The Anti-Speculation Cycle

I think that LME story is going to run and run and has some broader consequences there's a lot of discussion out there that we could be facing periods of much higher volatility in commodity prices. I know this controversy is going to happen again it'll be in a different form slightly different villains but it will happen again because of what I call the anti-speculation cycle when prices go very high from a historical standpoint there's economic pain on the consumption side. Human beings have a tendency for human beings to look for a villain and speculators have historically been number one on that list. We're seeing it play out already with the eye-watering returns of the oil majors trading as they sold