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Silver Investing Hits “Irrational Exuberance” as Price Swings 5.4%, Crude Oil Rises on Fresh Libyan Turmoil
Feb. 22, 2011 12:09PM PST
Precious MetalsBullion Vault reports that analyst David Jollie at Mitsui in London said that silver investing is suffering “irrational exuberance” – quoting a phrase used by former Fed chairman Alan Greenspan to describe the early stages of the DotCom Bubble in the mid-1990s.
Bullion Vault reports that analyst David Jollie at Mitsui in London said that silver investing is suffering “irrational exuberance” – quoting a phrase used by former Fed chairman Alan Greenspan to describe the early stages of the DotCom Bubble in the mid-1990s.
The report is quoted as saying:
“Geopolitical tensions in the MENA region continue to fester,” says Standard Bank in its daily gold and silver note, “keeping risk aversion elevated…and enhancing the appeal of safe-haven assets.
“In addition, the surge in oil prices is keeping fears of rising global inflation alive…Unlike Egypt, Libya is a significant oil producer. We maintain our view [first published on Feb. 3rd] that IEA and OECD countries should put their Strategic Petroleum Reserve (SPR) on a standby, ready to be released.”
