ANCHOR (OFF-CAMERA) ENGLISH SAYING:

We know metals have come down in 2013, also energy prices under some pressure. I've talked to a lot of people over the last couple of weeks who believe the commodity super cycle is over, that we're in a trend here where you will see those lower prices. Do you agree with that?

DAN DENBOW, USAA PRECIOUS METALS & MINERALS FUND MGR., (ENGLISH) SAYING:

It depends on China, it depends on emerging markets. Everybody's talking about the super cycle but a lot of this come from the growth on that side of the world. And if that falters, then yes, you'd have to worry about commodities coming off because they have been the large drivers of excess demand or marginal demand in the commodity space. As long as China holds in here and the emerging markets continue to grow, continued their move to industrialization, moving people to cities, that will benefit commodities and they should continue to see support, maybe not as robust as it had been. It was the hot topic a couple of years ago but maybe just more to a more rational market.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

You know, I remember a couple of years ago when some of the pension funds and larger institutional holdings started to up their exposure to commodities. It just became one of those things, some people were 3% to 4%. They moved from 6% to 8%. Was there any retrenchment from that in 2013 because of the performance or is that a permanent shift where people think having a larger position in commodities is something that makes sense?

DAN DENBOW, USAA PRECIOUS METALS & MINERALS FUND MGR., (ENGLISH) SAYING:

I think we have a- I mean, pension managers, fund managers all suffered through the bad numbers in 2013. They can't help but get questions from their boards after rethinking it and maybe think these things are more volatile, starting to understand the risk and volatility. Maybe it leads to them pulling back. I think that's been a large part of the financial selling in the commodity space in 2013. 2014, hopefully, we see the fiscal demand that we've seen in China and India take over and hopefully that stabilizes prices. But I think you will see smaller balances in those types of investors.

ANCHOR (OFF-CAMERA) ENGLISH SAYING:

What is the best commodity investment for 2014? I know it's hard to predict but we're going to make you do it anyway.

DAN DENBOW, USAA PRECIOUS METALS & MINERALS FUND MGR., (ENGLISH) SAYING:

I think precious metals especially gold. I think it's going to come around. Platinum is held in because of auto demand so, it's not like it's falling. But I think gold probably has the biggest chance. And there you never know when there's going to be a crisis in the market. There's always something to raise investments. Any kind of catalyst should get gold rock and rolling.