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
Inflation With markets as ever getting ahead of themselves by many having decided that the inflation peak is a yesterday thing, there is a dawning realisation that with the current levels of USA 6.5%, 9.2% UK and 10.4% EU as at Dec 2022, inflation is not only well above target of 2% but is still […]
Will they, won’t they It’s one week to the day until the next Bank of England decision. It will prove critical to the value of GBP and perhaps prove to be a defining feature of the currency market for at least the first quarter of this calendar year. Bank rate in the UK currently sits […]
UK Government Borrowing By Numbers Many people have a disconnect when it comes to linking government finances with their own-bring on the idea of teaching finance as part of the school curriculum-however, yesterday’s release showing the government borrowing figures fall into the category of both attention grabbing but so eye watering that many will likely […]