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Gold/Mining/Energy : Silver prices
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To: Ray Hughes who wrote (1172)5/23/1998 8:21:00 PM
From: ForYourEyesOnly  Read Replies (1) of 8010
 
Does supply/demand as seen in production/consumption figures matter as much as we think?

As shown below the average DAILY silver volume cleared in the LBMA alone is on the order of 270 million ounces. If we look at that as an annualized figure.....Mr. Buffet's purchase does not appear to be significant in terms of volume.

Any comments?


LONDON, July 14 (Reuters) - The average daily turnover of
gold cleared through London fell slightly in June to 32.2
million ounces per day from 32.4 in May, according to figures
issued by the London Bullion marketing Association on Monday.

In value terms the daily average was also lower at $11.0
billion, from $11.1 billion in May. It was the lowest average
daily value since December last year.

The average daily silver volume cleared in June rose sharply
to 270.5 million ounces from 236.6 million in May, while the
average daily value cleared rose to $1.3 billion from $1.1
billion in May.

The average number of transfers in June for gold was 1,105
compared with 1,154 in May. There were 513 silver transfers
on average up from 455 in May.

The average afternoon gold fixing in June was $340.76 per
ounce, down from May's $343.84, and silver's average fixing
was $4.755 versus $4.759 in May. *******************
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