What happened this week: The uncertainties in the market are growing and the various reports circulating are adding nicely to the speculation. There is a bit of truth in much of information and gossip being spread around, but many of these reports — at least as far as we are concerned — are sending out the wrong impression. There are many small issues, but with the market being as emotional as it is at the moment every opinion or rumour can find a willing believer. Basically we are still in a situation driven by fear rather than anything else and as Italy failed to deliver any news to the public again, uncertainty remains hovering over the market.

The US$ continued its fall from record low to record low and this did not support sales to Asia either and in such a market environment those with a vested interest found it easy to nurture the state of fear which has been growing  for some time by merely starting a few well-placed rumours and bids. As far as the ‘normal’ market conditions were concerned it was a reasonably normal trading week. Despite the current situation we still saw a reasonable amount of interest and, when people were willing to suffer the pain of another 1.5 % loss in the US$ value, sales at steady or moderately discounted prices were still possible to achieve in adequate quantities.

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