Archive for July, 2010
Friday, July 30th, 2010
By Frank Holmes, CEO and Chief Investment Officer, U.S. Global Investors.
When countries get grouped together for economic or political purposes, an acronym or other shorthand device is soon to follow. OPEC, EU and G7 are a few of the old standards, while G20, PIIGS (European nations with dangerously large sovereign debt burdens), and of course BRICs are newer examples.
Now The Economist is getting into the game with “CIVETS.”
This venerable magazine is not reinventing itself as a British version of National Geographic – we’re not talking about the civets that prowl the treetops in the tropical forests of Africa and Asia.
CIVETS in this case refers to Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa – six countries that could be the next wave of emerging markets stardom.
The Economist’s basic case: these six have large and young populations, diversified economies, relative political stability and decent financial systems. In addition, they are for the most part unhampered by high inflation, trade imbalances or sovereign debt bombs.
We didn’t think up the acronym, but we have liked the long-term prospects for most of these countries for quite a while. Here are some of our thoughts and observations.
Start with Colombia, which has had a hard time getting people to forget about its narcoterrorism past and look at its pro-business government policies.
I met with former President Alvaro Uribe and it was fascinating to observe his policies for social stability and job creation. Five years ago, he changed the rules and began to encourage companies to come in and help develop their oil resources. He has taken those petrodollars created and reinvested them back in the country’s infrastructure and created jobs.
That is in complete contrast to what Hugo Chavez is doing in Venezuela, or even Mexico and its energy policy. Both of those countries are watching their reserves deplete, but there’s no policy to bring in intellectual capital like you’re seeing in Colombia.
Turkey’s economy is dynamic and currently supported by strong underlying trends that point to long-term growth ahead. Its economy is the sixth largest in Europe and in the top 20 worldwide with a 2009 GDP of $615 billion.
According to a 2009 International Monetary Fund (IMF) report, Turkey’s per capita GDP of just over $8,700 is greater than any of the BRICs. Industrial output leaped by 21 percent in the 12 months ending March 2010, inflation fell to 6.1 percent last year from double-digit levels a year before, and public debt is less than 40 percent of GDP.
And while Europe still makes up more than half of Turkey’s exports, the current government has taken steps to increase exports to Middle East trading partners – Saudi Arabia, Iraq and Egypt, for instance – as a hedge against any economic volatility in Europe.
Indonesia’s demographics, natural resources and relatively stable political environment have set up the country for what could be a very strong decade of growth. Its economy doubled in the past five years and in greater Jakarta—the world’s second-largest urban area with roughly 23 million people—GDP per capita grew by 11 percent each year from 2006 through 2009.
More importantly, this growth was driven by the private sector, not by government spending – the private sector accounts for roughly 90 percent of the country’s GDP. Over the past five years, the average income has doubled to $2,350 a year and Deutsche Bank thinks that figure can rise another 50 percent by the end of next year.
Despite this income growth, Indonesia still has the lowest unit labor costs in the Asia-Pacific region, according to JP Morgan. This has attracted manufacturing activities from China. Employment growth is key because half of Indonesia’s population is 25 years old or younger, so the workforce as a portion of total population will rise over the next 20 years. This should increase the country’s consumption levels and fuel further economic growth.
Vietnam has seen rapid economic growth in recent years. It too has picked up some manufacturing base that was formerly in China. The country’s per-capita income of $1,050 last year was nearly fivefold higher than it was in the mid 1990s, and in Hanoi, the income level is closing in on $2,000 per person, according to government figures.
That new wealth is showing up in gold purchases. Net retail gold investment in Vietnam exceeded 500,000 ounces during the first quarter of 2010, up 36 percent year-over-year, the World Gold Council says. Add to that a 20 percent increase in gold jewelry demand.
Beyond the CIVETS, we see some potential in other places. Malaysia’s economy, for instance, grew more than 10 percent in the first quarter of 2010, and the country has plans to slash its budget deficit and at the same time invest more heavily in infrastructure. And in Chile, despite February’s earthquake, public debt is just 7 percent of GDP and the economy is expected to 5.5 percent growth this year and 6.5 percent in 2011 as resource exports to emerging markets in Asia accelerate.
We see the global growth story – led by key emerging market countries like the BRICs, the CIVETS and others – as the most powerful long-term investment opportunity.
