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Commodities
Here’s a list of stocks to watch for a potential rebound tomorrow. Prepare yourself for swing trades. We will be trading these stocks which are testing new recent lows.
MCP
AVL
DANG
TSL
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Goldman Sachs warning to investors on a “substantial pullback” in oil prices triggered a 3% drop today. Oil prices have risen 33% since mid February due to fears in supplies and production with unrest currently in the Middle East. OPEC reassured the market that they were compensating for any slowdown in productions of other nations in trouble.
Panic selling could take hold and drive prices back to $100 per barrel if prices hold near $106. Investors last week bought contracts at $107-$112. On the other hand prices at the pump continue to rise and are expected to break more records. We continue to support buying energy stocks, especially given the current market. Buy on peoples fears and sell on their optimism.
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The only certain thing in an uncertain international economic crisis is that countries are increasing their gold reserves. Most notably China has been moving away from a weakening U.S dollar in order to defend itself from further falling victim of a deepening crisis. Gold will continue to surge as long as the Federal Reserve keeps interest rates near zero and neglects to support the dollar.
Gold is holding near record highs above $1400 an ounce… Will gold become the new world currency? If that’s the case, whoever has the most reserves will have greatest advantage! Only time will tell…
Here is a list of the top 20 gold holding countries.
Rank Country Gold(tonnes)
1. United States 10,792.6
2. Germany 3,401.8
3. Italy 2,451.8
4. France 2,435.4
5. China 1,054.1
6. Switzerland 1,040.1
7. Russia 775.2
8. Japan 765.2
9. Netherlands 612.5
10. India 557.7
11. Taiwan 423.6
12. Portugal 382.5
13. Venezuela 363.9
14. Saudi Arabia 322.9
15. United Kingdom 310.3
16. Lebanon 286.8
17. Spain 281.6
18. Austria 280.0
19. Belgium 227.5
20. Philippines 175.9
Below is a table ranking the top 15 countries by proven oil reserves. The U.S. government estimates the world reserves totaling 1.35 trillion barrels.
Rank
Country
Oil Reserves
Production
Consumption
1.
Saudi Arabia
260 billion barrels
9.76 million barrels
2.43 million barrels
2.
Canada
175.2 billion barrels
3.29 million barrels
2.15 million barrels
3.
Iran
137.6 billion barrels
4.18 million barrels
1.69 million barrels
4.
Iraq
115 billion barrels
2.4 million barrels
636,000 barrels
5.
Kuwait
101.5 billion barrels
2.5 million barrels
372,000 barrels
6.
Venezuela
99.4 billion barrels
2.47 million barrels
723,000 barrels
7.
United Arab Emirates
97.8 billion barrels
2.79 million barrels
492,000 barrels
8.
Russia
60 billion barrels
9.93 million barrels
2.74 million barrels
9.
Libya
44.3 billion barrels
1.79 million barrels
264,000 barrels
10.
Nigeria
37.2 billion barrels
2.21 million barrels
272,000 barrels
11.
Kazakhstan
30 billion barrels
1.54 million barrels
241,000 barrels
12.
Qatar
25.4 billion barrels
1.21 million barrels
147,000 barrels
13.
China
19.2 billion barrels
9.14 million barrels
18.81 million barrels
14.
United States
19.2 billion barrels
9.14 million barrels
18.81 million barrels
15.
Brazil
11.65 billion barrels
2.57 million barrels
2.52 million barrels
Source: http://www.eia.doe.gov/
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The worlds richest man Lebanese-Mexican Carlos Slim announced he is entering the energy sector. The Grupo Carso consortium (diversified retail, construction, and industrial conglomerate) controlled by Slim purchased a 70% stake in Tabasco Oil Co. LLC, an oil exploration and production company. Tabasco Oil has rights to a field in Columbia.
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Oil prices are back in the spot light as the crisis in Libya worsens. Oil shot up $87 a barrel with investors concerned that OPEC production could be affected. Libya exports about 1.0 million barrels a day of crude, if the current situation get worse, oil exports are likely to freeze and the current $87 a barrel could break $100 immediately.
As unrest takes over the middle east it looks appealing to buy oil stocks for the short term!
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Oil prices rose to their highest level since October 2008, hovering around $87 a barrel. Prices are up 8.3% since March. With a steady economic recovery and weaker dollar, commodities are on the rise.
OPEC feels comfortable with oil prices between $70 and $80 a barrel. There are no immediate plans to increase production so prices are likely to hover around $80 or higher.
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The price of oil has risen to $83 a barrel as result of the following factors:
- A weakening U.S. Dollar
- Strong demand from China (China reported that their oil imports rose 14% last year)
- Investors buying commodities as a hedge against inflation
- Demand in heating oil due to a string of cold winter weather in parts of the U.S., Europe, and Asia.
- Nigerian instability (Chevron pipeline attacked, reducing production)
JBC Energy:
“Investors might be overvaluing and thereby multiplying the impact of cold temperatures,” said JBC Energy in Vienna. “To make a significant impact the chilly weather will have to remain with us for months and not weeks.”
KBC Market Services:
“If prices continue to rise next week, it will be tempting to conclude that we are back in the casino-like oil market conditions we saw in 2008,” KBC said in a report.
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Gold sets a record high at $1200 an ounce as the U.S. dollar declined and Barrick Gold Corporation, the world’s largest gold miner eliminated its gold hedges.
The only certain thing in an uncertain international economic crisis is that countries are increasing their gold reserves. Most notably China has been moving away from a weakening U.S dollar in order to defend itself from further falling victim of a deepening crisis. Gold will continue to surge as long as the Federal Reserve keeps interest rates near zero and neglects to support the dollar.
Will gold become the new world currency? If that’s the case, whoever has the most reserves will have greatest advantage! Only time will tell…
WORLD OFFICIAL GOLD HOLDINGS (June 2009*)
Click for table
Reference http://www.usgold.com/world-gold-holdings
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