http://www.bloomberg.com/news/2011-06-26/longest-losing-streak-since-2008-ending-for-commodities-as-futures-surge.html
Speculators are holding a net 1.1 million U.S. futures and options contracts to bet on higher prices, 37 percent more than the average of the last five years, data from the Commodity Futures Trading Commission show.
SS says
Unbelievable!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Even after dropping to 33 fro 49 in a week and staying flat since then - the herd is still bullish!!!!!!!!!
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There’s no sign of that happening now. The combined net-long position rose in three of the last five weeks, data from the Washington-based CFTC show.
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Economists don’t expect a return to the slump of 2008 and 2009 either. U.S. growth will accelerate to 3.2 percent in the next two quarters from 2.3 percent this quarter, the median of as many as 68 economists’ estimates compiled by Bloomberg show. The world economy will expand 4.3 percent this year and 4.5 percent in 2012, the International Monetary Fund said June 17.
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“I still like the growth story,” said Michael Cuggino, who helps manage $13.5 billion at Permanent Portfolio (PRPFX) Funds in San Francisco. “Commodity prices are going to continue to go higher. Worldwide, the economy continues to grow and monetary policy is going to stay relatively consistent with no changes.”
Speculators are holding a net 1.1 million U.S. futures and options contracts to bet on higher prices, 37 percent more than the average of the last five years, data from the Commodity Futures Trading Commission show.
Silver Winner
Silver will be the biggest winner among 15 commodities in the second half, rallying as much as 46 percent by Dec. 31 to match the all-time high $49.79 set in April, the median in a Bloomberg survey of more than 100 analysts and traders shows.SS says
Unbelievable!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Even after dropping to 33 fro 49 in a week and staying flat since then - the herd is still bullish!!!!!!!!!
===
There’s no sign of that happening now. The combined net-long position rose in three of the last five weeks, data from the Washington-based CFTC show.
====
Economists don’t expect a return to the slump of 2008 and 2009 either. U.S. growth will accelerate to 3.2 percent in the next two quarters from 2.3 percent this quarter, the median of as many as 68 economists’ estimates compiled by Bloomberg show. The world economy will expand 4.3 percent this year and 4.5 percent in 2012, the International Monetary Fund said June 17.
===
“I still like the growth story,” said Michael Cuggino, who helps manage $13.5 billion at Permanent Portfolio (PRPFX) Funds in San Francisco. “Commodity prices are going to continue to go higher. Worldwide, the economy continues to grow and monetary policy is going to stay relatively consistent with no changes.”
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