The Economic Tug of War and its Implications for Commodities

Last week I returned from Europe where I presented to investor groups in Munich, Geneva, and Zurich on the state of the global economy and the future of commodity investing.

After a number of conversations with dozens of European investors, the sentiment regarding commodity investing is strikingly similar to that in North America; the hope that we’ve found the bottom of the cycle.

This Morning Note is transcription of the remarks I delivered in Europe. Due to its length, I will release the remarks in separate notes throughout this week.

Today, I address whether or not inflation or deflation is the predominant force in the global economy. I also discuss the state of the commodity super cycle and how China is positioning.

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