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ResourceInvestorTheBull & Bear'sNovember 2012INSIDE.Aurcana ExpectsQ4 Commercial Productionfor Shafter Mine andExpands 43-101 at La Negrato 115 Million Oz. AgMaderas Futuro, S.A.Privately Held Tropical HardwoodOwnership Program ProvidesAccess to Top PerformingRisk-Adverse Asset Classof the Past 30 YearsTHE BULL & BEAR’SProfiled Companies:Aurizon Mines LtdBacTech EnvironmentalCorporationBerkeley Coffee& Tea, Inc.Latin AmericanMinerals, Inc.Lithium Americas CorpLucas Energy, Inc.GOLDSILVERURANIUMPLATINUMPALLADIUMOIL & GASBASE METALSPerfect StormFor Continued Volatility“2013 promises to be a dynamicyear for commodity markets. Nomatter which party is elected,energy reform will likely be on theslate. If we do see a shift towardscleaner burning fuels, then naturalgas may see ramped-up production,creating a shift in fossil fueldemand,” according to John Person,a 30-year veteran of the futures andoptions industry, and Stock Trader’sAlmanac co-editor.He adds, “The first half of 2012left the U.S. in a serious weathersituation, wreaking havoc onfarmers and ranchers. Earlierthan normal hot and dry conditionsreduced yields in corn and soybeansas well as creating massive wildfiresthroughout Colorado. The globaleconomy, hurt by European debtcrisis and economic contraction inChina, was partially to blame fordecelerated U.S. economic growth.As a result, in June 2012, BenBernanke lowered the FederalReserve’s estimated gross domesticproduction (GDP) at 1.9% to2.4%from a previous estimate of 2.4%to 2.9%. The decelerating pace ofjob growth in the U.S. led by theFederal Reserve to reaffirm andcommit to keeping a near-zerointerest rate policy through 2014.”Person says, “We believe we willhave the perfect storm for continuedvolatility for stocks, bonds, andsafe haven instruments like goldand silver, agricultural markets, aswell as foreign currencies in 2013as a result of this ongoing globaleconomic situation and the severedrought that devastated the U.S.corn and soybean crops.Severe volatility in oil, preciousmetals, and food prices causesmillions to be lost as well gained inthe commodities market. Despitethe erratic ups and downs, there isa cyclical pattern to commoditiesmarkets, with weather, holidays,human behaviors and other factorsimpacting supply and demand, andultimately, the price of a commodity.The Commodity Trader’sAlmanac 2013 is a vital resourceof historical reference, seasonalpatterns on past market priceaction, historical strengths andweaknesses, seasonal tendencies,and information on the beginningand end for both rallies and breaks.Seasonalities and their respective risks and rewards have beenindentified for 20 different commodities on both the long and theshort side. In addition, to the top16 traditional commodities, theCommodity Trader’s Almanacincludes data for how the U.S.dollar fares against four of the topmajor currencies (the euro, Swissfranc, Japanese yen and the British pound). Here’s a seasonal tradethat has had a 12-year win period.Gold Bugs Get A Treatfor the HolidaysGold prices tend to move upprior to the holidays, and the trendhas worked especially well over thelast 12 years. Seasonally speaking,it is best for traders to go long on orContinued on page 9

2O12I N VE ST M E N TCO N FER ENCEnOvEMbER 16-17, 2012SAn FrAnciSco mArriott mArquiSeliminate the threat to your wealthGet FREE Profitable advice from leadinG naturalresources commodities and investment exPertsPam adenlouis jamesmichael berryal korelinchris berryian mcavitybrent cookdanielle Parkadrian dayrick ruleAden ForecastCasey ResearchDiscovery InvestingKorelin Economics ReportHouse Mountain PartnersDeliberations On World MarketsExploration InsightsVenable Park InvestmentCounsel, Inc.Adrian Day AssetManagementGlobal Resource Investments Inc.,james dinesrohit savantThe Dines LetterCPM Groupmickey fulPPeter schiffa member of the Sprott Group of CompaniesEuro Pacific CapitalMercenaryGeologist.comPaul van eedenlindsay hallCranberry Capital, Inc.RMB GroupFREE Registration for Active InvestorsMention code PMD1 when registering*subject to change,please check thewebsite for mostupdated agendaREGISTER TODAY at www.HardAssetsSF.com or 1-800-831-8333FERCON ENCESINTBUSINESS MEDIANATIONALERESTMENTINVProduced by:Presented by:RESOURCEINVESTORNews That Trades

