Silver, has it turned?

50USD by year end? We think so. Some pundits are even calling for 150USD, although we don't think this is on the cards for 2011. The market has shown in the past that such moves are indeed a possibility (albeit remote according to us).

Long Microsoft

Monopoly, selling software around the world, 90% of all PC's run Windows OS on a 10 pe etc, do we need to say more....

So we just went long at 24.69USD for our off-shore portfolios.

Closed short USDZAR position

We closed our USDZAR short booking a tidy profit.

We think the SA market could do a bit better for the next week or two, stronger ZAR mainly because a good election, no violence etc.

We are looking at AGL, BIL, MTN, BTI and CPI at the moment.....

Pierre