For more on this theme, I invite you to visit our website to read through the “Frank Talk” blog for a look at our interactive “What’s Driving Emerging Markets” presentation.
Tags: BRIC, BRICs, Chief Investment Officer, Commodities, Debt Burdens, energy, Frank Holmes, Getting Into The Game, Gold, Government Policies, Hugo Chavez, Intellectual Capital, Natural Resources, oil, Oil Resources, Petrodollars, Political Purposes, President Alvaro Uribe, Pro Business, Relative Political Stability, Social Stability, Sovereign Debt, Term Prospects, Tropical Forests, U S Global Investors, Venerable Magazine
Posted in China, Emerging Markets, Energy & Natural Resources, Gold, Infrastructure, Markets, Oil and Gas | Comments Off
Friday, July 30th, 2010
Domestic Equity Market
The chart shows the performance of each sector in the S&P 500 index for the week. Five sectors gained and five declined. The best-performing sector was telecom services, up 1.7 percent. Other better-performing sectors included financials and industrials. The three worst-performing sectors were technology, consumer staples, and consumer utilities.
Within the telecom services sector the best-performing stock was Verizon Communications Inc, up 4 percent. The other top-three performers were Frontier Communications Corp and AT&T Inc.
- The real estate services group was the best-performing group for the week, up 12 percent, led by its single member, CB Richard Ellis Group Inc. The firm’s second quarter earnings easily beat the consensus estimate, driven by year-over-year increases in investment sales revenue and leasing revenue.
- The office electronics group was the second-best performer, increasing 5 percent. The group’s single member, Xerox Corp, reported earnings in the prior week above the consensus estimate, and it guided 2010 earnings up. The strength in the stock this week appeared to be a carryover from that report.
- The diversified chemicals group outperformed, rising 4 percent, led by E.I DuPont & Co which reported earnings above the analysts’ consensus estimate and raised its full year outlook above the analysts’ forecast.
- The photo products group was the worst performer, down 18 percent, led by its single member, Eastman Kodak Co, which reported earnings below the consensus forecast.
- The tires & rubber group underperformed, down 13 percent. The group’s single member, Goodyear Tire & Rubber Co, reported earnings above the consensus, but the stock sold off on concerns about the outlook for the second half.
- The building products group underperformed, losing 10 percent, led by its single member, Masco Corp, which reported earnings above the consensus but warned that the second half would be challenging as home building activity was slowing and big-ticket items would continue to be deferred.
- There may be an opportunity for gain in M&A (merger & acquisition) transactions in 2010. Corporate liquidity is high, thereby providing the means to pursue acquisitions.
- Should investors’ expectations for an improving economy not come to fruition on a reasonable time frame, it could be a threat to stock prices.
- As governments around the world begin to wind-down the monetary and fiscal stimulus programs put in place during the economic crisis, it will likely present a headwind for stocks.
Tags: Cb Richard Ellis, Cb Richard Ellis Group Inc, Chemicals Group, Consensus Estimate, Consumer Staples, Diversified Chemicals, Eastman Kodak, Eastman Kodak Co, Ellis Group Inc, Estate Services Group, Frontier Communications, Goodyear Tire, Market Diary, Masco Corp, Performing Group, Photo Products, Second Quarter Earnings, Verizon Communications, Verizon Communications Inc, Xerox Corp
Posted in Markets, Outlook, US Stocks | Comments Off
Friday, July 30th, 2010
The Economy and Bond Market
Treasury bonds rallied this week on mixed economic news. Bonds appeared to be reacting to stocks, trading inversely this week driven largely by global macro concerns.
Economic data was mixed this week as second quarter GDP disappointed a little while housing data was a little better than expected. An interesting data point out of Europe this week was the European Commission Economic Sentiment Indicator for the Eurozone which reached the highest level in more than two years. This is counter intuitive given the ongoing European financial crisis but the weaker Euro has boosted exports and German unemployment has now fallen for 13 consecutive months, so maybe things aren’t as bad as they seem.
- European confidence remains surprisingly strong and is an interesting counter point to all the recent bad news.
- The S&P/CaseShiller Composite 20 Home Price Index rose a better than expected 4.6 percent. At the same time Freddie Mac reported that mortgage rates hit another record low of 4.54 percent.
- The Chicago Purchasing Managers Index unexpectedly rose, indicating that manufacturing activity remains strong.
- Second quarter GDP was somewhat disappointing, expanding at a modest 2.4 percent.
