Thursday, March 19, 2009
Merrill Switches Profit on Silver Into Base Metals
Merrill Lynch Global Wealth Management is switching profit made on gains in silver into industrial metals as output cuts curb supply and investors become less negative about prospects for economic growth.
“We have taken some profits on the very strong performance on silver, switching into base metals,” Gary Dugan, London-based chief investment officer for Europe, the Middle East and Africa, said in an interview by phone today. “We are still underweight base metals, but we are increasing our weighting.”
Silver, which rose 29 percent this year to a Feb. 23 peak, has slipped 16 percent since as a gauge of base metals traded in London rose 8 percent and the Standard & Poor’s 500 Index of U.S. stocks gained 4 percent. Commodities will outperform equities and bonds as companies sell shares to raise cash and governments issue debt to fund stimulus spending, Dugan said...
Bloomberg: Merrill Switches Profit on Silver Into Base Metals
“We have taken some profits on the very strong performance on silver, switching into base metals,” Gary Dugan, London-based chief investment officer for Europe, the Middle East and Africa, said in an interview by phone today. “We are still underweight base metals, but we are increasing our weighting.”
Silver, which rose 29 percent this year to a Feb. 23 peak, has slipped 16 percent since as a gauge of base metals traded in London rose 8 percent and the Standard & Poor’s 500 Index of U.S. stocks gained 4 percent. Commodities will outperform equities and bonds as companies sell shares to raise cash and governments issue debt to fund stimulus spending, Dugan said...
Bloomberg: Merrill Switches Profit on Silver Into Base Metals
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