An Indispensable Resource

books:


	• The CRB Commodity Yearbook 2008, with CD-ROM (Crb Commodity Yearbook) Commodity Research Bureau Wiley, 2008 - 384 pages average customer review:based on 2 reviews view larger image
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An Indispensable Resource

This book is the single most comprehensive source of commodity and futures market information available. Since 1939 traders, hedgers, portfolio managers, and speculators have relied on The CRB Commodity Yearbook to help them navigate the vagaries of the commodity markets.

The Yearbook's depth renders it indispensable. It helps identify changing trends in supply and demand and for projecting important price movements. This edition provides covers more than 100 domestic and international commodities. It includes seasonal patterns and historical data from the past ten years as well as current monthly and annual pricing and trading patterns.

The information is easy to access. Each commodity is introduced by a brief article, recent pricing trends and factors such as droughts, wars, diseases, or politics--that have influenced past prices. Data presented in over 900 tables, graphs, and price charts. They are clear. The companion CD-ROM provides the information in an electronic format.

Some of the biggest stock moves I have had the good fortune to participate in have been powered by substantial moves in commodity prices. If we are in that type of market cycle, traders and investors cannot afford to be without this book.

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Expected higher quality

On the positive side, this book covers a broad range of commodities, including lesser-known ones. Each article captures the essentials in brief introductions followed by historical charts and tables of price, supply, open interest, etc. Like Wikipedia, the book is fun to browse.

That said, the book did not reach my expectations for a commodities "bible." Especially given the price. One could argue that the articles lack depth. Moreover, after a brief inspection, I found mistakes and omissions that caused me to doubt the book's overall quality. I plan to keep the book, but it would benefit from higher quality standards or a much lower price.

Errors
* Platinum, p. 205. The first paragraph erroneously states that platinum weighs "almost twice as much as gold." First, I believe they mean "density", not "weight." Second, platinum is about 11% more dense than gold.
* Silver, p. 234. "The world's largest silver producers are...Australia (10%), Chili, (7%)...". Misplaced comma and, um, is "Chili" a giant pepper?

Omissions
* The book's tables, its bread and butter, have two foibles:
1 - Missing information. (Some data for recent and past years is omitted or left blank. Yes, these numbers may be difficult to obtain, but I expect a would-be bible to try harder by providing estimates or guidance.)
2 - Inconsistent units. For example, the Gold article lists World Mine Production in kilograms. The same article lists Central Gold Bank Reserves in Troy ounces. Why not stick with a single system of measurement, so that readers can reason without a calculator?
* The "quick search" feature of the CD ROM does not work on a Mac. This shortcoming is omitted from the CD ROM seal, after breaking which the book cannot be returned.

Finally, the Platinum article is redundant in a manner that suggests insufficient editing or cut-and-paste writing. The first paragraph of the article leads with "Platinum is a relatively rare, chemically inert, metallic element...". The second paragraph then opens with "Platinum is one of the world's rarest metals...". Deja vu? Slightly contradictory? Does not quantify relative rarity? Perhaps I am too critical in this instance, but overall I believe that a thoughtful edit, plus deeper analysis, would make for a higher quality yearbook.

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The essential commodity reference for analysts, traders, and portfolio managers

Dubbed the "bible" by market analysts and traders since 1939, The CRB Commodity Yearbook provides indispensable information on over 100 domestic and international commodities, from aluminum to zinc. It includes seasonal patterns and historical data from the past 10 years, pricing and trading patterns on a monthly and annual basis, plus more than 1,000 charts, tables, and graphs covering crucial data on production/consumption, supply and demand patterns, and trading highlights. A companion CD-ROM is also included to provide readers with valuable commodity information in an easy-to-use electronic format.

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