- Durable Goods orders for June declined one percent, well below expectations of a one percent gain.
- The Fed’s Beige Book report highlighted the slowing pace of economic activity in several areas of the country.
- Inflation is unlikely to be a problem for some time and this gives central bankers and other policy makers around the world room for expansive policies.
- The risk of austerity measures going too far and significantly diminishing economic growth is a real risk.
Tags: Austerity Measures, Beige Book Report, Bond Market, Durable Goods Orders, Economic Activity, Economic Data, Economic News, Economic Sentiment, European Commission, Eurozone, Financial Crisis, Freddie Mac, German Unemployment, Global Macro, Home Price Index, Market Diary, Mortgage Rates, Purchasing Managers Index, Quarter Gdp, Treasury Bonds
Posted in Bonds, Markets | Comments Off
Friday, July 30th, 2010
Gold Market Diary (August 2, 2010)
For the week, spot gold closed at $1,181.05 per ounce, down $8.15, or 0.69 percent for the week. Gold equities, as measured by the Philadelphia Gold & Silver Index, fell 2.13 percent. The U.S. Trade-Weighted Dollar Index decreased 1.03 percent.
- The U.S. unit of ETF Securities, a global ETF issuer specializing in commodities, filed papers with the SEC to market a gold exchange-traded fund that would be the first to store its bullion in a Singapore vault.
- A poll of 55 analysts and traders showed expectations for gold prices in 2011 have risen by nearly 7 percent to a median of $1,228 per ounce, and 2010 gold expectations have risen 4 percent to a median of $1,197 per ounce.
- Jamie Sokalsky, the CFO of the world’s largest gold producer, recently noted the concerns that pushed the gold price to record highs above $1,200 per ounce have not been addressed despite the weakened gold price within the past weeks.
- A congressional subcommittee has been asked to investigate the growing backlog in foreign procurement of U.S. bullion and collectors’ precious metals coin blanks manufactured by the U.S. Mint.
- The gold price fell to a three month low on Tuesday to around $1,160 per ounce due to fear abatement, central bank tightening, and ETF liquidation.
- Seasonally, the next natural catalyst for gold will be the return of jewelry manufactures as we close out the summer. In the mean time, the gold market may be relatively flat.
- UBS recently stated “We believe that ongoing pressure on sovereign debt markets, combined with persistent concerns over private sector credit contraction will raise the spectre of debt monetization repeatedly over the next few years. We expect that this background will remain very supportive for gold prices over the period.”
- Earnings reporting season for gold companies is in full swing. What is interesting is the number of companies that have established a dividend or raised their dividend payout, which should give these companies greater appeal to mainstream investors.
- The attraction of dividend payments along with gold companies starting to be compared on other fundamental valuation metrics such as PE ratios is not a sign that there is “bubble in gold company valuations”.
- The debate around the nationalism of South African mines has created “great uncertainty” with investors, and could even see the development of some projects essentially be put on hold, until after the ruling the African National Congress’s policy review conference in 2012.
- Deutsche Bank believes the “gold price weakness has been driven more by a liquidation in a net length among the investor community than a structural change in market fundamentals, and history suggests investor de-leveraging can persist for another month.”
- St. Louis Federal Reserve Bank President James Bullard commented that the economic outlook was unusually uncertain. He further noted, “The U.S. is closer to a Japanese-style outcome today than at any other time in recent history…”
Tags: Coin Blanks, Commodities, Congressional Subcommittee, Debt Markets, Dollar Index, ETF, Exchange Traded Fund, Gold, Gold Bullion, Gold Companies, Gold Equities, Gold Exchange Traded Fund, Gold Market, Gold Price, Gold Prices, Gold Producer, Market Diary, Natural Catalyst, Philadelphia Gold, precious metals, Reporting Season, Silver, Silver Index, Spot Gold, U S Mint
Posted in Commodities, ETFs, Gold, Markets, Outlook, Silver | Comments Off
Friday, July 30th, 2010
Energy and Natural Resources Market Diary (August 2, 2010)
- Indonesia, the largest coal exporter in the world, exported 24.49 million tonnes of coal in June, rising 32.23 percent from 18.52 million tonnes in May.
- In June, Japan’s crude oil imports were up 0.5 percent year-over-year to 3.16 million barrels per day, liquefied natural gas imports were up 9 percent year-over-year and coal imports up 14 percent year-over-year, according to data published by the Finance Ministry.
