Macaskill on markets: Cutting credit corners won’t sustain commodities boom

There is a near consensus that 2010 will be a banner year for commodities trading. Energy analysts are hard pressed to see anywhere for prices to go but up. TV ads urge householders to cash in their gold to exploit the boom. And banks of all types are scrambling to win a share of the commodities revenue that was once largely the preserve of investment banks led by Goldman Sachs and Morgan Stanley.

Jon Macaskill is one of the leading capital markets and derivatives journalists, with over 20 years’ experience covering financial markets from London and New York. Most recently he worked at one of the biggest global investment banks