For the past decade, gold prices have been on a "breathtaking ascent" and have reached some of the "highest recorded summits" in modern history. Many investors speculate that these values will rise even further.

History has shown us that the strength or weakness of the global economy determines the value of this "iconic" precious metal. Rising gold prices often "coincide" with weakening currencies and economic uncertainty and act as a "compass" indicating the direction the economy is heading. Being able to read this compass is critical

Beginning with the credit crisis of 2008 and the deep recession that followed, our Treasury has engaged in "massive stimulus" programs by "borrowing and spending almost $1 trillion"""and our central bank (the Fed) has supported a "massive and unprecedented expansion" of the money supply--both threatening to weaken our currency and trigger a painful cascade of inflation.

The meteoric rise in the value of gold reflects a common, global perception that world currencies, particularly the U.S. dollar, are "under threat." When investors distrust the stability of a nation's currency--especially a currency as important to global commerce as the dollar--they look for "hard assets of true value" that can protect their hard-earned wealth. Learn how you, too, can safeguard your wealth, hedge against adversity, and diversify your portfolio through gold investing.

In this book, you will find answers to those questions on "everyone's" mind:

- Why is the price of gold increasing so quickly and dramatically?

- What do these increases tell us about the health of the overall economy?

- Can gold be a safe haven for wealth and a hedge against economic turmoil?

- What does the modern investor need to know about gold?

- Where and how can I buy or invest in gold?

In September 1869, two young speculators, Jay Gould and Jim Fisk, Jr., undertook perhaps the most audacious financial operation in American history - the cornering of the national gold supply. Fisk and Gould manipulated prices to the point that legitimate commerce froze to a halt. When the federal Treasury finally broke the corner on Black Friday, September 24, the price of $100 gold coin fell from $160 to $130 in fifteen minutes, sparking a national financial panic, a stock market depression, and the bankruptcy of major trading houses. The scandal reached the very household of President Ulysses Grant, and only the intervention of their friend, Boss Tweed of Tammany Hall, saved Fisk and Gould from personal ruin.

During the 1990s, SSA countries initiated agricultural policy reforms to increase producer incentives and increase growth. Yet, agricultural growth rates after the reforms have been uneven. This has been attributed to lack of supporting infrastructure or the inability to respond to incentives by the smallholders. Based on ten studies, this volume provides a different framework to interpret the outcomes. First, it attributes the success of the reforms to the degree of consensus around the reform programs, which in turn, creates the institutions that can accommodate unexpected shocks. It differentiates between short run growth accelerations and sustained growth episodes. Second, it analyzes the impact of international prices which increased during the early 1990 and collapsed around 2000. Finally, it links the support institutions that evolved after the reforms back to the political economy of the stakeholders and their interests. Aksoy and Anil develop a political economy framework by bringing together the issues of consensus over the distribution of rents, role of unexpected changes, and the capabilities of institutions in handling these changes. Onal tests the of supply responses while Onal and Aksoy analyze international commodity prices and their transmission to the producers. Baffes analyzes impact of the adoption of cotton biotechnology in India and China, and the failure of SSA to also adopt. Baffes and Onal undertake a comparative study of coffee sectors in Uganda, and Vietnam which faced similar shocks. Five case studies cover cashew in Mozambique (Aksoy and Yagci), coffee and tea in Kenya (Mitchell), cashew in Tanzania (Mitchell and Baregu), tobacco in Tanzania (Mitchell and Baregu), and cotton in Zambia (Yagci and Aksoy). Results show that Agricultural policy reforms generated an immediate positive supply response. Real producer prices increased along with output. In unsuccessful cases where the short run supply response petered out, political and social consensus on the reforms was weak, and the ability to redistribute income after a negative shock was not built into the new arrangements. These products had been a major instrument for rent distribution before the reforms. The agencies could not be reformed to give greater non price support. In successful cases, there was greater consensus on the reforms program. The product was not a major rent distribution instrument and the producers were allied with the governments. Lower conflict also led to greater non price support. There was enough political and economic space for the parties to find solutions in case of shocks.

