Viernes 17/09/10 CPI, sentimiento del consumidor

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9:55 AM ET

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Los futures del Dow Jones 14 puntos al alza.

El Hang Seng +0.24%, Korea +0.22%, Australia +0.52%. el Shanghai C. +0.05%, el Nikkei + 0.76%.

Yen up 85.70, euro down 1.3074

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Oil down 74.56, Au up 1,275.90, futures cu down 3.49, Ag up.

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Copper September 16,21:46
Bid/Ask 3.4741 - 3.4786
Change +0.0015 +0.04%
Low/High 3.4695 - 3.4831
Charts

Nickel September 16,21:48
Bid/Ask 10.4939 - 10.5392
Change +0.0227 +0.22%
Low/High 10.4621 - 10.5392
Charts

Aluminum September 16,20:34
Bid/Ask 0.9567 - 0.9612
Change +0.0023 +0.24%
Low/High 0.9544 - 0.9612
Charts

Zinc September 16,21:42
Bid/Ask 0.9647 - 0.9693
Change +0.0030 +0.31%
Low/High 0.9594 - 0.9693
Charts

Lead September 16,21:30
Bid/Ask 0.9870 - 0.9916
Change +0.0023 +0.23%
Low/High 0.9847 - 0.9938
Charts

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Chile sube sus intereses a 2.5%

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El ID para la clase es 132-047-929

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Silver Hits '80 Level; Gold Sets Fresh High

By LIAM PLEVEN And CAROLYN CUI
There's a silver lining to the gold rally.

Silver futures on Thursday hit their highest level since 1980, the year the Hunt brothers allegedly attempted to corner the market. Individual investors are snapping up new Silver Eagle and antique coins, and hedge funds have been plowing money into the metal since midyear.

The fervor has pushed prices up 4.8% this week alone, and 23% this year, outstripping even gold's 16% gain.

A clerk weighs gold and silver in Seoul in August. Both are rallying.
.Silver settled Thursday at $20.7450 a troy ounce, topping its 2008 high of $20.685 and hitting the highest level since Oct. 15, 1980. Prices hit their all-time high of $48.70 in January 1980, fueled by the Hunt brothers' buying.

Gold, meanwhile, set a record high Thursday for the second time this week, rising 0.4% to $1,271.90.

Like gold, silver is benefiting from investor concerns that paper currencies could lose value as governments try to stave off the threat of another recession.

"I have zero faith in the U.S. dollar going forward," said Chad T. McNair, a silver investor in San Antonio. "As we continue to print money to bail out banks and companies, we will continue to destroy the dollar. Then, hard assets are going to be the last standing."

Mr. McNair buys both silver bullion and junk silver coins, which are coins minted by the U.S. government before 1965 and containing 90% silver. He likes silver because it can benefit from both industrial and investment demand, since silver is widely used in electronics, photography and jewelry.

Lately, investor interest has been helping compensate for industrial demand, still in recovery mode after the financial crisis. Barclays Capital estimates the amount of silver used for fabrication will rise 5.4% from a year ago, not enough to soak up silver supplies on its own.

By year's end, there will be a surplus of 4,480 metric tons of silver, as production from mining and recycling outstrips demand, says Barclays.

"We're still in a surplus situation," said Brad Kopp, head of investor relations for Silver Wheaton Corp., a Canadian silver company. But should industrial demand return, that could be alleviated.

Meanwhile, hedge funds have been adding silver into their portfolios since mid-2010, said Charles Gradante, co-founder of Hennessee Group, an adviser to hedge-fund investors.

Some institutional investors are also interested. Foxhall Capital Management Inc., which oversees about $900 million in investments for insurers, pension funds and others, has raised its holdings of iShares Silver Trust, a silver fund. The firm is betting both on demand for commodities and on the risk of inflation, both of which could boost silver prices. "It's a combination play," said Paul Dietrich, CEO of the Orange, Conn.-based firm.


.Sales of American Eagle silver coins at the U.S. Mint have risen an estimated 17% in the first three quarters of this year, which is down from last year, when sales soared 47%.

As prices rise, some buyers are shifting toward junk silver coins, which are cheaper than other coins, according to Ross Hansen, founder of Northwest Territorial Mint, a Federal Way, Wash.-based precious-metal dealer.

Junk silver sales have climbed to 35% of total silver sales, up from 22% last year, Mr. Hansen said.

Record silver prices have lured banks and coin collectors who have held on to these coins back into the market.

That points to a risk to the silver price—that high prices could bring new supplies onto the market, which could in turn send prices down.

The recent strong silver rally has driven the traditional relationship between gold and silver prices back down toward the typical ratio of 62 to 1. That ratio was in the upper 60s for much of the summer, but fell to 61 to 1 on Thursday.

Silver prices tend to swing more widely than gold, throwing the ratio out of whack at times. In 2008, for instance, the ratio swung as low as 48 to 1 and as high as 84 to 1.

That can also heighten the risk for investors. "If gold has a correction, then silver will tend to correct more," said Anne-Laure Tremblay, an analyst with BNP Paribas.

And there are some nascent signs investor demand could be nearing a limit for now. The silver holdings of exchange-traded funds are up 6% this year, after racking up a 50% gain in 2009, according to Barclays.

Silver is still well below the record high hit in January 1980, the year the big silver bet by William Herbert Hunt and Nelson Bunker Hunt began going sour. Prices dropped sharply early that year, slamming the value of the Hunts' holdings.

On an inflation-adjusted basis, silver prices are even further from their 1980 high. The last time silver was higher than Thursday was on Oct. 15, 1980, when it settled at $20.98—$55.94 in 2010 dollars.

