Anyone know why the price is showing at $17.25 today? It was close to 10 times that yesterday. Being an ETF there isn't a lot of news on it so I can't find reasoning as to why the change took place... I'm assuming the fund is restructuring and that it's not a case of silver losing 99% of it's value overnight.
So yesterday in a huge blow to the Kirchner administration in the vice president cast a tie breaking vote against a grain export tax bill. There's been an on going conflict in Argentina between farmers and the goverment since March when the adminstration set in place a sliding scale increase in export taxes on crops like wheat, sunflower seeds, soy beans, and corn. With world corn and soy and food prices in general sky rocketing lately the tax was obviously a big blow to the pockets of the argentinean farming community. It was highly controversial causing many farmers to strike and ultimately the resignation of the minister of economy and production, Martín Lousteau, after all of 4 moths in office. Ultimately the Kirchner's in an effort to quite some of the unrest the tax's caused decided to let congress vote on the withholdings and congress rejected the measure. [more]
Been diggin through 20-Fs for S.Am countries lately. Figured I'd post my thoughts on these companies as I go through them. [more]
From Jim Jubak's column today: [more]
Recently decided to add some hedge positions to both my caps and RL portfolio. I dumped my gold miner stock and started a small position in the GLD ETF with some of the generated cash. Reasoning being the big motivator behind the miners ups and down was generally the price of gold so I figured why not go with the straight gold play. Figure gold prices might drop some more though before going higher so I'll wait a little before picking up some more. I tought briefly about SLV instead but I think silver is for people more enthousastic about precious metal than I am. Plus GLD has a more negative beta, which is what I'm looking for. [more]