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Former U.S. trade negotiator plots world''s escape from the dollar
From Reuters
Monday, March 27, 2006
http://today.reuters.com/summit/summitarticle.aspx?
type=summitNews&summit=LatinAmericaInvestmentSummit06&storyid=2006-
03-28T044406Z_01_N27318371_RTRUKOC_0_US-LATAM-SUMMIT-PENOLES-
PRICES.xml&show=all&src=cms
MEXICO CITY -- Mexico's Penoles, the world's top refined silver
producer, has raised its 2006 outlook for average silver prices to
around $10 an ounce, based partly on the imminent approval of a new
U.S. investment tool.
Jaime Lomelin, chief executive of Penoles, told Reuters in an
interview on Monday he also thought prices would hold strong for at
least two years.
"Probably prices could be at around $10," he said. "I estimate that
we are sure of having two years of good prices, like we are seeing
now."
The U.S. Securities and Exchange Commission approved rule changes
last week that would allow the American Stock Exchange to list
shares in Barclays Plc's iShares Silver Trust, the first silver
exchange-traded fund (ETF).
The ETF, to be backed by physical metal, has the potential to bring
fresh investment to the market and soak up supply.
The price of silver, used in jewelry, electronics and photography,
rose to a new 22-year peak of $10.92 an ounce on Monday on hopes
that the new fund, which will be backed by silver bullion held in
vaults in London, will boost demand.
Lomelin, speaking at the Reuters Latin American Investment Summit
said strong demand from fast growing economies like China and India
was also underpinning demand for the precious metal.
He said a slowdown in industrialized economies such as the United
States was the only thing likely to hurt demand and bring down
metals prices.
"Everything depends on how the industrialized economies perform," he
said. "If the United States stops consuming, China stops producing."
China uses silver to make many of the products it exports, including
cell phones and computer parts.
Two months ago Penoles forecast prices at $9 an ounce for this year,
but they have since soared.
Lomelin also said the company's giant Met-mex refinery would ramp up
output 9.5 percent to 100 million ounces of silver this year by
buying more silver concentrate from Mexico and abroad.
Penoles forecasts 2006 silver output from its own mines at 50
million ounces, slightly up from last year.
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