speculation

Speculation drove silver’s surge, but the high prices are now pushing solar makers to switch to copper.

Holding it doesn’t abate risks such as modest consumer price inflation; yet owning it at today’s prices creates a significant risk of loss.

Traders believe they can foresee short-term price movements. They’ve been fooled by randomness. That’s why they lose – and investors win.

Stock market booms and busts are rare. However, the dominance of passive investing has fuelled a dangerous cycle of market instability.