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Gold/Mining/Energy : Silver prices

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To: Ahmed Elneweihi who wrote (801)	2/26/1998 11:44:00 PM
From: paul ross	Read Replies (1) of 8010

Thank you, Ahmed. We still have a way to go to confirm a bottom here. Things still look positive with silver closing up 12 cents and PAASF closing on its highs(http://quote.yahoo.com/q?s=paasf&d=1d) Open interest showed a further 6000 decline, with a 11,727 loss since the 2/17 breakdown (Latest figures are from IBD. Sometimes the daily figure is off, so I will have to confirm with tomorrow's update). I use the open interest figure for all the contract months. You are correct about a more pronounced O.I. decline on a sideways move being more reliable. A case in point is silver's move from the 7/16 low @ 4.18 (basis 9/96 contract) to the 9/24 close @ 4.75(12/96 contract). We saw a decline in O.I. of about 26,000 contracts, from 101,000 to 75,000. We had about a 65 cent trading range for over 2 months until silver finally closed @ 5.10 on 9/29. Silver's "blue light special" light was sure flashing at that time. During that period, PAASF bottomed at 5.31 in early July and hit 7.00 in late August. It did drop back to 5.90's in mid Sept., but was back close to 7.00 when silver broke above 5.00 on 9/29. PR

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