Investment activity was the principal driver of fluctuations in the silver price in 2011, said the World Silver Survey.

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From a regular elementary school, the principal cited many anecdotes of positive activity.

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Mr Esteves counters that principal investments, including proprietary trading and private-equity activity are only 15-20% of income, although this is still quite high by the newly chaste standards of Western firms.

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Even today, as leasing activity in Manhattan has slowed overall, Grant Greenspan, principal at Kaufman Leasing, says he expects to fill the entire building before the summer.

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"Six months ago, we didn't have this kind of activity as a local college, " says Andy Berry, vice-principal of Bridgwater College.

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