TwinTrader.com announces the publication of ‘“Demand Destruction” in Commodities? Rio Tinto Execs See Through the “Smoke and Mirrors.”’
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“Demand Destruction” in Commodities? Rio Tinto Execs See Through the “Smoke and Mirrors.”
”Melbourne, Australia-based Rio Tinto Ltd., the world's third-largest mining company, reported half-year profits more than doubled to a record on strong demand from China for its iron ore and other metals...
”’While the equity markets are currently focused on downside risks, we believe there are potential offsets on the upside based on continued strength in commodity demand, low inventory levels and a supply side which continues to face multiple constraints,’ Chairman Paul Skinner of Rio Tinto, said in a statement...
”The recent mantra, “Demand Destruction”, heralded by the media has taken on the flavor of a campaign-like slogan. The mantra, fortuitously timed following the ECB’s laced comments of economic growth concerns in Euroland; disseminated quickly through all crevices of the news media; and conveying the needed Keynesian message implying a “demand destruction” in commodities should be the result of an industrial production slowdown, rallied the faithful to remove the “froth” from the commodities markets by unwinding those lofty leveraged positions. Inflation is no longer a threat, they say…
”And like the shamans of the Middle Age, central bankers provided the “smoke and mirrors” proof to the naïve flock of fools that their prophecy of the coming pop in commodities prices has indeed come true, just as the “media brainwashed (or co-conspirators)” said it would. And what other market is so thinly traded, easily manipulated, and represents the historically accepted barometer of inflation—the gold and silver markets, of course…”
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