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Gold/Mining/Energy : Gold Price Monitor

GDXJ 113.76

-6.4%

Dec 29 4:00 PM EST

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To: Alex who wrote (7246)	2/5/1998 1:57:00 AM
From: Terry Swift	Read Replies (4) of 116834

Alex: Ah, yes. I was wondering when the CFTC was going to stick its nose into the silver situation. It will be interesting to see their response to B-H's accumulation. The last time someone tried to corner the silver market (the now infamous Hunt brothers), the CFTC changed the trading rules in the middle of the game to save its member firms, who were big time short, at the expense of the Hunt brothers and every other investor who had bought physical silver on the way up. It was the most blatant ripoff in the history of commodity trading and nobody said a word because it was the governing body, the CFTC, that legalized the theft. Buffet undoubtedly learned from the Hunt brother's mistakes. He quietly bought and took delivery to the physical metal outside of the CFTC's jurisdiction. He didn't use futures contracts via the US markets so there is nothing the CFTC can do. Why they are wasting their time over it is a mystery to me. I love it. The shorts (and a lot of them are undoubtedly CFTC member firms) are getting there heads handed to them and there's nothing the CFTC can do to save their butts for them this time. Terry

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