Salient to Investors: Stephen Schork at Schork Group said WTI climbed strongly for the first 6 weeks of 2013, then gave it all back in 2 weeks. Schork said there was no traction to the downside below $90, and $100 is too high to justify, so short-term expects near $95. Stefan Wieler
READ MORE... →Salient to Investors: Bespoke Investment and Bloomberg say short sales in the S&P Composite 1500 Index fell in February to the lowest in recorded data back to 2007 – the last time at this level saw the Index lose 3.3 percent over the next three months. Bulls say the capitulation by
READ MORE... →Salient to Investors: Goldman Sachs said gold’s cycle has turned as the US economy gathers momentum, and cut its 3-month forecast to $1,615 from $1,825 and expects $1,550 in a year’s time. Hedge funds are the least bullish on gold since 2008. Adrian Day at Adrian Day Asset Mgmt said confidence
READ MORE... →Salient to Investors: The gold-mining industry has underperformed bullion for each of the past 6 years. The weight of gold behind ETFs has quadrupled to 2,530 tons since the start of 2007. Neil Gregson at JPMorgan Asset Mgmt said the industry has done nothing to persuade investors that hold gold ETFs to buy gold
READ MORE... →Salient to Investors: Damien Courvalin and Jeffrey Currie at Goldman Sachs said the cycle for gold prices, which rose for 12 straight years, has turned as the U.S. recovery gathers momentum and investment holdings collapse. Goldman lowered its 3-month target to $1,615, 6-month forecast to $1,600, and 12-month forecast to $1,550, and reversed its
READ MORE... →Salient to Investors: Wall Street firms are once again selling debt that may be poised to lose value. Wall Street is selling junk bonds at a record pace after they returned 19 percent in 2012, but says it’s obvious that prices will drop when interest rates rise. The amount of
READ MORE... →Salient to Investors: Amanda Sneider and David Kostin at Goldman Sachs said: Net long exposure to stocks in hedge funds rose to 52 percent in Q4 2012, matching the 10-year high reached in Q1 2007. AIG became the most-held position, Apple fell to third place. Hedge funds notably reduced holdings of Apple and gold
READ MORE... →Salient to Investors: Salman Niaz at Goldman Sachs Asset Mgmt said: Macau casino bonds will withstand any crackdown aimed at cleaning up the industry. Previous cooling and policy measures have generally been positive to the long-term health of the market, and the high free-cash flow generated by operators and limited leverage
READ MORE... →Salient to Investors: Albert Krespin at Deutsche Bank expects Turkish banking shares to continue their correction in the near-term, and advises switching from banking shares to industrial companies, which offer higher dividends. Dmitry Trembovolsky and Alexey Butylin at Goldman Sachs advised selling Turkish banks last week as earnings will decline and repatriation of money into the US could
READ MORE... →Salient to Investors: Kyung-Ah Park at Goldman Sachs said: Water utilities, infrastructure and water rights offer stable, long-term investment. Water supply is very inelastic, and 1 in 8 people lack access to safe water. Demand for water is growing twice as fast as the global population, and much of the developed world’s water infrastructure
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