3Outlook 2013:Base Metals, Gold & Silver, PGMsAnalysts with London-basedNatixis Commodity Markets Ltdprovide us with a review andoutlook for the year ahead for BaseMetals, Gold, Silver and PGMsin the company’s Natixis MetalsReview Fourth Quarter 2012.Markets spent the summermonths hoping for concrete action from policy-makers aroundthe world. For once, they werenot disappointed, with the ECBannouncing its new outright monetary transactions, China detailing 157bn of new infrastructure projects and the Fed moving to QE3.These measures helped to boostmetal prices across the board, withboth precious and industrial metalsrallying strongly between mid-August and late-September. But willthese policy-measures be enough tolaunch a more sustained rally heading into 2013? The global economycontinues to suffer from a numberof major economic problems, and2013 may prove to be another difficult year for commodity markets.One of the repercussions ofthe long delay in China’s economic recovery this year is anunanticipated accumulation ofinventories. This is particularlyevident in the base metal markets, where apparent demandhas increased substantially fasterthan the likely demand from endusers of the metal. In copper, wewould estimate this stock-buildat around 500,000 tonnes. In aluminium, the increase in stocks offinished metal may be relativelysmall, at 300-400,000 tonnes, butin anticipation of Indonesia’s banon exports of unprocessed rawmaterials in May, there may bemore substantial increases in inventories of bauxite and alumina.The picture may be similar innickel, with stockpiling occurringin nickel ore as much as the metalitself. In the Chinese zinc market,a sharp rise in mined output appears to have had as much to dowith demand for co-products suchas lead, but the collapse in Chinese imports of zinc ore may havediverted some of the resultant zincore stock accumulation overseas.Only in the Chinese lead markethas there been some semblance ofmarket balance.As a result of this heavy stockaccumulation, Chinese users ofmetal are unlikely to be squeezedinto paying markedly higher pricesover the coming year, even if theChinese economy does at last beginto improve as the new cadre ofpolitical leaders taking chargethis year begin to accelerate theimplementation of a wide range ofalready planned stimulus measures.Copper: Sustained by a significant market deficit, copper priceshave been better supported thanother base metals throughout2012. As miners continue to struggle with a range of new copperprojects, we expect the market toremain in deficit through much of2013, although prices will struggleto push up to 2011 highs as Chinashifts from restocking to destocking and anticipates the imminentexpansion of new projects suchas Turquoise Hill. In our centralscenario, we would expect copperprices to average around 8,500/tonne in 2013.Aluminium: The aluminiummarket remains in chronic over-supply, as anticipated cutbackshave largely failed to materializeand new capacity continues tocome on-stream in China and theMiddle East. With stockpiles having accumulated further in 2012, itis difficult to see aluminium pricesmaking any significant gains in2013, hence we are forecasting thataverage aluminium prices will pushup to just 2,190/tonne next year.Lead: After a poor start to theyear, caused in large part by themild northern hemisphere winter,activity in the lead market hasgradually improved, spurred onby rapidly expanding demand indeveloping countries, where carfleets are ageing and demand fore-bikes is growing fast. This giveslead a very solid fundamental basisfrom which we would expect pricesto appreciate in coming years. For2013, we forecast average leadprices of 2,450/tonne.Zinc: Despite a rapid increasein mined output of zinc ore,production of the metal has fallen,and demand too has been decidedlyweak. After five years of surpluses,substantial quantities of zinc haveaccumulated in stockpiles aroundContinued on page 4

4Outlook 2013Continued from page 3the world, with close to one milliontonnes of metal now held in LMEwarehouses. This is beginning tocreate problems of access to thismetal, as zinc queues at somewarehouses lengthen. The zincmarket is therefore in danger offollowing the aluminium market,with rising premiums for delivery ofmetal expected to reflect the delaysin withdrawing metal from LMEwarehouses. Against this backdrop,we would expect zinc prices toremain relatively weak in 2013,averaging around 2,090/tonne.Nickel: The anticipated shockof the Indonesian ban on exportsof unprocessed raw materialshas been more than neutralizedby additional supplies of nickelore from the Philippines, leavingChinese