The Great Haze of China
Aug 20th, 2008 | By Doug Casey | Category: Gold MarketCoal production in China has more than doubled over the last seven years, reversing the decline seen from 1996 to 2000. In 2007, China consumed 2.9 billion short tons of coal, representing more than one third of the world total. As you might have guessed, this makes it both the world’s largest consumer and producer of coal.
Even though internal demand has been skyrocketing, China has been able to dig into its massive coal reserves and remain a coal exporter – until last year. In 2007, China’s growth finally outpaced its ability to produce, making it a net importer of coal.
Since then, international prices for thermal coal (the kind used to fire power plants) have tripled, going from $50 per metric ton to well over $150. Coincidence? We think not.
Source: The Great Haze of China
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.