Peter Schiff, the ardent critic of the Federal Reserve and its
easy-money policies, appears today at IndexUniverse's Inside
Commodities conference in a panel on precious metals to discuss how
the Fed's latest round of quantitative easing is affecting gold
In addition to Schiff, the head of Euro Pacific Capital, other
luminaries in the world of commodities investing are set to appear
at the event, with Geert Rouwenhorst, the Yale finance professor
and brains behind the SummerHaven commodity indexes, set to deliver
a keynote address at lunch. Rouwenhorst's academic work helped
validate the idea of commodities as a distinct asset class.
Another important figures in the world of commodities who is
participating is Dennis Gartman, the macro trader and editor of
"The Gartman Letter." Gartman took part in a panel examining the
outlook for commodities in 2013 and beyond, and argued, among other
things, that while it's sensible to buy gold right now, concerns
surrounding the Fed's ultra-loose monetary policy are overblown and
that he's definitely not a gold bug.
IndexUniverse's fifth annual Inside Commodities conference is
taking place when the world of commodities investing finds itself
at a critical juncture. On the one hand, China's growth is easing,
putting a damper on demand for sundry materials. On the other hand,
the Fed's third round of quantitative easing is fueling renewed
concern about inflation and a new rally in gold prices.
While some investors aren't yet fully on board with the idea
that futures-based commodities investing is for real and merits a
place in their portfolios, it's clear that the idea is catching on
since Rouwenhorst and Yale colleague Gary Gorton published their
seminal work, Facts and Fantasies about Commodity Futures, in
The success of certain ETFs speaks to a changing mindset.
The broad futures-based PowerShares DB Commodity Tracking Fund
(NYSEArca:DBC), for example, has gathered $6.67 billion in assets
since its launch in February 2006, and the United States Oil Fund
(NYSEArca:USO) has pulled in $1.23 billion since it came to market
in April 2006.
"Inside Commodities:Long-Term Growth, Immediate Opportunities"
is a one-day event being held at the Ritz-Carlton in Chicago.
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