TRADERS are long on silver as the precious metal looks like it might be setting up to test its highs from earlier in the year of around $50. The precious metal has seen its fair share of volatility in the last week – dipping back below the $40 mark – so could be a buy. Capital Spreads quotes a price of $39.80-$39.83 for its silver September contract.
Silver miner Fresnillo has reaped the benefits of the recent silver run, and has seen its share price rally over the past month from around 1,280p to its current level 1,749p. With the global economy still looking shaky, we could see a further push into safe haven metals. It is also reporting figures tomorrow, which should be taken into account. Capital Spreads quotes 1,750.1p-1,752.9p.
Millennium & Copthorne Hotels releases earnings later in the week and the share price has been tracking that of its bigger peer IHG incredibly closely over the last few years. With its selective geographic exposure, ventures in the lucrative Chinese market and relatively conservative P/E, many will be hoping for upbeat news. IG Index quotes 509.7p-512.8p.
Brent crude has been trading near its highs for a good month with the situation in the Middle East and north Africa sliding into the background. Although the recent report from the International Energy Association was taken with a pinch of salt, the downside is starting to look appealing to the bearish traders who have been sitting on the sidelines of late. Capital Spreads quotes a price of $116.65-$116.70 for the September Brent contract.