July 9, 2012
By Frank Holmes, CEO and Chief Investment Officer, U.S. Global Investors
China is hoarding crude at the fastest rate since the Beijing Olympics four years ago as the slump in international prices prompts it to import unprecedented volumes even as refining slows. The world's second-biggest oil consumer built up a surplus of about 90 million barrels of crude in the first five months of the year, government data shows. The excess, the most since the run-up to the 2008 games, is probably being kept at emergency and commercial storage centers, according to the International Energy Agency.
Source: This was excerpted from "Speed Up Or Slow Down – Don't Exit The Commodities Highway," U.S. Global Investors' Advisor Alert, June 15, 2012, www.usfunds.com.
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