1. Silver lining 银光闪闪Gold's poor relation is on a winning streak 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。
AT the first Olympic games of the modern era in 1896, winners were awarded silver medals. Since then the metal has had to get ud to cond-class status. But for some time now silver prices have been outpacing tho of gold (e chart), its flashier neighbour on the ps设计海报periodic table. On September 29th silver exceeded $22 an ounce, a price not en since 1980 when the Hunt brothers, a pair of Texan oil barons, unwily attempted to corner the market. Then silver spiked as high as $50 an ounce before the strategy unravelled, nding the price crashing and the Hunts back to the oil business.
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
The explanation for the steady ri of silver this time round is less dramatic. But high prices have a better chance of enduring. For investors, silver and gold have much of the same allure. The combination of a weak dollar, low interest rates and economic uncertainty that has convinced some to buy gold and pushed its price up to around $1,300 an ounce has also encouraged them to put their money into other likely-looking stores of value. Silver not only offers investors diversity but it is also supported by real industrial demand.
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
Whereas around 25-30% of gold is bought by investors, only about a tenth of global silver production goes the same way. Roughly half the world’s silver goes to industrial urs (the balance is accounted for by jewellery and other silverware), although their identity has undergone a huge shift over the past decade.
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口臭原因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，较于白星本子09西安一本大学年的腌胡萝卜9
Old-fashioned film for cameras required mountains of silver. According to Merrill Lynch, an investment bank, photographic demand for silver has fallen by more than 60% in the past decade. Even in 2004, when the popularity of digital cameras was already well established, the photographic industry consumed 5,600 tonnes of silver, a fifth of total production. That compares with just 9% in 2009.
New us for the metal plugged the gap left by film. Silver is widely ud in electronics, w
hether in buttons for TVs, in membrane switches in computer keyboards or as a coating for CDs and DVDs. But the great hope for silver is the solar-power industry. Photovoltaic cells, the technology ud in 70% of solar panels, contain silver. Although other technologies that do not u silver are on the ri, heavy government subsidies are forecast to help keep the solar industry growing.
Demand for silver is likely to keep rising in developing countries in particular: China, which ud to export the metal, now imports it. The same cannot be said for supply. As Michael Lewis of Deutsche Bank points out, three-quarters of the world’s supply comes as a by-product from copper, lead and zinc mines. So ramping up production is difficult. Total supplies of the metal in 2009, at 27,650 tonnes, were barely higher than in 2004. Athletes of the future may not feel quite so bad about taking home a silver medal.
站姿礼仪
2.A risk too far冒险过头
Goldman’s judgment may be flawed, but so are America’s curities laws
写动物的英语作文高盛或许打错了算盘，但是美国证券法也是彼此彼此
蓝莓种苗
TALK about bad timing. On January 4th Goldman Sachs said it would buy a stake inFacebook and help its clients to invest in the internet firm too. On January11th it relead a business-standards report aimed at reassuring clients thatthey came first. Now Goldman has discriminated against hundreds of them. It has reluctantly excluded American clients (and its own partners) from the private share placement for Facebook, citing “inten media coverage”. Only overas investors will be able to buy into the $1.5 billion offering.
Goldman’s fear was that the hoopla surrounding the deal could have been construed as a“general solicitation” that breached America’s draconian laws on placements. Itis implausible that Goldman tried to drum up public interest. But details ofthe deal were leaked (by whom is unclear) and the press had a field day. That was enough to persuade Goldman that the risks of going ahead, and being accud of feeding the hype, outweighed the loss of face from shutting out a gment of its customer ba.
