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Miners apportion blame

On the wall of my offices we have a cartoon entitled, “Miners Apportion Blame”. In it a group of men is sitting round a board table looking at two charts that both show prices running from the top left corner to the bottom right hand corner. Based on recent trading they could be nickel, gold, oil, silver, iron ore, or most miners’ share prices – take your pick. One of the chaps asks, “who do we blame?”. “Anyone outside this room”, is the response.

One of those groups outside the room that often gets blamed is that grab-bag of traders, speculators and market manipulators.