Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks -- Contents -- Acknowledgments -- Introduction -- Part I: COMMODITIES: WHY THEY'RE GOING UP -- Chapter 1: Commodity Cycles -- Long Cycles for Commodities -- The Cycle of Production -- Booms Go Further and Last Longer -- Slowly Out of the Long Winter -- It Takes Time to Cut Back Production -- Great Volatility within Cycles -- Chapter 2: Demand for Raw Materials -- Dreams of Huge Market -- Growth in China behind Resource Boom -- China Is Catching Up, Rapidly -- Changing of the Guard -- There Will Be Setbacks -- Increased Wealth and Urbanization -- Each Person Uses More -- Growth in All Resources -- China Now Dominant in Resource Demand -- Emerging Economies No Longer Depend on the United States -- Chapter 3: Supply -- Supply Is Constrained in Many Ways -- Supply Response Is Normally Slow -- Deposits Are Difficult to Find -- Increased Looking Does Not Mean More Finds -- They're Not Making Any More of It -- The Social Costs of Producing Resources -- Chapter 4: Control -- It's Ours and You Can't Have It -- You Can't Always Switch -- Domestic Supplies Are Not Matching Demand -- China's Investment and Trade Influence Is Growing -- China's Focus: Resources -- You Scratch My Back . . . -- Softly, Softly -- Pragmatism Rules -- China Provokes a Backlash -- India Moves More Cautiously -- Chapter 5: Economy -- Economic Forces Affecting Commodity Prices -- Reasons for Volatility -- A Drop in Prices Is a Long-Term Opportunity -- Economic Outlook Is Favorable -- Easy Money and More Debt -- Part II: GOLD: IN GOOD AND BAD TIMES -- Chapter 6: Reasons for Gold to Go Up -- Gold Will Do Well Whatever the Outlook -- What Could Go Wrong? -- Chapter 7: Gold and Resources in Deflation -- Recent Experience Forms an Association -- Good and Bad Deflations.

Gold during U.S. and Foreign Deflations -- Inflation versus Deflation -- Historical Record Is Clear -- Answering the Critics -- Where Are We Today? -- Resources and Deflation -- Chapter 8: When to Buy -- Contrarians Win -- Better Times to Buy Gold -- Times to Buy the Stocks -- Seasonal Patterns to Gold Stocks -- Part III: INVESTING IN RESOURCES -- Chapter 9: Ways to Invest -- Emphasize Commodities in Your Portfolio -- A Story of Two Investors -- Managing Your Portfolio -- Exposure to Commodities -- Physical Gold as Insurance -- What Do You Own? -- Broad Diversification for a Long Period -- Chapter 10: Investing in Companies -- Gold or Gold Stocks? -- Risks in Shares -- Funds: Not So Simple -- Drawbacks to Funds -- Top Funds -- Going Alone Means a Lot of Work -- Wrong-Way Corrigan -- Know What You Are Buying -- Chapter 11: How to Select Gold Companies -- Big Problem for Big Companies -- Obstacles to Mining -- Margins Get Squeezed Despite High Resource Prices -- How to Value Major Gold Companies -- Lots Can Go Wrong -- Major Challenge: How to Keep Going -- Buying Is Cheaper Than Finding -- Juniors Are Better Explorers -- Acquisitions Can Hurt Buyers -- Avoid the Flawed -- What to Look For -- Gold Stocks Are Inexpensive -- Political Risk -- Best Places to Explore and Mine -- Chapter 12: The Mine Cycle and Juniors -- Growing Junior Producers Can Be Attractive -- Goal Is to Go Away -- Mine Life Cycle -- Discovery! -- What Does It Mean? -- What to Look For -- Company Not Property -- Minimize the Risk -- Minimizing Risk Is the Key -- Companies for General Investors -- Small Companies but Better Than Before -- Traps to Watch Out For -- Be Patient but Don't Fall in Love -- Advice from the Masters -- Part IV: TOP SECTORS -- Chapter 13: Silver: Poor Man's Gold? -- A Precious and Industrial Metal -- Changing Pattern of Demand.

Wide Range of Industrial Applications -- Investment Interest in Silver -- Silver Supply: Most Comes from Mines -- Demand Exceeds Supply: Whence Comes the Rest? -- Stockpiles Depleted -- Investing in Silver -- Chapter 14: Platinum and Platinum Group Metals -- Precious as Well as Industrial -- Growing "Green" Uses -- Expensive to Mine and Falling Supply -- How to Invest -- Platinum's Outlook -- Chapter 15: The Base Metals: Copper -- The World of Metals -- Dr. Copper Essential to Economic Growth -- Less Scrap Increases Demand -- China's Problem -- Big and Old -- Where Is It Coming From? -- Politics and Technology the Problem -- Price Volatile -- A Great Company and a Pure Play -- Chapter 16: Base Metals and Rare Earths -- The Hungry Steel Mills of China -- The World's Mining Giants -- Comparing the Big Five -- A Diversified Junior -- Minor Metals -- Titanium Critical for Aircraft -- Molybdenum: Ups and Downs -- Lithium: From Batteries to Depression -- Very Rare Indeed -- China Controls the Market -- How to Invest in Rare Earths -- Chapter 17: Energy -- Separate Markets -- Oil and Coal Dominate Global Energy Supplies -- Dirty or Expensive -- Peak Oil? -- Few New Big Discoveries -- How Much Does Saudi Have? -- How Many Years to Go? -- New Finds Are Not So Easy -- Big, But Not Big Enough -- New Technologies and New Frontiers Will Help -- Easy Days Are Over -- Demand Increases -- China Plays Catch Up -- Investment Opportunities and Pitfalls -- Chapter 18: Gas -- Then Along Came Shale -- Going Global -- Problems with Shale -- Increase Demand Ahead -- Investment Opportunities -- Unconventional Opportunities -- Chapter 19: Coal -- Less in United States, More in China -- Biggest Exporters, Close to China -- Chapter 20: Uranium -- Bad PR for Nuclear -- The Energy of the Future -- China's Ambitious Growth Plans -- Demand for Uranium -- Uranium Producers.

Problems at Major Mines -- United States: Big Reserve, Little Production -- The Supply and Demand Gap -- Fragile Supply -- Few Big Uranium Companies -- Chapter 21: Renewable Energy -- Renewable Is Low-Cost and Green -- Geothermal and Hydro: Two Profitable Renewables -- Green Energy That Can Generate Green -- Companies Are Big or Very Small -- Wind and Water -- Chapter 22: Agriculture -- More and Better -- Less Farming Land -- Winners and Losers -- Water, Water Everywhere -- Water Usage Will Increase -- Agricultural Commodities Are Volatile -- Water Investments to Avoid -- Conclusion: Building a Portfolio -- Resource Directory -- About the Author -- Index.