- According to the National Development and Reform Commission, China domestic coal production reached 1.57 billion tons in the first half up by 20.1 percent year-over-year.
- Mitsui O.S.K. Lines Ltd., the operator of the world’s largest merchant fleet, raised its full-year profit forecast as demand for transporting goods between Asia and the U.S. and Europe rebounded.
- Iraq’s oil ministry has said the country’s oil exports had dropped to 1.8 million barrels per day in June from 1.9 million barrels per day the month before, due to bad weather and bomb attacks.
- Japan’s refined copper exports fell 22 percent year-over-year in June while refined zinc exports fell 37 percent from a year earlier, Ministry of Finance data showed.
- The Hellenic Shipping News reported that Russia plans to give licenses for development of 41 iron-ore and 31 coking coal deposits during 2011-2015. The iron-ore deposits are estimated to have a reserve base of 16.6 billion tonnes, while the coking coal reserves are estimated to be about 80.5 billion tones.
- Arabian Oil Co., the world’s biggest oil company, said Wednesday it signed contracts with several local and international contractors to help it build its estimated $10 billion export refinery at Yanbu on the Red Sea. Announced first in 2005, the refinery was originally set to cost $6 billion to build. However, the project’s price tag doubled to as much as $12 billion in 2008 when raw material and commodity prices peaked. Construction of the facility is now estimated to cost about $10 billion.
- State-run explorer Oil India has set aside $2 billion for overseas acquisitions, chairman NM Borah told reporters this week. Bigger rival Oil & Natural Gas Corporation has spearheaded India’s hunt for foreign petroleum assets, often competing with Chinese companies, but smaller players such as Oil India and refiners like Indian Oil Corporation are also scouting for assets, Reuters reported..
- Oil reserves in Nigeria have dropped by 4.79 percent to 31.81 billion barrels over the past year because companies refuse to undertake exploration, a senior industry official said this week.
- China’s natural gas supplies may face pressure in some regions this winter because of insufficient storage capacity and slowness by some companies to import supplies, said the National Development and Reform Commission.
Tags: Bad Weather, Bomb Attacks, Coal Deposits, Coal Exporter, Coal Imports, Coal Production, Coal Reserves, Commodities, Crude Oil Imports, Domestic Coal, energy, Finance Data, Hellenic Shipping, India, International Contractors, Iron Ore Deposits, K Lines, Liquefied Natural Gas, Market Diary, Merchant Fleet, Natural Gas, Natural Gas Imports, Natural Resources, oil, Refined Copper, Refined Zinc, Russia
Posted in China, Energy & Natural Resources, India, Markets, Oil and Gas | Comments Off
Friday, July 30th, 2010
Emerging Markets Diary (August 2, 2010)
- South Korea’s GDP expanded by a faster than expected 1.5 percent quarter-over- quarter, or 7.2 percent year-over-year, in the second quarter, driven by strong exports of automobiles, semiconductors, and machinery. Consumer confidence held at a five month high of 112 in July.
- Profits at China’s large industrial companies in 24 regions climbed 71.8 percent year over year to RMB 1.61 trillion in the first half of this year.
- China’s land supply for residential real estate construction increased 113 percent in the first half compared with a year ago, while the average price of residential land declined 10.6 percent sequentially in the second quarter.
- The Indonesian rupiah appreciated to a three-year high on Thursday against the U.S. dollar, as the local stock market rose to a record high and government forecasted 6 percent GDP growth in the second half of this year.
- Lojas Renner, one of the largest Brazilian retailers, reported strong 2Q results that were boosted by better procurement practices that resulted in an improvement in the earnings before interest, taxes, depreciation and amortization (EBITDA) margin to 24.8 percent from 17.8 percent a year earlier.
- OHL toll road group in Brazil reported a 29 percent traffic growth in 2Q brought about by an economic recovery in the country.
- Chilean banks, Banco de Chile and Santander Chile, also reported strong 2Q results with net income growing 57 percent year-over-year.
- Hungary sold more debt than planned at an auction of three month Treasury bills on Wednesday as traders said yields were attractive given the interest rate outlook, according to Bloomberg.
- China’s new loans to property developers fell 62 percent sequentially in the second quarter to RMB 122 billion, representing a 32 percent decrease year-over- year, as banks intentionally reduced balance sheet exposure to the property sector as a result of credit control and risk management.
