Where do you see commodities heading?

With all the recent turmoil in the middle east and Japan, I was wondering where you guys think commodities are heading.

Oil prices just skyrocketed and then came down a bit after the tsunami threatening Japan's demand for the commodity and some think that this is going to have investors going for commodities like gold, silver, etc. What do you guys think?

 

Silver will outperform gold over the next few years (the ratio is about 40, I think it's at 20 2 or 3 years from now).

Oil will trade in a range from $90 to $110 for the rest of the year (barring the unlikely event of something happening in Saudi Arabia).

As far as softs, no particular view there but I'd say down or flat from here until year end just because they've had a big run-up lately.

Nat gas should be $5+ by year end, lots of upward pressure coming on that commodity over coming years (for a variety of reasons). On nat gas, I bet on price floors instead of actual price targets, right now I'm betting on a $4 price floor...

 

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