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Reply #55: Commodities Rise to Two-Week High as Fed, Central Banks Boost Liquidity [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-01-11 09:58 AM
Response to Reply #40
55. Commodities Rise to Two-Week High as Fed, Central Banks Boost Liquidity
http://www.bloomberg.com/news/2011-11-30/commodities-ri...

Commodities rose to the highest in almost two weeks after the Federal Reserve cut the cost of emergency funding for banks in Europe as part of a global effort to stem the regions sovereign-debt crisis.

The Standard & Poors GSCI index of 24 raw materials rose 0.7 percent to settle at 658.02 at 4:04 p.m. New York time. Earlier, the measure reached 664.56, the highest since Nov. 17. Industrial and precious metals led the rally. In the two weeks ended Nov. 25, the GSCI gauge dropped 4.5 percent as borrowing costs surged in Europe, imperiling the euro and banks...

Todays central bank intervention supports the argument that governments are likely to try and transition the sovereign- debt crisis by devaluing currencies, James Dailey, who manages $215 million at TEAM Financial Management LLC in Harrisburg, Pennsylvania, said in an e-mail. Devaluing currencies make commodities attractive on a relative basis. I would characterize it as a step in the inflation direction.
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