importers nursing largestockpiles of low-grade ore.Alongside higher nickel output froma range of new mines around theworld, falling energy costs helpedcontribute to an unexpectedly sharpfall in nickel prices. Looking aheadto 2013, nickel prices are expectedto be constrained by high stocksof both ore and finished metal,averaging just 18,750/tonne.Gold: Having drifted lowerduring the early part of the year,dampened by the strengtheningdollar and the weakness of Indiandemand, gold prices rallied stronglyover the summer in anticipationthat the Fed would implement athird round of quantitative easing. With the Fed choosing to buymortgage-backed securities ratherthan Treasuries, it is not so obviousthat implementation of QE3 willbe directly beneficial to gold prices.Instead, the gold market must focusupon the imminent US fiscal cliffand subsequent need to raise the USdebt ceiling as the two major eventslikely to drive gold prices in 2013.Chinese Demand for GoldAccording to the World GoldCouncil, Chinese demand for goldincreased by 20% yoy in 2011 to 770tonnes. In 2012, Chinese demandfor gold has once again increasedsubstantially. Recent data showthat, in the first seven months ofthe year, gold imports into Chinafrom Hong Kong increased to 460tonnes, from less than 100 tonnesin the same period of 2011.Looking ahead to 2013, Chinesedemand for gold may indeedcontinue to grow, but it could becomeincreasingly dangerous for themarket to extrapolate recent growthin Chinese purchases of the metalinto record levels of consumptionin the months and years ahead. Asour analysis above indicates, therehas been a particular combinationof circumstances in China thathave been highly supportive fordemand for precious metals, justas economic conditions in Chinapreviously favoured equities or realestate. In our forecasts for 2012, wesuggested that either Chinese and/or Indian demand for gold mightdisappoint. Indian demand hasfallen by more than 40% yoy duringthe early part of 2012, and we wouldnot be surprised if there were to bea similarly seismic shift in Chinesedemand for gold in the years ahead.Price OutlookAs a result of the Fed’s third roundof quantitative easing, which had notbeen part of our central scenario, wehave revised upwards our base caseforecast for the year as a whole to anaverage gold price of 1,675/oz. In ouroutlook for 2013, we would expect theprice of gold for the year as a whole toaverage somewhere around 1,640/oz, reflecting a gradual decline inprices from their current levels. Inthis central scenario we assume thatEurope will continue to battle withits internal economic problems, buteconomic growth, led by developingcountries, will gradually shift investors’ attention away from the goldmarket to more risky financial assets.Alternative ScenariosIn our high case scenario, anescalating US fiscal crisis couldresult in gold prices rising rapidly,similar to the events which occurredin summer last year. There is alsoscope for a further escalation ofthe European crisis which couldpotentially result in a default orsecession by one or more memberstates which would also lead to aresurgence in European demandfor the metal. Trouble in the MiddleEast could also spur demand for gold,especially with reports suggestingthat Iran is closer to obtainingweapons grade uranium. Thecombination of US and Europeancrises could lift prices to an averageof 1,725/oz this year and as muchas 2,000 in 2013.In our low case scenario thereis scope for a more abrupt declinein Chinese demand, while Indiandemand for gold may remain weak in2013, particularly if the governmentexerts further pressure on imports ofgold. Furthermore, should the Fed’sQE3 prove effective in stimulatingthe US housing market, there isscope for the US economy to growmore rapidly than the marketexpects, which could be beneficialfor the dollar as well as more riskyasset prices. Under such a scenario,the average price of gold could fallto around 1,560/oz for 2012 as awhole, before dropping to an averageof around 1,250/oz in 2013.Silver: After falling by almost30% between February and June,the price of silver recovered byaround 25% between August andSeptember. Over this period, silverprices have remained highly correlated with gold and other preciousmetals, with silver underperforming on the downside, and rallyingmore strongly on the upside. Thisbehaviour suggests that movements in silver prices have beenstrongly influenced by genericmarket sentiment and investor behaviour rather than any changes insilver’s underlying fundamentals.Price OutlookOver the past few years, silverprices have benefited mainlyfrom investment demand, butalso from expanding industrialdemand with strong growth indemand emanating from thephotovoltaic industry. Over themedium term, our concern withthe outlook for silver prices isthat once global markets returnto greater normality, investmentdemand might not only diminish,but could turn into a considerablesource of net supply. The 16,160tonnes of silver held in physicallybacked ETFs are equivalent toalmost half of 2011’s supply ofsilver and 70% of new mine supply.Continued on page 18

