This is in contrast to his own blog where he (proudly) says he doesn't have "time" to read the comments and leaves the vetting to some unnamed minion. Anyway from the blog:

I'd qualify that by saying that speculators can create incentives for other people to hold physical product off the market, if they drive the futures price well above the spot price. But that hasn't happened.

How does he know whether product is being held off the market? He doesn't cite any sources, and even if he did could they be trusted?

I think the situation now needs a bit of Occam's razor - the simplest answer is probably the right one: demand is up supply isn't.

In his latest blog entry he mentions the new deal between Australian and China where the price of iron ore has doubled.

There is only one real issue and it's the same one no one (in authority) has been willing face - overpopulation and growing standards of living have led to worldwide resource shortages. What's to be done?

Unfortunately there has never been a time in history where such problems have been handled without much misery and the panicked activities of the world leaders this time doesn't make it seem likely that things will be better this time either.

Policies not Politics
---- Daily Landscape