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Gold/Mining/Energy : Silver prices

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To: Douglas M. Benedict who wrote (6126)	11/12/2002 12:51:27 AM
From: Douglas M. Benedict	of 8010

just a follow up... PAGE 29 of the full report seems to disagree with comments by mr. Wolkoff in that the report suggests hedging was done by way of options and not short positions (unless maybe the large traders mr. Wolkoff referred to aren't producers): "As you know, the law prohibits me from disclosing the identity of market participants. However, you should be aware that we consistently survey the large market participants and report all of our findings to the CFTC. Based on our oversight, there is no evidence of any rule violations among large traders. A very substantial percentage of their aggregate short positions are covered by physical holdings. There is no common corporate relationship among the four, and their conduct appears to reflect their respective and individual business needs and market views. In sum, there is no evidence of conspiracy among the four, or other manipulative conduct by any one of them"

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