Frank Veneroso's World Bank Presentation July 3, 2007 Frank Veneroso gave a talk to central bankers at the World Bank Executive Forum in April, where he explained the rise in metals prices and correctly predicted the fall in the price of nickel that we have seen thus far this year. I think the transcript of his speech would be valuable reading for all investors in mining or metals, whether you agree with him or not, and so, with his permission, here is the transcript of Parts I and II. Part III has not been released for publication yet. Frank Veneroso's world Bank Presentation PDF - (881 kb) The market loves alphabet-soup acronyms to explain trends it is too lazy to try and understand: BRIC and Chindia come to mind. I believe there is no substitute for basic, fundamental research, and have long been of the opinion that investment funds are behind the rise in base metals -- not China or India. I came to this conclusion independently of Frank, but when I discussed the subject with him last year we realized we were both on the same page. His work and analyses are very different from mine and reading his reports and discussing the markets with him has greatly added to my own knowledge and understanding. Frank Veneroso’s work is available to Gold Newsletter subscribers ( http://www.goldnewsletter.com/) if you are interested in following what he has to say on a more regular basis. Paul van Eeden Disclaimer This letter/article is not intended to meet your specific individual investment needs and it is not tailored to your personal financial situation. Nothing contained herein constitutes, is intended, or deemed to be -- either implied or otherwise -- investment advice. This letter/article reflects the personal views and opinions of Paul van Eeden and that is all it purports to be. While the information herein is believed to be accurate and reliable it is not guaranteed or implied to be so. The information herein may not be complete or correct; it is provided in good faith but without any legal responsibility or obligation to provide future updates. Neither Paul van Eeden, nor anyone else, accepts any responsibility, or assumes any liability, whatsoever, for any direct, indirect or consequential loss arising from the use of the information in this letter/article. The information contained herein is subject to change without notice, may become outdated and will not be updated. Paul van Eeden, entities that he controls, family, friends, employees, associates, and others may have positions in securities mentioned, or discussed, in this letter/article. While every attempt is made to avoid conflicts of interest, such conflicts do arise from time to time. Whenever a conflict of interest arises, every attempt is made to resolve such conflict in the best possible interest of all parties, but you should not assume that your interest would be placed ahead of anyone else’s interest in the event of a conflict of interest. No part of this letter/article may be reproduced, copied, emailed, faxed, or distributed (in any form) without the express written permission of Paul van Eeden. Everything contained herein is subject to international copyright protection. |
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