http://kingworldnews.com/kingworldn...e_Worlds_Richest_Man_Getting_Into_Silver.html Fresnillo is the world's largest producer of silver from ore and Mexico's second-largest gold miner. This is NOT a small financial move in any stretch of imagination. It's like a billionaire decided to purchase Barrick Gold.
That's because Fresnillo is the biggest silver producer in the world. Carlos Slim probably wants the silver for himself, meaning not selling the silver to the market. With billion of dollars, it is impossible to buy silver available in the market. With that kind of money he pretty much can buy the entire silver supply in the market. So instead he buy a silver mine and get it to produce silver for his stack.
I have much respect for KWN but they have a tendancy to hype everything up. This article is one of those hypes!
KWN is not the only one who talks about this rumour. Actually the rumour been going around for a while. http://www.dailymail.co.uk/money/article-1273418/Carlos-Slim-dig-deep-Fresnillo.html http://uk.reuters.com/article/idUKLDE64D1AV20100514 I'm curious on how do you know that this is a hype?
Warren Buffet bought 37% of the world's known silver supply back from 1997 until 2006. That is a LOT of physical silver. Who said physical silver does not produce income? Buying physical silver similar to buying silver mines, you get great profits from share/physical silver price appreciation. Maybe Carlos Slim will buy silver mines for his stock or maybe not. But buying mines is similar to buying physical, you get profits from share appreciation.
The article reads as hype to me, that's all I am saying. As I mentioned KWN have a tendency to "hype" their articles up and get readers excited.
An update of Carlos Slim buying Fresnillo story http://kingworldnews.com/kingworldn...est_Man_Entering_Silver_Gaining_Momentum.html And this is Financial Times piece on the story http://ftalphaville.ft.com/blog/2011/01/04/447746/slim-❤-silver/
