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Gold/Mining/Energy : Silver prices

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To: Gene Veinotte who wrote (715)	2/16/1998 5:36:00 AM
From: Aurum	Read Replies (2) of 8010

Hogwash! the rupee took a major tumble a couple of months ago - so the price of silver in rupee terms went up considerably. If we were going to see any major dumping from India it would have occurred before now. The increase from US$6 to US$7 is not significant compared to the drop in the value of the rupee. Also, a lot of the silver is owned by relatively poor people. To them the few ounces of silver they own are only for use in emergencies - rather than for trading. The rich do own large quantities of silver - but I understand that most of this is kept secret from the government, and was often smuggled into India. How difficult is it going to be to smuggle 100,000 tons out? The reference to 1.7 tons being dishoarded in a three day period is laughable - that's 6.2 million ounces a year! It would need to come out at one hundred times that rate to keep the price down.

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