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LORD COPPER: Optimism about 2014 looks a little overdone
December 23, 2013 - 15:21 GMT
Veterans of many cycles have no real expectation for anything other than a dull, static year. Many analysts though are beginning to talk of a more positive tone appearing, with prices ticking upwards. But are they being overoptimistic?
Among the people I talk to, there seems to be a bit of a
polarisation: the gnarled old veterans of many cycles tell me
mostly that they have no real expectation for anything other
than a dull, static year. Many analysts, though – and
regular readers will be aware of my sympathy for those who have
to make a profession of forecasting – are beginning to
talk of a more positive tone appearing, with prices ticking
upwards. Can we be optimistic? Looking first at the second
position – that next year should see strengthening
metal markets – there is, for sure, some logic
supporting it. First, although QE will have to come to an end
at some point, it seems that the current US administration
(presidency or Federal Reserve) lacks the political courage to
go too far, too fast. Instead, after several threats to taper
off bond buying that drove the...
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