By Kevin McElroy
NEW YORK (
The two presidents are supposed to have a private lunch and then discuss a variety of topics including trade, military, North Korea, Iran, human rights, the dollar, the yuan and the weather, no doubt.
As the east coast is being hammered with a wintry mix of sleet, freezing rain, snow and ice, you might expect the topic of coal to come up.After all, a majority of electricity in the United States and China is provided by coal. And for the past few years, China has started to import coal -- mostly from Australia. As a result, China's domestic coal companies are practically minting money. They can't produce coal fast enough, because no matter how much coal they bring to market, there's a near-guarantee that they'll be able to sell it for top dollar. They don't have to worry about anything except for increasing production. And now, with floods in Australia, the amount of coal being shipped to China has decreased substantially. Coal prices have responded favorably -- rising from $89 per metric ton up to over $120 per metric ton -- with no signs of stopping: It's been a year since my boss, Ian Wyatt, recommended one small Chinese coal company to subscribers of his research service
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