5Aurcana Expects Q4 Commercial Production for ShafterMine and Expands 43-101 at La Negra to 115 Million Oz. AgShafter Mine to Produce 3.8 Million Oz of Silver in its 1st Year,8-10 Million Oz of Silver When Full Production is Achieved in late 2013Aurcana Corporation (TSX.V:AUN) is about to fly by mid-tierproducer ranking and soar straightinto the heady class of majorprimary silver producers.The reason is clear – thecompany already has a strongand expanding mine producingsilver in Mexico and has nowbegun operations at a second andpotentially much larger silver minein Texas.In fact, once in productionthe Shafter Mine will quicklybegin producing about 10% of allU.S. silver, and will rank the 8thlargest silver producer in NorthAmerica, but expects to becomethe 3 rd largest producer whenfull production is achieved inlate 2013, according to AurcanaPresident and CEO Lenic Rodriguez.Aurcana’s performance to dateis impressive, generating 21.7million in 12 months of miningoperations (as of June 2012). Sincethen, the company continued toset new production and revenuerecords – all just from its LaNegra Mine in Mexico. Thosenumbers will more than triplewhen the Shafter Mine is fullyoperational. Add to that Aurcana’sconsiderable exploration upsideat both projects and that thecompany is currently tradingsignificantly below intermediatesilver producers with similarproduction profiles, and it becomesclear that Aurcana is a companywith a strong future.Another major milestone forAurcana is the recent NI 43101 report of 115 million ouncesof silver at La Negra. Thatrepresents a large increase fromjust 5 million compliant ouncesof silver before the latest update.With the impressive increase inthe life of mine and the increasein grade to 131 g/t, La Negra getsnew focus and more respect as amine that will produce for decadesto come.Record Silver ProductionIn its second quarter of 2012,Aurcana posted the largest quarterof silver production at its La NegraMine in the company’s history– 373,037 ounces – bringing thetotal for the last 12 months to morethan 1.1 million ounces of silver.The company increased its silverequivalent production to just over2 million ounces for the last 12months, continually growing thesilver production at La Negra andincreasing grades to 80 g/t.Opening of Shafter Mineto More than TripleAurcana’s AnnualSilver ProductionIn February, 2011, Aurcanabegan building its Shafter Mineand now that construction iscomplete. Shafter is now in thetesting and commissioning phase.The company has begun miningthe stockpiled surface ore, gradingbetween 2 and 4 ounces per ton.Processing of even higher gradeunderground ore – grading between8 and 10 opt – will quickly increasethe number of ounces mined atShafter.The Shafter mine ramp hasreached the first resource blockand has begun to mine fromseveral locations on the block.Drilling through the first resourceblock has added the discovery of athicker resource block than shownby historical drill results. Thefirst silver pours have occurred atShafter and commercial productionis just around the corner.The Shafter Mine is located insouthwest Texas and encompassesthe northeastern down dip extension of the historic Presidio Minewhich produced an estimated 35million ounces of silver between1883 and 1942. Gold Fields Miningacquired the mine in 1977 fromAmax and spent over 20 millionon exploration and mine development. Silver Standard acquiredthe property in 2000 and sold itto Aurcana in 2008. Silver Standard continues to hold 15 millionshares in the company. The minesite benefits from an excellentAurcana’s Shafter Mine in Texas is poised to become the third largest silver producer in the U.S.with full production in late 2013. The Shafter Mine has an NI 43-101 measured and indicatedresource of 24.6 million ounces of silver and an inferred resource of 22.8 million ounces of silver.

