Go Long Beef! Will Steak Soon Be A Delicacy Reserved For The Rich?
5:00 pm, August 30th | by Hillary Reinsberg
“You know all those restaurant ads you see on TV and on the radio, all like, all you can eat steak for 20 bucks?” No? Don’t worry — because you’re never going to see one now that beef is so expensive, says CNBC.
Beef mogul Lindsay Davis, a 30-year-veteran of the cattle industry, tells CNBC that beef prices will go up and up and up. Why? Droughts, he says, have meant that “so many cattle have been sent to auction” before they normally would. So you may see a surplus of beef for a short time, but soon, that cut of sirloin will be a hard-earned delicacy. Sad.
So, what to do in the beef price hike of the future? Make some wise investments of course. Lindsay suggests looking into futures or options for the Fall of 2012. ”You would want to go long beef,” he said. Really.