Salient to Investors: Hedge funds et al trimmed net-long positions to the lowest since June 19, and gold holdings fell to the lowest since August. The S&P GSCI index of 24 raw materials has climbed for 5 consecutive weeks. Quincy Krosby at Prudential Financial said data out of China and the US shows we are
READ MORE... →Salient to Investors: JPMorgan report that stocks have retraced the pattern from the last two big market rallies and now face a decline in 2013 of over 50%. Nouriel Roubini at NYU says there is a chance of an economic “perfect storm” in 2013 due to a worsening eurozone crisis,
READ MORE... →Salient to Investors: Rob Haworth at US Bank Wealth Mgmt said 2012 saw much liquidating by hedge funds, but there’s an incentive to reverse that because of growth in emerging markets and especially China – it’s going to be a good year for commodities. The median economist expects China to accelerate for at
READ MORE... →Salient to Investors: The worst US drought since the 1930s is damaging wheat crops at a time when hedge funds are the most bearish on prices in 7 months. The median analyst expects global inventories to record a third annual drop, and Chicago futures to rise up to $9.50 a bushel in 2013. Tom
READ MORE... →Salient to Investors: Lumber prices through Dec. 28 have risen 47 percent in 2012, heading for the biggest annual gain since 1993. Paul F. Jannke at Forest Economic Advisors expects lumber futures to tumble as much as 25 percent from a 7-yr high due to output increases in Canada. Scotiabank says lumber
READ MORE... →Salient to Investors: Hedge funds et al reduced net-long positions across 18 US futures and options last week to the lowest since June 19. Gold holdings reached a 4-month low, copper holding dropped for the first time in five weeks, and investors were the most bearish on natural gas since May. Walter Hellwig at BB&T
READ MORE... →Salient to Investors: Bill Gross at Pimco said: Stocks and bonds will return less than 5 percent in 2013 due to a sluggish economy as the effect of Fed stimulus diminishes Structural headwinds lower real GDP to below 2 percent in the US and other developed nations. Bernanke is not Rumpelstiltskin and can
READ MORE... →Salient to Investors: Economists expect the 10-yr Treasury yield to end 2013 at 2.17 percent. Bill Gross at Pimco expects Treasury 5-yr notes to yield 0.7 percent at the end of 2013 versus 0.72 percent today, and the dollar to decline and oil climb above $100 in 2013. Gross expects stocks
READ MORE... →Salient to Investors: Gold traders are the most bullish in four months, investors bought 60 percent more this year through gold-backed ETPs versus with 2011. Gold is headed for a 12th consecutive annual gain, the longest run in at least nine decades. Nations from Brazil to Iraq to Russia are buying gold
READ MORE... →Salient to Investors: Barclays estimates stockpiles will rise for at least the next four quarters, and production will exceed demand by the most since 2009. The median analyst expects futures to rise as much as 16 percent in 2013. Buyers are waiting a year to get metal. Credit Suisse says as much as
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