The recent grand theory that the weak US dollar explains the strength in resources is rapidly being discredited. Resource-leveraged stocks continue to correct even while the greenback is at its weakest.
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The past couple weeks have been somewhat choppy for many vital resource stocks. The primary catalyst: worries that the US slowdown is only beginning and that it will hit global demand hard later this year and into 2009. To be sure, there are now clear signs the global economy is slowing down. And we’re already seeing demand for many resources decelerate, though absolute demand remains at elevated levels, especially when compared to previous cycles.
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Not everything was a winner. But year to date, the VRI Portfolio is up 28 percent. That stands in favorable contrast to the 1.3 percent and 7 percent gains scored by the US and global commodity index benchmarks, respectively, against which we measure performance. 
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Gold is the only financial asset that isn’t someone else’s liability. It’s also the only form of money that’s stood the test of the new millennia, as paper currencies have come and gone. And it’s the only form that’s reliably held its value over time: An ounce of gold still buys a quality men’s suit, just as it did in the days of Croesus.
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The slumping US economy is trickling into global financial systems, slowing growth worldwide. However, global demand for steel is still on a tear. And so are stocks of steel companies, particularly those with clear control over costs. Asia’s breakneck demand growth is still the primary factor driving steel.
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Two hundred ninety dollars a barrel: That’s the price point for crude oil that one study is calling China’s line in the sand--the point to which the country can continue to subsidize oil use without jeopardizing its paramount goal of robust economic growth. Such numbers are meant to be bent. But they’re also a stark reminder of how emerging Asia is rapidly supplanting the West in vital resources consumption.
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