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1.Silverlining银光闪闪Gold'spoorrelationisonawinningstreak黄金的穷二弟阔起来了2.在1896年第一届现代奥运会上获奖者被授予银牌作为奖励，从此以后银被用作为次级品，但现在银价上涨速度已超过了它光鲜亮丽的周期表邻居，黄金。9月29日银价已超过22每盎司，如此高价自1980年德克萨斯的石油大亨福特兄弟采取不明智之举使市场陷入困境时达到最高。之后银价已高达50每盎司在他们的策率失败之前使价格彻底崩盘，迫使福特兄弟重新做回他们的老本行。ATthefirstOlympicgamesofthemodernerain1896,winnerswereawardedsilvermedals.Sincethenthemetalhashadtogetusedtosecond-classstatus.Butforsometimenowsilverpriceshavebeenoutpacingthoseofgold(seechart),itsflashierneighbourontheperiodictable.OnSeptember29thsilverexceeded$22anounce,apricenotseensince1980whentheHuntbrothers,apairofTexanoilbarons,unwiselyattemptedtocornerthemarket.Thensilverspikedashighas$50anouncebeforethestrategyunravelled,sendingthepricecrashingandtheHuntsbacktotheoilbusiness.3.这次对银价稳步上涨的解释就没那么具有戏剧性了，但如此高价有更好地持续机会。对于投资者来说白银黄金有着差不多的吸引力。弱势美元低利率和经济的不确定性等因素使得黄金被大量购买并推动金价上涨到1300每盎司也鼓励他们把钱投入到其他类似价值的商品上。白银不仅仅提供给投资者多样性的选择，也被真正的工业所需求Theexplanationforthesteadyriseofsilverthistimeroundislessdramatic.Buthighpriceshaveabetterchanceofenduring.Forinvestors,silverandgoldhavemuchofthesameallure.Thecombinationofaweakdollar,lowinterestratesandeconomicuncertaintythathasconvincedsometobuygoldandpusheditspriceuptoaround$1,300anouncehasalsoencouragedthemtoputtheirmoneyintootherlikely-lookingstoresofvalue.Silvernotonlyoffersinvestorsdiversitybutitisalsosupportedbyrealindustrialdemand.大约25-30的黄金被投资者购买，而仅仅占全球10的白银产品被买，大概世界一半的白银被用于工业使用，其余则被制成珠宝和银器，尽管它们的用途在过去十年里发生了重大转变Whereasaround25-30%ofgoldisboughtbyinvestors,onlyaboutatenthofglobalsilverproductiongoesthesameway.Roughlyhalftheworld’ssilvergoestoindustrialusers(thebalanceisaccountedforbyjewelleryandothersilverware),althoughtheiridentityhasundergoneahugeshiftoverthepastdecade.旧式相机胶卷需要大量白银，据投资银行美林数据，摄影业在过去的十年里对白银的需求下降了六成以上，甚至在04年数码相机已开始流行，白银消费仍高达5600吨，占总厂连的15，较于09年的9Old-fashionedfilmforcamerasrequiredmountainsofsilver.AccordingtoMerrillLynch,aninvestmentbank,photographicdemandforsilverhasfallenbymorethan60%inthepastdecade.Evenin2004,whenthepopularityofdigitalcameraswasalreadywellestablished,thephotographicindustryconsumed5,600tonnesofsilver,afifthoftotalproduction.Thatcompareswithjust9%in2009.Newusesforthemetalpluggedthegapleftbyfilm.Silveriswidelyusedinelectronics,whetherinbuttonsforTVs,inmembraneswitchesincomputerkeyboardsorasacoatingforCDsandDVDs.Butthegreathopeforsilveristhesolar-powerindustry.Photovoltaiccells,thetechnologyusedin70%ofsolarpanels,containsilver.Althoughothertechnologiesthatdonotusesilverareontherise,heavygovernmentsubsidiesareforecasttohelpkeepthesolarindustrygrowing.Demandforsilverislikelytokeeprisingindevelopingcountriesinparticular:China,whichusedtoexportthemetal,nowimportsit.Thesamecannotbesaidforsupply.AsMichaelLewisofDeutscheBankpointsout,three-quartersoftheworld’ssupplycomesasaby-productfromcopper,leadandzincmines.Sorampingupproductionisdifficult.Totalsuppliesofthemetalin2009,at27,650tonnes,werebarelyhigherthanin2004.Athletesofthefuturemaynotfeelquitesobadabouttakinghomeasilvermedal.2.Arisktoofar冒险过头Goldman’sjudgmentmaybeflawed,butsoareAmerica’ssecuritieslaws高盛或许打错了算盘，但是美国证券法也是彼此彼此TALKaboutbadtiming.OnJanuary4thGoldmanSachssaiditwouldbuyastakeinFacebookandhelpitsclientstoinvestintheinternetfirmtoo.OnJanuary11thitreleasedabusiness-standardsreportaimedatreassuringclientsthattheycamefirst.NowGoldmanhasdiscriminatedagainsthundredsofthem.IthasreluctantlyexcludedAmericanclients(anditsownpartners)fromtheprivateshareplacementforFacebook,citing“intensemediacoverage”.Onlyoverseasinvestorswillbeabletobuyintothe$1.5billionoffering.Goldman’sfearwasthatthehooplasurroundingthedealcouldhavebeenconstruedasa“generalsolicitation”thatbreachedAmerica’sdraconianlawsonplacements.ItisimplausiblethatGoldmantriedtodrumuppublicinterest.Butdetailsofthedealwereleaked(bywhomisunclear)andthepresshadafieldday.ThatwasenoughtopersuadeGoldmanthattherisksofgoingahead,andbeingaccusedoffeedingthehype,outweighedthelossoffacefromshuttingoutasegmentofitscustomerbase.Thefirminsistsitwasnotarm-twistedbyregulators.Buttheyloomedlargeinitsthinking.ItwouldhavebeendowntotheSecuritiesandExchangeCommission(SEC)tojudge,aftertheplacement’scompletion,whetheritcompliedwiththerules.Ifitwasfoundwanting,eitherGoldman(asunderwriter)wouldhavehadtobuythestockbackatpar,orFacebookwouldhavehadtogopublic.TheSECmightwellhavetakenatoughstancegiventhatitisinvestigatingtradinginprivatemarketsandiskeentolookrelevantafteradireperformanceinthecrisis.ThoughmostoftheexcludedclientsaresaidtounderstandGoldman’spredicament,someareangry.Thefirm’srelationshipwithFacebookhasalsogrowntense.Therealvillainofthepiece,however,maybethe1930slawsthatputsuchastraitjacketonthoseleadingprivateplacements.WhatdoesitsayaboutsecuritiesregulationwheninformationdisseminatedtoaninterestedpublicbythemediamakesanofferingpotentiallyillegalforAmericanstotakepartinbutnottherestoftheworld?Inthiscase,lawsdesignedtoprotectvulnerableinvestorshavemerelyendeduppreventingabunchofsophisticatedonesfrompartakinginwhatmightbeajuicyopportunity.Iftheaffairsparksarethinkofthoserules,somegoodmaycomeofit.3.Thelionkings?狮子王？Afric