Top HSBC metals trader John Levin on his love-hate relationship with silver in his day to day business and some fascinating insights into the current views of major asset managers.
In opening his presentation to the FT’s first Silver Conference, held at the London Stock Exchange yesterday, HSBC’s Managing Director of Global Metals and Trading, John Levin, apologised for just being a trader – not an analyst – and proceeded to give some fascinating insights of views on silver trading from the sharp end. He started by describing silver as “the Devil’s metal” as far as a trader is concerned based on how difficult it is to trade poor man’s gold in normal market conditions. But then in an answer to a question at the end he described silver as “like gold on crack” which was primarily a reference to the volatility which can be seen in the silver price, and a reflection on the attitudes of many silver investors.
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