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Happy Thursday!
Hello, Curse and Coffee friends,
Today, we explore the silver explosion and what could turn it.
Hit reply and let us know what you think (we read all of your kind words).
Coffee at the ready…
The Big Sip
The take: Silver is up 274% in a year. Regulators just made it more expensive to bet on it.
What happened: The CME Group (the exchange that runs silver trading) raised the cash requirement for silver contracts. It's the fourth hike since December.
Why it matters: The exchange used the same tool in 1980 to crush the Hunt Brothers. They'd hoarded a third of the world's silver. They lost everything.
What to watch: Buyers in Shanghai are paying $10 more per ounce than buyers in London. If they keep buying, prices stay high.
In 1980, Tiffany's bought a full-page ad in the New York Times. They called the Hunts "unconscionable" for hoarding "several billion, yes billion, dollars' worth of silver." Tiffany's is still selling jewellery. The Hunts went bankrupt.
Sponsor Break
Before we slurp into today’s brew…
Here are some wordies from today’s sponsor.
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