Commodity supercycle is ‘alive and well’: McKinsey & Co.
September 26, 2013, 12:16 PM
Month to date futures prices, based on the most-active contracts, for gold GCZ3 0.92% have lost around 5%, silver’s SIZ3 0.02% down over 7%. Oil CLX3 -0.21% and natural-gas futures NGX13 0.56% have lost around 4%.
But “despite recent falls, commodity prices are still near their levels of early to mid-2008, just before the global financial crisis hit,” said analysts at McKinsey & Company, in a recent research note.
“At a time when the world economy remains below full power, this phenomenon is striking and a sign that the supercycle is alive and well,” they said, noting that the supercycle refers to the period of sharp price rises and heightened volatility since the turn of the century.
Pink Diamond Expected to Fetch Over $60 Million
(GENEVA) — Sotheby’s is showing off a pink diamond that is expected to fetch more than $60 million at auction.
The auction house was giving previews of what it calls the world’s most valuable diamond ever to be offered at auction.
Sotheby’s said in a statement Wednesday that The Pink Star, a 59.60-carat oval cut pink diamond, would go up for auction on Nov. 13 in the historic five-star Beau-Rivage Hotel along Lake Geneva.
David Bennett, chairman of Sotheby’s Switzerland, says the vivid pink diamond is “of immense importance” because of its extraordinary size and exceptionally rich color that surpass all others known to exist in government, royal or private collections.
He says it is “simply off any scale, and passes, I believe, into the ranks of the earth’s greatest natural treasures.”