In The Futures , Forbes magazine senior writer Emily Lambert tells the rich and dramatic history of the Chicago Mercantile Exchange and Chicago Board of Trade, the original futures market. Commodities exchanges have become some of the largest financial markets in our global economic system, yet the exchanges themselves and the speculators who run them remain largely misunderstood, as does their chief instrument: the futures contract. Lambert describes the emergence of the futures business as a kind of meeting place for gamblers and farmers that subsequently transformed into a sophisticated electronic market, one where contracts are traded at lightning-fast speeds. When Wall Street adopted the futures contract without the rules and close-knit social bonds that had made trading it in Chicago work so well, however, the effects were disastrous. But, as Lambert argues, the traditional futures market,with its written and cultural limits,can serve as a useful example of how markets ought to work, thereby becoming a tonic for our current financial ills.

Two psychologists explain the benefits of refining, enhancing, and applying people skills in professional and personal situations. Includes a five - step plan to develop and practice skills in various settings.

Teamwork Is an Individual Skill argues that learning to work with others may be the most important skill in the knowledge economy. The book promotes productive relationships by focusing on five abilities: assuming personal responsibility for productive relationships; creating powerful partnerships; aligning individuals around a shared purpose; trusting when something is "just right"; and developing a collaborative mindset.

Continuing as a trader and educator in the stock, commodity and bond markets throughout the early 1900s, Wyckoff was curious about the logic behind market action. Through conversations, interviews and research of the successful traders of his time, Wyckoff augmented and documented the methodology he traded and taught. Wyckoff worked with and studied them all, himself, Jesse Livermore, E. H. Harriman, James R. Keene, Otto Kahn, J.P. Morgan, and many other large operators of the day. Wyckoff implemented his methods outlined in this book, in the financial markets, and grew his account to such a magnitude that he eventually owned nine and a half acres and a mansion next door to the General Motors' Industrialist, Alfred Sloan's Estate, in Great Neck, New York (Hamptons). As Wyckoff became wealthier, he also became altruistic about the public's Wall Street experience. He turned his attention and passion to education, teaching, and in publishing exposs such as "Bucket shops and How to Avoid Them," which were run in New York's The Saturday Evening Post starting in 1922.

W.D. Gann is considered to be the greatest trader of all time. This book reveals how to make profits on the commodities exchanges. It combines theory and practice, and through its straightforward, logical approach, Gann presents an excellent case for making money in commodities.

The book to which Mr. Gann claimed he gave the best years of his experience, How to Make Profits In Commodities is the favorite of among Gann-fan commodity traders and stock traders worldwide

First imported to America more than five hundred years ago and propagated on a small scale until the eighteenth century, cocoa is now one of the most heavily traded food commodities in the world. While potentially very lucrative, trading in cocoa remains a highly complex--and risky--venture, rendered even more so today by a sweeping tide of changes that has dramatically altered its landscape. In The International Cocoa Trade, the first comprehensive resource of its kind, commodity expert Robin Dand provides an all-encompassing guide to the global cocoa industry, delineating and clarifying its various intricacies for all who operate and trade within it.

Far more sophisticated than it was just a decade ago, the cocoa market has undergone major shifts--low prices, a decrease in the number of companies trading, and an increase in risk levels--that have not only altered the manner in which its key players conduct business, but have necessitated a better grasp of industry fundamentals by all those involved in the production, trading, and distribution of cocoa. As Dand points out, "The requirement of understanding the cocoa trade is not limited to those in the string of buyers and sellers. There are others outside this chain that now have larger roles in cocoa than in the past, in particular the banks, but also the shipping companies and warehousekeepers."

In this complete resource, Dand helps all links in this "chain"--exporters, dealers, brokers, bankers--achieve a better understanding of the market by providing a complete and accessible survey of all its essential components. Casting a wide net, The International Cocoa Trade offers a wealth of information on a variety of important topics, including the history and agronomics of cocoa, exchange rules, trading procedures, prices, and contract specifications. Here's where you'll find in-depth coverage of: Cocoa production--its history, evolution, and recent trends Quality assessment--the cut-test, fault definition and standards, methods of achieving quality cocoa The actuals market--export marketing, trade associations, marketing boards, processing Terminal markets--organization of futures markets, players, trading techniques, options, strike prices, regulatory bodies Contracts--weight and delivery terms, physical option contracts, forms and performance Consumption and stocks--the uses of cocoa, factors affecting consumption, assessment of stock levels, visible and invisible stocks, the International Cocoa Organization and the Buffer Stock.

