| Goldman Sachs reduces '08 base metals forecast, maintains $750 gold
Citing downgrades in global economic activity, Goldman Sachs reduced its 2008 base metals price outlook, advising a stronger U.S. dollar will pressure gold prices lower to an average of $750/oz.RENO, NV Demand concerns and rising supply have convinced Goldman Sachs commodity analysts to forecast a "retrenchment in commodity prices from recent highs, which has already largely occurred." Noting that base metals are most closely related to the industrial cycle with expected global economic activity expected to decline, commodities analysts reduced their 2008 base metals forecasts, but added they "still expect prices to reach historically high levels in some cases by year-end." Nevertheless, Goldman Sachs recommended opening a long timespread position in copper.
Amid soaring grain prices, a dying cry
A clock strikes 9:30 a.m., a bell rings, and another trading day begins at the Minneapolis Grain Exchange. Hands go up. Men curse. Faces redden. A throng of traders lean into each other as they buy and sell wheat by the trainload. For more than a century, this has been a daily scene in downtown Minneapolis, a hurly-burly act of raw capitalism played out on the wooden floorboards of the exchange at 4th Street and 4th Avenue S. But everything ends. Someday, maybe in a year, maybe longer, the exchange will send the traders home. Ø Online trading made its quiet debut at the exchange six years ago and, after a major expansion in late 2006, it has grown quickly to 40 percent of all deals. The expectation that all trading one day will migrate online means an end to the face-to-face deal making -- known as "open outcry" -- that heralds from the late 19th century.
Swan blames inflation rise on previous govt
Federal Treasurer Wayne Swan has used today's inflation figures to attack the previous Howard Government's economic record. The Consumer Price Index has risen a slightly higher than expected 0.9 per cent, driven by petrol prices, banking costs, rising rents and domestic holidays. That takes annual inflation to 3 per cent, which is right on the Reserve Bank's upper limit. Perhaps more importantly, the central bank's own two underlying measures have surged to 3.8 and 3.4 per cent. Today's cost of living figures from the Bureau of Statistics are seen as crucial ahead of next month's interest rates decision from the Reserve Bank. Mr Swan says elevated inflation is the Liberal Party's parting gift to Australian families. "Now it's pretty clear when you look at underlying inflation that these pressures have taken a long time to build," he said.
Obama beats... Jesse Jackson?
Perilously close to swooning!] ... 6:38 P.M. ___________________________ Why does the crowd at Obama's victory rally just happen to look like a perfect, multiracial group of pleasant, idealistic, attractive Americans? I suspect it's because the crowd at Obama rallies typically is a perfect multiracial group of pleasant idealistic, attractive Americans. I've never been in a more benign-seeming group. They're clean! (And articulate!) Maybe a little edgeless. ... 6:28 P.M. ___________________________ Attempted Ghettoization: Now that Bill Clinton has explicitly belittled Obama's South Carolina victory by comparing it to Jesse Jackson's, how does Obama's share of the white vote compare with Jackson's in 1988? Obama got about a quarter (24%) of the white vote, according to exit polls.
AC360°: Flirting with disaster
Morning Folks...Please pardon our appearance this morning. We are in the process of transitioning from one set of blogger software to another... SOOO while the look may change slighty, the content is still the same...NO worries...In Raw Politics today...It is Florida Primary day! It was THE STATE in 2000 that decided the Presidency, but will it give us a clue as to who the GOP front runner is? Florida is also "the basket" that Rudy has put ALL his eggs in!!! Rumors have it that he just may drop out if he doesn't win!! So watch Anderson and the CNN political gang tonight for full coverage...Also, if your Grandpa was a thief and your Daddy was a thief, sorry folks but chances are YOU will be one, TOO! Check out the new study in Crime & Punishment... Plus Mexican officials issued an arrest warrant for Cesar Laurean, he was last seen in that country...
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