- Vietnam’s long term foreign and local currency debt ratings were reduced by Fitch Ratings to B+ from BB-, due to concerns over declining foreign reserves and weak banking system.
- The capital output ratio defined as the investment portion of GDP divided by real GDP growth measures how much investment is needed to produce GDP growth, the higher the ratio, the more inefficient the investment. As the chart shows, the efficiency of Russia’s investment into economy was particularly wasteful under socialism. It has now reached a stable state at around 4 times (equal to that of China), which is below the world average at 3 times.
- Although China’s domestic A share market staged a close to 10 percent rebound in July, the best performer in Asia for the month, Chinese mutual funds by and large did not participate in the rally. These mutual funds, together with domestic insurance companies who are expected to be approved to raise allocation to equities in August, may provide liquidity support for a continued recovery in Chinese domestically listed stocks.
- A recent M&A activity in the Brazilian telecom sector has created three major fully integrated players – America Movil, Telefonica and Oi, that should offer bundled products (fixed line, wireless and pay TV) at a reduced cost for customers.
- We have noted an inflow into the Chilean equity market by the local pension funds that scaled down their international exposure and boosted valuations of the Santiago bourse.
- The IMF’s new loan agreement for $15 billion requires fiscal policy changes from Ukraine aimed at lowering the deficit to 5.5 percent of GDP in 2010 and 3.5 percent in 2011. The IMF’s renewed engagement with Ukraine opens up the possibility of loans from the European Commission and the World Bank, according to RGE Monitor.
- In addition to ongoing property tightening, Chinese government’s goal to reduce energy consumption per unit of real GDP by over 5 percent this year from 2009, as mandated by its 11th Five Year Plan, may result in more plant closures, as a matter of expediency, especially in heavy industries, and a slowdown in economic activity in the second half of this year.
- Macquarie Airports indicated that they will be selling its 14 percent stake in ASUR. At this point it remains uncertain who the buyer might be but the transaction may well improve liquidity in the ASUR shares.
- On Thursday, the Russian government finalized its list of companies to be privatized in 2011-2013, and the amount it is planning to raise through these privatizations is close to $35 billion US dollars. The slope of the regression line of Russian Trading System market returns vs. total IPO issuance is negative, suggesting that a large supply of state’s shares could have a negative impact on the market.
Tags: 2q Results, Banco De Chile, Brazil, Consumer Confidence, Economic Recovery, Emerging Markets, GDP Growth, Indonesian Rupiah, Interest Rate Outlook, Procurement Practices, Property Developers, Property Sector, Residential Land, Residential Real Estate, Risk Management, Road Group, Russia, Santander Chile, South Korea, Toll Road, Traffic Growth, Treasury Bills
Posted in Brazil, China, Markets, Outlook, US Stocks | Comments Off
Friday, July 30th, 2010
Here are this weekend’s reading diversions for your enjoyment.
Have a great long weekend!
Curiously, the cancer rate is 10 percent higher in the left breast than in the right. This left-side bias holds true for both men and women and it also applies to the skin cancer melanoma.
Everyone has a few tricks for beating the blues — things you do when you’re feeling down to try to boost your mood.
What’s your ultimate Mad Men moment?
Izzy’s Curly Cakes Red Velvet Cupcakes
A stroke involves damage to the brain in which something has gone wrong with the circulation. There are two types of stroke. The most common, ischemic stroke, accounts for about 80 per cent of strokes and occurs when blood flow to the brain is reduced or, more likely, blocked altogether.
Tags: Beating The Blues, Bias, Blood Flow, Cakes, Cancer Rate, Circulation, Diners Club, Diversions, Happiness, Ischemic Stroke, Izzy, Left Breast, Mad Men, Melanoma, Red Velvet, Skin Cancer, Stroke Accounts, Stroke Risk Factors, Strokes, Types Of Stroke
Posted in Markets | Comments Off
Friday, July 30th, 2010
This article is a guest contribution by Asha Bangalore, Northern Trust.
The worst of the financial crisis is history, but the U.S. economy is still struggling to establish self-sustained economic growth. There is an ongoing debate among economists and policy advisors as to what is the best course — fiscal austerity or stimulus — to restore financial and economic tranquility. Discussions about the Fed’s options in the event of further weakening of economic conditions in a deflationary environment have also surfaced. There is no consensus on what is most suitable route partly because the relatively more obvious and aggressive measures have already been implemented. Today’s focus is a checklist of Fed’s options if economic conditions call for more creative programs to support economic activity.
