Daily Reading – Tuesday, April 12, 2011

FT Alphaville: Goldman jolts commodities market

Jeffrey Currie has decided to close his profitable long commodities trade — buying a basket of crude oil, copper, cotton, soyabean and platinum (CCCP) — and also abandon long copper and platinum positions because he reckons the risk reward no longer favours a bullish stance.

FT Alphaville: The qualifier in Yellen’s speech

Most of Janet Yellen’s speech today about commodity prices and the economic outlook was about what you would expect, and we covered many of the same issues in our long discussion last week about inflation expectations.

FT Alphaville: Japan, nuclear accident upgrades, economic downgrades

It was a sobering start to Tuesday, after an equally sobering Monday evening punctuated by strong tremors in Tokyo and the northeast, followed by yet another big aftershock and many more nasty tremors throughout much of Tuesday.

FT Alphaville: UK inflation *non fail* shock

Cue sighs of relief at Bank of England on Tuesday morning following news UK CPI had fallen to 4 per cent in the year to March.

Pragmatic Capitalism: PIMCO GOES SHORT…

…But more importantly, PIMCO’s big move is eerily reminiscent of QE1 when Bill Gross predicted surging yields. Of course, he top ticked the market to the day and yields immediately tanked….

The Big Picture: What’s Driving Gold?

Interesting interactive graphic from…

Credit Writedowns: The Sell-Off in Paper Gold

Amidst the swirl of concerns about not-so-latent inflation pressures adding helium beneath the entire commodities complex, a development in the gold ETF GLD that has been underway and largely unnoticed caught my attention. Take a look at this chartRead more…

Slope Of Hope: Doe-Eyed Optimism

As a gentle reminder on my long-term view of things, I do not join those with their hands quietly clasped in their hands who believe the most dramatic plunge we could have is a 1.5% drop to 1300 on the S&P.




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