6infrastructure, including a majorpower line and a paved highwaythat crosses the property.Currently, the Shafter Minehas an NI 43-101 measured andindicated resource of 24.6 millionounces of silver and an inferredresource of 22.8 million ounces ofsilver, using a 4.0 opt cut-off. Themine currently has a 10-year minelife and is expected to produceabout 3.8 million ounces of silverby the end of 2013.Shafter has an explorationbudget of 3 million this year andthe drilling plan was developed toencounter the feeder systems tothe Shafter resource.“The Shafter Mine is now in thetesting and commissioning phase.We built the mine and mill aheadof schedule and about 1 millionunder budget,” says Rodriguez.“We are excited about announcingthe first revenues on the ShafterMine.”AURCANA.AN EMERGINGSENIOR SILVERPRODUCERn Shafter Silver Mineforecasts 3.8M oz silverannually beginning bythe end of 2012n La Negra Mine producedover 1.1M oz silverequivalent for the first 6months of 2012SHAFTER MINE(100%)n Production of 3.8 millionounces of silver in thefirst year at a cash cost ofUS 8.73 per ounceLa Negra ProductionIncreasingand New Resource of115 Million Oz. SilverProduction at Aurcana’s LaNegra is slated to increase in2012 as the mine’s third expansionin consecutive years reaches to2,500 tpd and continues up to3000 tpd.The new 43-101resource of 115 million ounces ofsilver makes La Negra one of thelargest silver mines in Mexico.Adding the Copper, Zinc and Leadresources the silver equivalent isover 200 million ounces. Anotherexciting element of the report is theincrease in silver grade to 131 g/t.“The new 43-101 report atLa Negra puts new focus on themine and defines it as one of thepremiere assets in Mexico. In thecoming months we will be addingto the NI 43-101 report with newresources from the NorthwestTrend where grades have typicallybeen higher,” Rodriguez says.The new report consolidatedthe ore bodies at La Negra into13 distinct deposits. The depositsare still open at depth and arecontinuing to expand.Most recently, Aurcana discovered new silver mineralizationat depth at its La Negra Mine.This is the first time the companyn Potential to double minelife through in-fill drillingto upgrade the InferredResourcesn Future investigation ofextensions to the east andprospective geologicaltargets to the west could addto resource categoriesn Bulk sampling indicatedgrade improvements of 1015% compared to diamonddrill hole assaysn Ability to refine silver (dore)on site and sell Texas silverin the state at a premiumLA NEGRA MINE (99.9%)n New NI 43-101 reports 115Mounces of M&I silver at La Negran Over 1.1 million oz. silver producedin first 6 months of 2012n Continuous expansion by fourupgrades from 1,000 tons per day in2009 to 3,000 tons per day in 2013

7identified significant amounts ofmineralization below the 1,920meter level. Strong silver and copper values were encountered inseveral drill holes with the highest grades ranging from 120-200gpt silver and over 1% copper. Inthe Northeastern Trend coppervalues increase with depth andin the Northwestern Trend silvervalues increase as we approachthe surface.Aurcana, which purchased theLa Negra property in 2006, recently increased its ownershipfrom 92% to 99.9%, at virtually nocost to the company. The operating mine is located in Mexico’sQueretaro State and includes 70kilometers of underground development, five main mining levels,a three-stage crushing plant andmill producing copper, silver andzinc concentrates.The mine was originally discovered and developed by IndustriasPeñoles S.A. de C.V. and was inproduction from 1970 until 2000.Historically, the mine produced 36million ounces of silver, 323 poundsof zinc, 70 million pounds of copperand 161 million pounds of lead.At the time the mine was put onmaintenance, Peñoles estimated(non compliant) it still contained1.22 million tonnes grading at 116gpt silver, 2.8% zinc, 0.94% copper and 0.88% lead. Explorationconducted by Aurcana is expandingand extending that resource to NI43-101 compliant standards.Aurcana increased its millingcapacity at La Negra by 60%, aproject completed March 31, 2012.By 2013 the company plans toincrease the mill’s capacity to a3000 tpd throughput, the cost ofincreasing La Negra’s capacity isonly 800,000.