Packed with numerous charts, graphs, and tables, and supported by a complete appendix that covers such vital cocoa contracts as AFCC, CAL, and CMAA, The International Cocoa Trade provides an up-to-date and incisive overview of a market that has grown and changed considerably over the past few years. An indispensable resource for everyone involved in the international trade of cocoa.

"Over the past few years the cocoa market has had to alter its manner of operation. . . . A]ll those in the chain of trade, from the exporter, dealer, broker through to the factory not only have to improve their understanding of the market but also some of the difficulties faced by others in the commodity. It is hoped that this book will help all involved in the international trade of cocoa to achieve this."--from the Preface.

The first comprehensive guide of its kind, The International Cocoa Trade provides an in-depth overview of one of the most heavily traded and lucrative commodities on the market, with complete details on: The history and origins of cocoa Agronomics and production Consumption and stocks Physical and terminal markets Trade and contract rules Quality assessment of beans Cocoa bean processing The manufacture of chocolate.

A to Z primer gives complete descriptions of the 12 most popular commodity option strategies. Learn about time value, premium, option pricing and best trading months for each commodity. See how to use options in conjunction with futures for risk abatement and profit enhancement. Great for getting started or refining techniques.----------------------------------------------------------------------------Let this classic reference tool be your guide as you enter the exciting, and profitable, world of commodity options. In clear and concise language, Spears explains how every investment need can be met by the versatility of commodity options. This book also: - Details twelve commodity option strategiesthat will help you successfully buy a call, buy a put, write a naked call, sell a straddle, and much more - Explains the basic elements of commodity options.- Discusses how commodity options are actually traded, including strike prices and trading months.- Features a comprehensive glossary of easy to understand futures and options terms.Plus, charts, tables, and time value considerations to help you understand, and master, the complexities of commodity options trading

Financial hedging refers to taking out investments in order to reduce or cancel the risk in another investment. Its purpose is to minimise unwanted business risk while still allowing the business to profit from investment activity. The problem of credit risk is one of the most important problems in finance. It consists of computing the probability of a firm defaulting on a debt. The time evolution of rating for credit risk models can be studied by means of Markov transition models. This book looks at the homogeneous and non-homogeneous semi-Markov backward credit risk migration models. A joint optimisation model for a firm's hedging and leverage decisions is also examined to help establish an integrated framework for value creation. Rather than artificially separating the two interrelated parts of the firm's financial policy, both corporate decision variables are treated as endogenous. Furthermore, the cross-sectional variation in indirect bankruptcy costs is discussed, possibly resulting from a deterioration of relationships with customers, suppliers or other stakeholders prior to the legal act of bankruptcy. The effect of probability weighting on hedging decisions is explored in this book. Observed hedge ratios in a storage context are close to zero in many situations and often smaller than the standard minimum-variance hedge zero. Thus, the importance of probability weighting in decision making and how it can cause dramatic changes in behavior is looked at. This book also re-examines hedging performance of the minimum variance hedge ratios (MVHR) estimated using both the OLS and the GARCH-type models with S&P 500 index futures contracts. In particular, the out-of-sample comparison of hedging performance of the MVHRs under different market volatility regimes are looked at. In addition, the analysis for parametric and non-parametric Markov processes are discussed and the construction of the transition matrix in these two different cases. Several possible strategies where the investors recalibrate their portfolios at a fixed temporal horizon are proposed. The authors also show how the Markov assumption can be used to forecast the portfolio returns and some simple empirical comparisons between Markovian strategies and classic reward-risk ones. Finally, articles in this book contribute to the literature on futures hedging in commodity futures markets by using wavelet transform analysis to define an explicit and tractable concept of time horizon. Differences in hedge ratios are discussed both across commodities and, for each commodity, over all time horizons of decision-making.

