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’Does Carlos Slim really ❤ silver?
Here’s some juicy stock market RAW to kick off 2011 — Carlos Slim, the world’s richest man is looking to enter the silver market in a big way.
And that big way, according to KingWorldNews, is a bid for Fresnillo,
Escalator up, lift down
Time now to look at another precious metal — silver.
It has soared in the wake of the Fed’s QE2 announcement, surpassing $29 an ounce – the highest since 1980 when the Hunt brothers cornered the market and sent prices to $50.
The week the world stepped through the looking glass
Maybe it’s because it’s nearly Halloween.
But it does seem like it’s been a more peculiar week in financial news than most.
You might say, it’s almost like the mainstream financial universe stepped through some sort of looking glass into the realms of previously taboo topics.
Hi Ho Silver Lining
Noel Gallager, Sid Waddell, Anna Wintour, hemlines, and cartels — just some of the subjects covered in the latest Thunder Road report from market analyst Paul Mylchreest.
But what has caught the attention of traders are Mylchreest’s thoughts on silver.
Looking at the silver bid-ask spread
While all eyes have been focused on gold perhaps the market has overlooked some strange goings-on in the silver market.
We noted on Friday, for example, how the forward curve in gold flipped into backwardation at the same time as silver went into a steep contango.
Euro-denominated highs of the day
Renewed concerns over the Greek debt crisis saw the euro drop to its lowest level against the dollar in more than a week on Wednesday.
But euro investors should not be too fearful.
After all, there’s always the prospect of investing in assets that are notching up successive euro-denominated highs.
Special FX moves
Here’s some chart porn to commemorate Tuesday’s special FX moves:
All of which is having the following effect on commodities:
Nice.
Of course, there’s one G7 currency you can trust to perform even more badly than the US dollar — the GBK:
Of gold coin craziness and conspiracy
In another instance of economics in reverse, the US Mint has suspended production of certain gold and silver coins because of “unprecedented demand.”
Here’s the Mint’s press release:
Because of unprecedented demand for American Eagle Gold and Silver Bullion Coins,
Bull in a China bullion shop
Stories galore have been doing the rounds about China’s recent promotion of gold and silver investing to its general population. Mostly, these have focused on the sudden appearance of Chinese TV slots like this:
China to world: No more shiny metals for you
Wowzers. Here’s one for the gold bugs — rumours on Thursday that China may ban the export of silver and gold.
The excerpt below is from a Commodity Online piece written by Erik Bethel of SinoLatin Capital — a Shanghai-based merchant bank exclusively focused,
Gold vs silver
That sky-high gold/silver ratio is starting to come down a bit.
The ratio is simple – the price of gold, divided by the price of silver. Since 1970, the ratio’s averaged about 54. But it spiked to about 84 last month,
Hi Ho Silver! No, hold on….
Those spivvy short-sellers are at it again, this time in silver, the Asbo of the precious metal family. That is, worth about 1/67th of a jail sentence the price of gold.
To be fair, silver bugs (like gold bugs) have been pointing their fingers at a short-selling conspiracy for some time.
Prediction watch No3: currencies, etc
Continuing our (surprisingly popular) space-filling service on who’s predicting what for the year ahead, here are ten self-titled “Outrageous Predictions for 2007″ from currency specialists Saxo Bank Capital Markets.