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Gold/Mining/Energy : Gold Price Monitor

GDXJ 101.44

+3.5%

Nov 12 4:00 PM EST

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To: Mark Bartlett who wrote (7274)	2/5/1998 8:59:00 AM
From: Bucky Katt	Read Replies (1) of 116758

MB--You are joking, right? Where do you think the supply has been coming from to keep pace with the demand the past few years? 739 million oz. were consumed last year, while 570 million oz. were produced, so where did the difference come from? Scrap, including coins. This is what Buffett saw, a physical supply problem. And that is why we have what is called a "backwardation" in silver right now--ie- spot higher than futures. This is because those that have sold short must buy the physical, because Buffett wants delivery of the metal. Let me say it again--he wants delivery, now!!! This is not some jack-off futures play that can be manipulated away by the CFTC. No paper play this time. There will be a lot of firms hurt badly by this, and they deserve it. They are most likely very sick about now. Call it leverage in reverse! And, obviously, gold and silver up sharp at the open this am. Maybe people are starting to think this metals thing can hunt.

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