“The annual exploration program at La Negra is 15,000 metersper year. Currently there are 6drills and a team of geologists de-veloping the additional resources inthe mine which will ensure continued growth well beyond the currentresources.,” says Rodriguez.Investment ConsiderationsPouring Silver at the Shafter Mine in TexasAURCANA CORPORATIONTSX.V: AUNContact: Catalin Chiloflischi,Manager of Investor Communicationsor Gary LindseyInvestor Relations, StrataStar Group720-273-6224Aurcana Corporation1188 West Georgia St., Suite 1750,Vancouver, BC V6E 4A2Toll Free: (866) 532-9333Phone: (604) 331-9333Fax: (604) 633-9179E-Mail: info@Aurcana.comWebsite: www.Aurcana.comShares Outstanding: 477.5 million52 Week Trading Range:Hi: C 1.10 Low: C 0.55Over the next year, Aurcana’sShafter and La Negra mines willhave the capability of processingover 5,000 tpd of ore, an amount thecompany says it will process in late2013. This translates to a productionlevel of 6 million ounces of silveronce Shafter is commissioned andthe real possibility of approachingthe company’s goal of an annualproduction rate of 8 to 10 millionounces of silver equivalent in late2013.Aurcana Corporation has a lot tooffer investors. It is led by a provenand skilled management team, isvery well financed with C 15million in cash on hand and has aproduction cash flow that is aboutto more than double as soon as theShafter Mine is fully operationalThe completed Shafter Mine,now in testing and commissioningphase, is just the latest successof Aurcana’s performance andbusiness plan.The company is debt free andlooking for ways to invest its anticipated growing coffers. Andwith the recent lower valuationsof most resource mining companiesthe opportunities for growing thecompany through acquisition haveincreased.“Are we going to be rollingin money? I would say that isthe case,” Rodriguez says. “Wewill use that money to expandthe company through organicgrowth and acquisitions. We willbe a mid-tier producer whenShafter is operating at commercialproduction levels and with theexpected increase from 1500 to2500 tpd in late 2013 Aurcanawill be a major silver producer,surpassing all of our peers.”Disclaimer: This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financialsituation or particular needs of any recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities orrelated financial instruments. References made to third parties are based on information obtained from sources believed to be reliable but are not guaranteed as being accurate.Recipients should not regard it as a substitute for the exercise of their own judgment. The opinions and recommendations are those of the writers and are not necessary endorsedby The Bull & Bear Financial Report. Any opinions expressed in this material are subject to change without notice and The Bull and Bear Financial Report is not under any obligationto update or keep current the information contained herein. All information is correct at the time of publication, additional information may be available upon request. The companyfeatured has paid The Bull & Bear Financial Report a fee to provide an investor awareness program. Management of the company has approved and signed off as “approved for publicdissemination” all statements made herein. The directors and employees of The Bull & Bear Financial Report do not own any stock in the securities referred to in this report. Theinformation contained herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Actof 1934, including statements regarding expected continual growth of the featured company and/or industry. In accordance with the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995, the publisher notes that statements contained herein that look forward in time, which includes everything other than historical information, involve risksand uncertainties that may affect the company’s actual results, developments, and business decisions to differ materially from those contemplated by any forward-looking statements.Factors that could cause actual results to differ include the size and growth of the market for the company’s products or services, the company’s ability to fund its capital requirementsin the near term and long term, pricing pressures, etc. The Bull & Bear Financial Report is not a registered investment advisor or affiliated with any brokerage or financial company.

