Where is The Hat? No, it is not a reference to the red carpet dress of the Grammy awards attendees or the Melania premiere, but to the Chinese metals dealer, Xu Maohua, nicknamed “The Hat”.
Based in the city of Foshan, in Guangdong Province, in China, Xu has disappeared, adding to the anxiety swamping the world’s metals markets. This week, the prices of gold and silver have plummeted. On Monday, gold fell eight per cent while silver was off by seven per cent. But that silver decline was nothing compared with Friday’s, when it was down by 30 per cent. Some of that reduction was due to growing concerns and rumours surrounding The Hat and his activities.
