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Gold/Mining/Energy : Silver prices
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To: TD who wrote (3016)10/17/2000 7:25:55 PM
From: TD  Read Replies (1) of 8010
 
Silver did not fare so well today, down almost 4 cents and breaking through support. While it was clear that this drop was "stop hunting" by some noted bullion banks and brokers, further declines may come. There are continued stories in the market of a very large long position that has stops in the market nearby. Naturally, the professional traders would love to take that position out. While prices may head lower, and could do so very quickly, I do not sense that there is a whole lot of room on the downside in silver at present. Certainly 8-10 cents would be possible, but my sense is that prices in the $4.70's will be considered cheap.


commentary courtesy of
Leonard Kaplan, Prospector Asset Management.
E-mail: lkaplan@prospectorasset.com
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