Zoltan Pozsar’s latest is great and mostly takes account of logistics challenges in commodities networks. To wit: Which then leads to the very appropriate comparison to money markets - just like plumbing can jam in the money markets you can get short term jams in commodities that are hard to move. The reason metals have given up a lot of their gains and less fungible products have not has a lot to do with this.
Who's Gonna Take the Weight?
Who's Gonna Take the Weight?
Who's Gonna Take the Weight?
Zoltan Pozsar’s latest is great and mostly takes account of logistics challenges in commodities networks. To wit: Which then leads to the very appropriate comparison to money markets - just like plumbing can jam in the money markets you can get short term jams in commodities that are hard to move. The reason metals have given up a lot of their gains and less fungible products have not has a lot to do with this.