations are under given soaring commodities prices.
The rate of inflation for the week ended May 15 is expected to be 8.02%, the highest level since September 2004, according to Bloomberg News.
“The current high level of inflation is totally unacceptable, especially in terms of impact on inflationary expectations,” Reserve Bank of India (RBI) Governor Yaga Venugopal…
27May2008 | Money Morning | Comments Off | Continued
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