8Commodities to Power Emerging Markets HigherBy Dawn BennettBennett GroupFinancialIn Latin America, Brazil leads as a naturalsupplier of copper andcrude oil, which it is nowable to extract and exporton competitive terms. Nations rich with naturalresources perform wellduring times of globaleconomic expansion. Inparticular, countries richwith industrial commodities tend to outperformthose without.While the Europeandebt crisis and slowgrowth in the U.S. has decreased demand in theseeconomies, global demandis still strong due in largepart to high growth rates in Chinaand developing economies. LatinAmerica also benefits from a lowerunit labor cost helping to lowertotal production costs as a coupledwith a more relaxed regulatoryinfrastructure and low-inflationaryenvironment. The combination ofa natural supply, and low cost, isdriving demand from countries,like China, into Latin America. Thenatural result is Latin America’sown economic expansion. For thenext few years China will continueto grow at a range between 6% to8%, as less developed emergingeconomies, such as Vietnam, arelikely to expand by more than double that rate. It is the strong growthin these markets that will drivedemand for the goods and servicesof Latin American countries for thenext five to ten years.The height of U.S. demandfor copper and other industrialproducts occurred during theU.S. housing boom from 1997 to2006. During the boom, copperconsumption in the U.S. morethan doubled, topping out at 7,660million pounds in 2005. With astrong housing market drivingeconomic growth, the U.S. economygrew GDP at an average rate of3.3% during this time, and theleading exporter of copper to theU.S., Chile, experienced GDPgrowth at an average of over 4%.In addition, Chile’s tradesurplus skyrocketed to over USD20 billion by 2006, more thandoubling the surplus from 2005.This same year, at the peak of thehousing bubble in the U.S., Chile’sexports of goods and servicesincreased 41% year over year (with42% of exports going to the UnitedStates) due, in large part, to risingprices for copper.In examining the U.S. Chileexample, the drivers of growthwere 1) a country with extremelystrong demand for a good; and 2)a nation with an abundant supplyand access to the good.These factors were supported byan established trading relationshipand an imbalance in competitionof other providers of the good.During the housing bubble, theU.S. demand for copper grewso exorbitantly that currentproduction capabilities andimports from other countries couldnot meet its demand. Chile metthe demand and the boom for botheconomies followed.With the world’s largest population, a burgeoning middle-consumerclass and a government supportingeconomic expansion, China’s current production capabilities andnatural resources cannot meetthe demand of its development. AsChina completes its shiftsfrom an agrarian societyto an industrial one, thedemand for industrialcommodities will onlyincrease. Latin American nations are alreadytrading extensively withChina (China is Chile’slargest trad

Commodity Trader’s Almanac includes data for how the U.S. dollar fares against four of the top major currencies (the euro, Swiss franc, Japanese yen and the Brit-ish pound). Here’s a seasonal trade that has had a 12-year win period. Gold Bugs Get A Treat for the Holidays Gold pr

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