SHOWS: HONG KONG, CHINA (JUNE 25, 2013) (REUTERS - ACCESS ALL)

JOHANN SANTER, GLOBAL COO, SUPERFUND

1. REPORTER OFF CAMERA SAYING:

'How do you read the Fed's tapering comments and do you see the weakness in commodities to continue longer?'

2. JOHANN SANTER SAYING:

'Yeah I mean it's quite some news, especially for the equity markets and for the run in 2013 that is temporarily interrupted. And all money managers are carefully looking to their announcements on the other side. I think there will be probably further quantitative easing and asset purchase programs running until the economy is back on track. And until unemployment rates are at decent level, I would say. What this has to say on commodities of course, any kind of weakening in money supply would of course also limit runs in any kind of market, also commodity markets temporarily are affected as we've already seen with the declines last week so far.'

3. REPORTER OFF CAMERA SAYING:

'Gold prices are down nearly 30 percent from all time highs. How much more slide do you see in them? And where do you see a support coming in?'

4. JOHANN SANTER SAYING:

'Yeah absolutely, we have seen 2013 it has been a very difficult year for commodity markets, but especially for gold and for silver that had really an amazing performance over the past ten years already. It's not totally surprising, as we have seen also a shift within asset classes going from commodities, and especially from gold and silver that are very liquid assets, to more equity programs. And also temporarily, gold has been under a lot of pressure. Where do I see the next resistance lines? The next one obviously is at twelve-hundred which is just the next near-term line. But the very big one is going to be one thousand U.S. dollar an ounce. And the next one, one and a half years could still be very difficult for gold and silver. But in the long run, we strongly believe that gold and silver are really poised for a breakout as it's the only true currencies in our opinion out there in the market.'

5. REPORTER OFF CAMERA SAYING:

'How would you look at gold and silver performing in the longer term?'

6. JOHANN SANTER SAYING:

'We at Superfund, we have a price target - a long-term price target - for the next five to ten years, where we could see even gold going up to three to five thousand U.S. dollar an ounce. Of course a very aggressive one, but with all the stimulus that has been created, it would not be totally unexpected.'

7. REPORTER OFF CAMERA SAYING:

'With the recent volatility in the money markets in China and suggestions of monetary policy tightening, what impact would these have on commodity demand vis-à-vis an already slowing economy?'

8. JOHANN SANTER SAYING:

'For base metals, they probably will go a little bit hand-in-hand with the general economy, and especially with emerging markets. And we have seen most emerging markets weakening this year and a lot of pressure on China. But in Brazil we see turmoils that definitely will have temporary negative consequences on most base metals such as nickel, lead, aluminum, and of course copper. But again also in the long-run, we have strong estimations for these markets. But unless the economy is globally recovering and the emerging markets are going to have a boost, these particular markets will also face some pressure ahead.'