Brian Cruver was a first-hand witness to the disturbing, surreal and hilarious moments of Enron's long dance with death. When he first entered Enron's office complex, 'the Death Star', he was the epitome of the classic Enron employee: young, brash, obscenely overpaid and sporting a brand-new MBA. From his first day, however, when he was told that some colleagues hadn't really wanted to see him hired, he found himself in the middle of a venal greed machine whose story unfolded with Kafka-esque absurdity and frustration. Anatomy of Greed examines the accounting tricks, the insider stock trades - and in a special section, how the grossly lucrative fraudulent partnerships were structured and funded - as well as everyday life as an Enronian.

Working at Enron meant cocky wheeling and dealing, parties on the trade floor, casual conversations at the shredder and the insidious group- think that made Enron employees unquestioningly accept propaganda spoon-fed to them by Ken Lay and Jeffrey Skilling. A portrait of the author as a young Enronian, Anatomy of Greed reveals the sting of reality, humility and pain felt by a man whose idols turned out to be fools and scoundrels and who learned that there is more to life than stock options.

Kate Kelly, acclaimed journalist and author of Street Fighters, investigates the world of commodities traders When most of us think of the drama of global finance, we think of stocks and bonds. But commodities? Crude oil and soya beans? Copper and wheat? What could be more boring? That's exactly what the elite commodity traders want us to think. They don't seek the spotlight. They don't want to be as famous as Warren Buffett. Their astonishing wealth was created in obscurity, because they dwell in private companies or deep within large banks and corporations. But if the individuals in the commodities boom have gone unnoticed, their impact has not. Prices of raw materials have exploded. Are the big traders jacking up the cost of petrol, food, and essentials bought by people around the world? How did such immense power end up in the hands of a few? In this riveting book, Kate Kelly takes us inside the inner circle that affects so many things we all depend on. Following a trail from New York to London to Dubai, from hedgefunds and banks to brokers and regulators, she reveals the fullest ever picture of the men who gamble with our future every day.

UPDATED & EXTENDED 2ND EDITION This practical book provides you with everything you need to be able to day trade grain futures effectively. It opens with chapters explaining the author's preference for the grain futures markets, and his reasons for preferring to day trade, before going on to explain the fundamentals of trading and the more specific knowledge required for his chosen approach. In a concise, punchy style the reader is introduced to some timeless trading concepts, and shown how these ideas can be moulded into a trading system to attack the exhilarating grain markets. No sophisticated indicators or complex mathematics are found here. Instead, the author builds a system based on tried and true trading principles, combined with sound money management strategies. The particular challenge for a day trader during the volatile market open is to quickly identify support and resistance zones, and form a view on trend direction, based on limited information. The author describes how he does this, with detailed illustrations and real life examples. He then goes on to explain exactly how, based on the initial market movement, he determines stop loss and target levels. A key feature of the book is the chapter tracing the progress of a real life trading session. It shows the author's methods being applied in practice, with numerous screen shots giving the reader an understanding of what the trading process feels like in practice - effectively giving you a fly on the wall view of the author in action. Another highly illustrated chapter shows a complete month of trading charts with commentary on trades taken, giving the reader an appreciation of the longer term trading process. A process described by the author as "constant repetition of a simple plan, concentrating on implementation excellence". Other chapters outline the author's views on the need for practice, and discuss the practical points a home-based trader should attend to in their computer and internet set up. The book's focus is to highlight the exciting opportunities of grain futures and provide the vital detailed and hands-on information that will make it invaluable to all futures, equity, options or CFD traders.

Can private standards bring about more sustainable production practices? This question is of interest to conscientious consumers, academics studying the effectiveness of private regulation, and corporate social responsibility practitioners alike. Grabs provides an answer by combining an impact evaluation of 1,900 farmers with rich qualitative evidence from the coffee sectors of Honduras, Colombia and Costa Rica. Identifying an institutional design dilemma that private sustainability standards encounter as they scale up, this book shows how this dilemma plays out in the coffee industry. It highlights how the erosion of price premiums and the adaptation to buyers' preferences have curtailed standards' effectiveness in promoting sustainable practices that create economic opportunity costs for farmers, such as agroforestry or agroecology. It also provides a voice for coffee producers and value chain members to explain why the current system is failing in its mission to provide environmental, social, and economic co-benefits, and what changes are necessary to do better.