As demand for electronic goods slumped at the beginning of LockDown, tin fell to $12,700 in March. The bulk of tin – more than half-is used as solder in electronic products to connect components. By the beginning of this month, tin had risen to over $18,000 but having now slid back to $17,500 is expected to return to $20,000+ later this year. Global semi-conductor sales have actually increased by 5% in the year to 31-07-20, so the stage is set for a further rise in tin for all commodity price watchers.
Appetite for higher risk assets has much reduced in the past two trading sessions and consequently when taken with expectations of some inflation, the Dollar has staged a further bounce with the dollar index against 6 other currencies rising from 91.8 at the end of August to its current 94.56. Other safe haven currencies SFR and JPY also remained firm this week.
All Chelsea fans of a certain age will think that this is a reference to violent scraps with Away teams in the 70’s and 80’s emanating from the Shed End at Stamford Bridge football ground. Not so, today is the anniversary of England’s King Harold ll’s victory over Harold Hardrada, King of Norway at Stamford Bridge, Yorkshire in 1066. King Harold and his army had marched hard to the north to confront the Norwegian invaders and duly beat them off only to learn that another invasion force was on its way from Normandy under Duke William. Still battle weary and exhausted from the forced march north, Harold led his men back southwards to face William at Senlac Hill, Sussex in what became known as the Battle of Hastings. The rest is history and not talked about much at the Shed End at Chelsea.
Never slow to spot a commercial opportunity, the Rolling Stones have this week re-released their 1973 hit album, Goats Head Soup which 47 years ago turned Gold. Cynics might wonder how 3 previously forgotten songs have lain forgotten and undiscovered for all this time, but the new 2020 Deluxe Album trumpets their discovery as sufficient justification to re-release this version of a set of some terrific songs, the best known of which is about Angie the then wife of David Bowie -with both of whom Mick Jagger is reputed to have enjoyed affairs-not entirely fun ones judging by the lyrics below:
Angie
Angie, Angie
When will those clouds all disappear?
Angie, Angie
Where will it lead us from here?
With no lovin’ in our soul and no money in our coats
You can’t say we’re satisfied
But Angie, Angie
You can’t say we never tried
Angie, you’re beautiful
But I hate that sadness in your eyes
Angie, I still love you baby
Remember all those nights we cried
All the dreams were held so close
Seemed to all go up in smoke
Let me whisper in your ear
Angie, Angie
Where will it lead us from here? Yeah
All the dreams we held so close
Seemed to all go up in smoke
Hate that sadness in your eyes
But Angie, I still love you baby
Everywhere I look I see your eyes
There ain’t a woman that comes close to you
Come on baby dry your eyes
But Angie, Angie
Ain’t it good to be alive
Angie, Angie, you can’t say we never tried
Have a great last September 2020 weekend!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
POTUS in Kingdom of Saudi Arabia As one of POTUS’ travelling companions on this week’s visit, Larry Fink of Blackrock represents everything that a US President might want to burnish his credentials in the desert kingdom: head of the largest asset manager on the planet, hugely influential and totally credible. Just a shame that he […]
UK Borrowing Another one for the pub quiz in case it comes up: UK government borrowing stands at £2.8 trillion or £2800 billion. While you digest that number over the chicken in the basket if indeed you are already in the pub, it will have increased by the time you get to the end of this […]
The Art of the Deal Today the UK Prime Minister will be announcing the fruits of his weekend labours after meeting the EU not as an accredited delegate but in a side session on the fringes of the EU Summit in Albania. What was on the table? Youth mobility, which is pol speak for 24-30 […]