China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Chairman and CEO of CEF Holdings Warren Gilman says that markets are ill-advised to sell stocks, bonds and commodities all at the same time and that the “knee-jerk” reactions to Bernanke’s recent comments and Chinese economic data will provide great buying opportunities for commodities investors.
He spoke of gold specifically, and recommended “to look in the neighbourhood of $1,200 – $1,250 as a buying opportunity.”
Gilman had recently returned from a mining conference in Barcelona, where CEOs of mining giants like Glencore Xstrata remained committed to holding off on big, expensive new projects.
Putting large mining projects on ice is a “self-serving” move, explained Gilman, as the delays will reduce supply and eventually drive prices up once again.
“The commodities boom is not dead, it’s just resting.”
