Speculators Cut Bullish Bets on Fiscal Cliff Talks: Commodities – Bloomberg 12-10-12

Salient to Investors:

Jeffrey Currie at Goldman Sachs said investors should be overweight in commodities because prices will gain 7 percent in 12 months on improving global economic growth, while rising consumption may limit immediate supplies and raise near-term prices above longer-dated contracts. Goldman said gold’s longest winning streak in at least nine decades will peak in 2013, and lowered its 12-month estimate by 7.2 percent to $1,800, and sees an average $1,750 in 2014.

Jeffrey Sica at Sica Wealth Mgmt said there is an incredible discrepancy regarding growth in in the U.S., Europe and Asia.

Dan Denbow at USAA Precious Metals & Minerals Fund said globally, we’re going to have to keep printing money, which will lead to the devaluation of global currencies and be supportive of gold and commodities.

 Brad Durham at EPFR Global said money managers added to commodity funds and gold and precious-metal funds last week.

National Oceanic and Atmospheric Administration said 2012 will overtake 1998 as the warmest year on record in the U.S..

Stanley Crouch at Aegis Capital said aggregate demand for raw materials is bad, and causing a backwash in prices Crouch said the whole world is based on consumption, which has been artificially enhanced.

Read the full article at http://www.bloomberg.com/news/2012-12-09/speculators-cut-bullish-bets-as-u-s-talks-stall-commodities.html