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+49

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El CPI core fue 0.1% sin cambio, no good, el otro subio 0.3%, preocupacion por la deflation.

+26

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+18

Oil up 74.59

Au up 1,277.10, futures cu up 3.5410

+22

Libor igual 0.29%

Europa mixta, el Asia cerro mixta.

Yields down 2.70%

+27

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Los metales siguen subiendo

Copper September 17,08:34
Bid/Ask 3.5123 - 3.5169
Change +0.0398 +1.15%
Low/High 3.4673 - 3.5376
Charts

Nickel September 17,08:34
Bid/Ask 10.6209 - 10.6322
Change +0.1497 +1.43%
Low/High 10.4621 - 10.7343
Charts

Aluminum September 17,08:30
Bid/Ask 0.9703 - 0.9708
Change +0.0159 +1.66%
Low/High 0.9522 - 1.0256
Charts

Zinc September 17,08:28
Bid/Ask 0.9797 - 0.9842
Change +0.0180 +1.87%
Low/High 0.9594 - 0.9919
Charts

Lead September 17,08:34
Bid/Ask 1.0013 - 1.0058
Change +0.0166 +1.68%
Low/High 0.9847 - 1.0120

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+30

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El sector tecnologia listos para un rally.

No hay inflacion.

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Marcus: Obama no tiene una buena vision del futuro. (de nada diria yo, excepto de su socialismo)

Ag up 20.9

Todo parece indicar que tendremos un bonito dia para finalizar una semana positiva.

Se espera que la confianza del consumidor suba.

Europa pasa al alza.

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Los mercados emergentes son destinos cada vez más importantes de inversión, aseguró Ludwig He, director ejecutivo y jefe de inversión en mercados públicos de CIC, el fondo soberano de China. Esto se debería, según el funcionario, a que es probable que los rendimientos en mercados maduros de renta fija como EE.UU. y Europa permanezcan bajos en el futuro cercano.

China ha sido "demasiado lenta" en su avance hacia un tipo de cambio flexible, declaró el secretario del Tesoro de EE.UU., Timothy Geithner, ante el Congreso de ese país. El funcionario, sin embargo, se abstuvo de calificar a Beijing como un manipulador de divisas.

El Banco de Japón inyectó liquidez en el sistema bancario el jueves en una señal de apoyo al esfuerzo del gobierno por debilitar el yen al dejar circular efectivo de la masiva intervención del jueves en el mercado cambiario.

ACS, gigante español de la construcción, anunció que quiere obtener el control de Hochtief, un proveedor alemán de la industria del que posee 30%. ACS lanzará una oferta por todas las acciones de Hochtief valorada en US$3.550 millones. Con la operación, ACS espera reducir sus costos y generar un mayor valor de su inversión.

La Unión Europea aprobó un acuerdo de libre comercio con Corea del Sur, la décimo segunda mayor economía global. El año pasado, ambas partes tuvieron un intercambio comercial de US$74.300 millones, por lo que su pacto es uno de los más grandes del mundo, comparable apenas con los acuerdos de Australia con China y EE.UU. Se espera que el tratado entre en vigor en julio de 2011.

Fiat recibió la aprobación de sus accionistas para un plan que dividirá al mayor grupo industrial de Italia el próximo año y que permitirá a la división de autos operar independientemente de las de camiones y tractores. El presidente ejecutivo, Sergio Marchionne, sostuvo que ahora la operación de autos podrá concentrarse en la feroz competencia que enfrenta.

La petrolera francesa Total anticipa que los proyectos de exploración de crudo en el Golfo de México tarden 20% más que antes del derrame de petróleo de BP en abril. El presidente ejecutivo de Total, Christophe de Margerie, declaró que una regulación más estricta por parte de EE.UU. producirá retrasos en la aprobación de contratos de perforación, lo que a su vez elevará el costo para las petroleras y afectará su producción.

ISA, estatal eléctrica de Colombia, anunció la compra de 60% del operador chileno de carreteras Cintra por US$290 millones en efectivo. ISA tiene la opción de comprar el resto de Cintra, aunque no se ha determinado cuándo ni por cuánto.

Petrobras prevé que Tupi, su enorme reserva de crudo en aguas profundas, alcance una producción de 100.000 barriles diarios para 2012, dijo Alberto Sampãio, asesor de la petrolera estatal brasileña. Tupi, con entre 5.000 millones y 8.000 millones de barriles, está en una fase piloto con una producción limitada de unos 14.000 barriles por día.

CSN, siderúrgica brasileña, lanzó un bono perpetuo por US$1.000 millones con un rendimiento de 7%, según fuentes cercanas. Se espera que CSN use los fondos para recomprar US$750 millones en notas perpetuas que vendió en 2005.

Scotiabank, con amplia presencia en América Latina, adquirió Dresdner Bank Brasil S/A-Banco Múltiplo, lo que le permite acelerar su crecimiento orgánico en el mercado brasileño, informó el banco canadiense. No se revelaron los detalles financieros del acuerdo.

Amado Boudou, ministro de Economía de Argentina, dijo que el presupuesto para 2011 propuesto al Congreso incluye US$7.500 millones para un fondo de pago de deuda que será financiado con reservas extranjeras excedentes en el banco central. La cifra es similar a la que el país le debe al Club de París.

Entree Gold, empresa canadiense de exploración de minerales, anunció que podría adquirir 70% en la propiedad Lukkacha en Perú, donde espera encontrar reservas importantes de cobre.