Wealth Creation Through Natural Resources
Here’s the quick take on gold via Morgan Stanley: Clearly a bearish view on gold from MS, also not a very deep view either. This is a classic example of what Howard Marks calls “first level thinking”. All … Continued
From Morgan Stanley: “Output from operating mines and committed projects is set to fall by 450t to 2020, with over 50 mine closures from 2015-17 alone (Wood Mackenzie). There’s a long pipeline of projects totaling 580t of extra production … Continued
There is an interesting piece on palladium up on Bloomberg this morning entitled “Palladium is a Metal Rarer Than Gold. Now It’s Even More Rare, Thanks to Cheap Oil”. The article makes some logical points regarding global auto demand and the … Continued