Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Wednesday, January 02, 2008

Some year-end stats: Gold gained 31% in 2007, the seventh straight annual increase, and crude oil gained 57% as the dollar touched a record low against the euro.

Some news stories…


Treasuries Lose to Europe's Two-Year Notes Yielding the Most in Four Years The world's biggest bond investors are buying in Europe, where the cheapest government securities in four years may promise better returns than Treasuries for the first time since 2005.

Citigroup May Have to Write Down $12 Billion, Sanford C. Bernstein Says U.S. subprime-mortgage defaults have already forced the world's biggest financial institutions to write down about $100 billion in fixed-income securities and prompted concern about a global economic slowdown. Goldman Sachs Group Inc. said last month that Citigroup may discount the value of its investments by $18.7 billion in the fourth quarter.

Holiday Internet Sales Growth Slows as U.S. Consumers Hold Back Spending Internet sales by U.S. retailers during the holiday season rose at the slowest pace on record as consumers grappled with $3-a-gallon gasoline and the worst housing slump in 16 years.


Dollar Falls as Data May Show December U.S. Manufacturing Growth Weakened The dollar fell against the euro, extending last year's 10 percent decline, on concern the slowdown in U.S. manufacturing will give the Federal Reserve more reason to lower interest rates.

Yuan Rises to Strongest Since End of Dollar Link on Central Bank Pledge The yuan rose to the strongest since a peg to the dollar was scrapped in July 2005, after China’s central bank reiterated its pledge to maintain a ``tight'' monetary policy this year.


China Offers 500,000 Tons of Corn From Reserves to Reduce Price Increases China, the world's second-largest corn producer, sold 34,396 metric tons of the 498,884 tons of the grain it offered in a series of nationwide auctions today, part of government measures to cool rising food inflation.

Corn Futures Advance to 11-Year High on China's Plan to Tax Grain Exports Corn futures in Chicago rose to an 11- year high as China imposed an export tax on grains to ensure domestic supplies and curb increases in food prices. Soybeans and wheat prices also rallied.

Wheat, Soybeans, Corn May Extend Gains in 2008, Olam Chief Executive Says Wheat and soybeans, the best- performing agricultural commodities last year, may rise further in 2008 along with corn as growing demand for the commodities for food and biofuels continues to outstrip supply.


BHP, Woodside, Santos Restart Australian Oil Fields After Cyclone Melanie BHP Billiton Ltd., Woodside Petroleum Ltd. and Santos Ltd., Australia's three biggest oil and gas producers, are resuming production at oil fields off the northwest coast after shutdowns caused by a tropical cyclone.

Labels: , , ,

Check out my new gold and energy blog at