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Imaru Casanova Metals & Mining Analyst, Van Eck International Investors Gold Investment Team
"We think gold needs to form a new base, somewhere around the $1400 level, before we see it resume its bull trend later this year."
"Most people may not realize this, but most countries in Europe have banking systems that are larger than their economies. I believe there is a chance that this spreads to banking concerns within Italy."
"They're starting to adopt a new measure referred to as all-in sustaining cash costs-- which we feel should be a better measure, it should more fully reflect the real cost of producing an ounce of gold."
"There have been some exciting discoveries, some great drill results, come out of the Dominican Republic."
"Why do I like copper so much? Copper is a very unique commodity relative to other base and industrial metals."
"Gold stocks, in our opinion, are under-held and under-valued, and we think this presents an opportunity going into 2013."
"Someone said that you want to own what the central banks can't print. And in my mind, that's gold and hard assets in general.
“Greece is taking a second look at mining and we are seeing some of it gold properties being developed. They have created a fast-track program for new businesses. . .”
"There's no question that China is going to grow at a slower pace than it has done before...But it's also very clear that the government is focusing on the quality of the growth as well...We expect some reasonably significant reforms to come out in probably the latter half of this year, maybe for the party plenum in October."
"The Mexican stock exchange has been a tremendous performer relative to other Latin American and emerging markets over the past year."
"There have been very significant inflows into emerging markets equity and debt…which can be seen as a tactical sell indicator. I think that people are starting to act on the realization that emerging markets economies are in much better shape than most developed markets economies."
"Coming out of the heroic stimulus package of 2009, there were some big economic problems in China….at the end of last year and early this year, however, we started to see growth even-out and, in some cases, accelerate…. China's real estate market has now stabilized....it appears that the Chinese government has control of the situation."
"I think the Bank of Japan's policy has a bunch of implications. One of the implications is, it will appear to be positive for nominal risk. I think another implication is that they are going to be looking to buy other emerging market bonds."
"Traditional fixed-income investors are faced with a choice between taking on additional duration or credit risk in order to enhance portfolio yield or current income."
"In short, we see very limited scope for lower interest rates, and we also see the possibility of an inelegant exit from the massive balance sheet expansion that the Fed has been undertaking for several years."
"My main takeaways were that there is some very positive reform momentum and that the India investment story is probably going to benefit equity investors more than bond investors."
"While inflows have been positive, cash for reinvestment, a huge contributor to demand in 2012, has ebbed significantly this March, and is expected to do so again in April."
"For the near-term, we are not bullish on Venezuela's debt. The market may have overreacted positively to Chavez’s death and transition risks remain. It's more short-term issues that are keeping us away."
"2012 brought greater focus and transparency on retirement plan costs....This has led to an opportunity for retirement advisors."
"Indonesia’s economy has grown at an annual rate exceeding 5% in seven of the past eight years, mainly due to increasing consumption by the rising middle class."
"Vietnam continues to be the main beneficiary of the migration of low-end manufacturing out of China as the producers try to take advantage of wages that are about half of that in China."
"The top four emerging markets I like right now are the local markets of Nigeria, Mexico, Russia and Indonesia."
"We really like local currency in EM debt right now...It's where the rubber meets the road."
"I think using the word "bubble" right now... is not thinking about the situation in the right way."
"...emerging markets fits pretty interestingly right now in terms of its fundamentals."
"The most basic difference is that in local currency the risk of actual default is not the primary concern."
"The push away from developed economy currencies is a big macro theme for 2013."
"The outlook for states and municipalities in 2013 is improving. There are many reasons to be optimistic about the recovery and the health of communities around the country."
"I think this year, 2012, will be another positive year of returns for munis..."
"People who are not traditionally buyers of emerging markets or high-yield debt have moved out the risk curve…and are not doing it on excessive leverage."
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