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Commodity News Blog 
Monday, 12 July 2010

The latest news from around the world on the markets, sectors and companies Casey Research specializes in. Click any headline to read the full article.

Five reasons gold will keep its luster   July 9, 2010
As market volatility continues to prevail and economic recovery concerns continue to draw attention, the appeal of gold remains intact and for good reason.

China may expand resources tax nationwide   July 9, 2010
A Chinese financial website has reported that China is considering extending and expanding a resources tax, currently being imposed in Xinjiang, to go nationwide in September.

Diamond Offshore is moving rig to Egypt   July 9, 2010
Diamond Offshore Drilling Inc., the largest U.S. deep-water oil driller, said one of its rigs is moving to Egypt because of restrictions in the U.S. Gulf of Mexico after BP Plc’s crude spill.

BP stages a comeback in credit markets   July 9, 2010
BP Plc is staging a comeback in credit markets as investors, who three weeks ago priced in more than 40 percent odds the energy company would be forced into bankruptcy, speculate that mounting costs from the biggest oil spill in U.S. history will be contained.

Chile Congress rejects gov't mining royalty revamp   July 9, 2010
Chile's Congress on Thursday rejected a government proposal to revamp mining royalties to help pay for reconstruction after a massive quake, in a major political blow for President Sebastian Pinera.

China plans to fix rare earth prices   July 8, 2010
China's central government plans to publish monthly prices for rare earth metals to avoid producers engaging in "cut-throat competition", China Daily reported on Thursday. China dominates production with 95% of global supply of the group of metals, a crucial ingredient in the motor magnets used in hard disk drives, CD ROMS and DVDs and electric cars.

BIS gold swap - best news to hit gold in 30 years   July 8, 2010
As the reported BIS gold swap transaction effectively represents back door remonetisation of gold, it is extremely positive for the yellow metals future path.

Strategic case for gold as a CB reserve asset   July 8, 2010
Global macro-economic risks make a good case for gold being held as a strategic element in Central Bank foreign reserves.

Bulls and Bears fight out the implications   July 8, 2010
The gold swaps with the BIS have both bullish and bearish meanings for the price of the metal and some of these are set out below

Rothschild's Vallar IPO raises $1.07B in London   July 8, 2010
Vallar Plc, Nathaniel Rothschild’s investment vehicle, raised 707.2 million pounds ($1.07 billion) in an initial public offering in London to fund a mining acquisition, beating a target announced last month.

Xstrata resumes work on A$6bn mine    July 7, 2010
Xstrata, the biggest exporter of power-station coal, resumed work on a A$6bn ($5bn) mine and Rio Tinto Group revived a study for an iron ore expansion after Australia reduced a planned resource profits tax, says Bloomberg News, citing the companies.

Stocks bear market rally over   July 7, 2010
The stock market’s rise since the March 2009 lows was nothing more than a bear market rally. Yes, it was a huge rally, but not out of the realm of similar historical examples.

BIS: Bullion Is Simoleons   July 7, 2010
Just one day after letting it be known that it has no intentions of disgorging its dollar or euro foreign exchange reserve holdings, the Chinese State Administration for Foreign Exchange said that gold cannot be considered as a mainstream investment vehicle for its reserves. The reasons? The same ones we have often attempted to cite in these very columns: a small market, limited availability of large amounts, liquidity problems related to sizeable amounts.

Canada Pension Plan invests in oil sands   July 7, 2010
The Canada Pension Plan's investment arm is spending $250 million for a piece of privately held Laricina Energy Ltd. - the fund's first direct foray into northern Alberta's oilsands industry.

Total to Buy UTS for $1.4 Billion   July 7, 2010
Total SA, Europe’s second-biggest oil producer, will buy UTS Energy Corp. for C$1.5 billion ($1.4 billion) in cash and shares in a new company to boost its output from Canadian oil sands.

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