As we’ve stated before Chinese infrastructure spending has likely gone too far, too fast, and has provided a tremendous boost to many commodity businesses. The most susceptible to a slowdown in China are mining companies that have created the materials for the heavy-industry infrastructure. When you combine the inflated prices that this demand has caused with the large amount of investments that have gone towards commodities over the last decade, we believe that there is far more risk than many people realize to a substantial sell off in commodities. Commodities are a very broad market so we are mainly referring to the minerals and we think crude oil could potentially be susceptible as governments smarten up by employing more natural gas to meet their energy needs.
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