Not a Bubble
Wake up and smell the tulips! Commodities are making a healthy correction. Prices are still being driven by supply and demand.
Andy Hoffman of The Globe and Mail covers a new report from Citigroup. It doesn't make sense.
Olympic pollution controls put pall on metals
Tobias Levkovich is a Citigroup Global Markets equity
strategist who... wait for it...
Expects China to shutter more "smog-producing factories" before
the Olympic Games to reduce pollution that "may also affect real
fundamental demand for some industrial commodities."
This is equivalent to trying to make a good impression with a new girlfriend. Just because you resolve to abstain from farting in her presence of her doesn't mean you're going to stop farting.