analysts commodity price forecasts in the past have mostly proven to be a joke. everyone laughed at Goldman Sachs when they forecast oil price of US $105 per barrel a couple of years ago. now it is over $130...
same goes for copper, coal and iron ore. analysts forecasted much lower prices than what we have now.
the fact is the China growth story will be multi-decade event. Japan's economy boomed from 1949 - 1989 ( 40 years ) so don't expect China with over 1 B people and a
very determined and powerful government to be just a brief phenomenon. their per capita consumption of oil, coal, and steel will continue growing but is still miles below that in western countries. they want cars, TV's and electricity the same as we do.
euroz, page-14
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