Chairman Bernanke’s speech in May 2003 (Some thoughts on monetary policy in Japan) offers a few alternatives. The first option Bernanke lists is for a central bank to announce a “quantitative objective for prices.” The operational aspect of this strategy would be a central bank announcing its intention to restore the price level to the value it would have reached if prices had not fallen. An assumption of a moderate increase in prices would be necessary.
The motivation to mention this approach is the fact that the U.S. Consumer Price Index (CPI) has declined for three consecutive months. The Core CPI, which excludes food and energy, and the core CPI excluding homeowners’ equivalent rent are both indicating a decelerating trend, with the core CPI showing only a 0.9% increase on a year-to-year basis in June.
The Fed prefers the core personal consumption expenditure price index, which shows a slightly more reassuring picture (see chart 2, June data will be published on August 3).
The main objective is to raise inflation expectations in order to reduce the debt burden of borrowers and break the deflationary psychology that could be holding back household purchases. There is no urgency to take this step in the U.S., as yet, but it is an alternative worthy of consideration, if necessary.
A second option is a marriage of monetary and fiscal policies to stimulate business activity and break the deflationary spiral. It would work in the following manner. All tax cuts/spending programs would be financed by issuing new government bonds. The next step would be that the Fed would purchase these bonds. The benefit of this action is that outstanding publicly held debt would be unchanged and future tax obligations would be left unchanged. Lest we forget that there is no free lunch, this road will lead to inflation, which what is the temporary goal. The Fed will have to engage in reversing this program at the appropriate juncture.
Third, the Fed could lower interest rate on excess reserves as it is often mentioned in recent monetary policy discussions. At the extreme, the Fed could also be creative like the Riksbank, the central bank of Sweden, and charge a fee if banks park excess reserves at the Fed, a nominal one. Banks did not earn interest on excess reserves not too long ago, which could be reinstated. Furthermore, this policy could be tied to tax breaks for banks. (Public outrage, given that banks are perceived in negative light following the bailout, should not be surprising.) The Fed could establish suitable loan-to-reserve ratios, when achieved, to earn tax breaks for banks or yield interest on excess reserves instead of zero or negative returns. The quality and type of loans and the recipients of these loans would have to be controlled to implement this program.
Fourth, the Fed could purchase additional Treasury securities or re-establish expired programs. The downside of this option is that the “bang for the buck” will be diluted because it will be a repeat story. In sum, there are other expansionary monetary policy avenues to consider.
Tags: Aggressive Measures, Asha, Bernanke, Consumer Price Index, Core Cpi, Creative Programs, Debt Burden, Economic Activity, Economic Conditions, First Option, Fiscal Austerity, Index Cpi, Inflation Expectations, Main Objective, Moderate Increase, Northern Trust, Operational Aspect, Personal Consumption Expenditure, Suitable Route, Sustained Economic Growth
Posted in Bonds, Markets | Comments Off
Friday, July 30th, 2010
This note is a guest contribution by Bespoke Investment Group.
Two months ago, it was generally considered a slam dunk that the EU economy was going to sink back into recession. Two months later, though, the double dip is missing in action. Today’s release of EU confidence in the manufacturing sector for July rose from -6 to -4. While still negative, this represents the highest reading since May 2008, and the 16th straight month without a decline.
Friday, July 30th, 2010
This note is a guest contribution from Bespoke Investment Group.
Below we provide trading range charts of ten major commodities. In each chart, the green shading represents between two standard deviations above and below the 50-day moving average. Moves above or below the green zone are considered overbought or oversold. As shown, oil is currently at the top end of its trading range, while gold has moved into oversold territory. Silver is also at the bottom of its trading range, while platinum and copper are at the top of their ranges. And wheat and copper have done exceptionally well recently. Wheat has basically gone vertical, and coffee has made a significant breakout out of a long-term sideways trading pattern.
Copyright (c) Bespoke Investment Group
Tags: Bespoke Investment Group, Breakout, coffee, Commodities, Commodity, Copper, Gold, Green Zone, Guest Contribution, oil, Platinum, Range Charts, Shading, Silver, Snapshot, Standard Deviations, Wheat
Posted in Commodities, Energy & Natural Resources, Gold, Markets, Oil and Gas, Silver | Comments Off