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Gold/Mining/Energy : Silver prices
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To: Bo Bob Brain who wrote (1008)4/7/1998 9:48:00 AM
From: Alan Whirlwind  Read Replies (1) of 8010
 
Bro: Remarkable foresight on Bo's part once again. I believe it was Solomon, in his time the world's foremost authority on precious metals, who in one of his proverbial sayings intimated that among a thousand men he had found but one who was competent, and among women, none. I can visualize Solomon turning to the internet in his search for competence and then penning his scripture before coming to the realization that his one competent man was actually a woman.

Last week on April Fools night I sent my broker an e-mail to the effect that Buffet announced the dumping of all his silver and that silver was down $2 an oz in overseas trading. That was the kind of dramatic drop one might have expected ordinarily on such a revelation, though perhaps not in one trading day. Look at silver yesterday--down 27 cents at one point, but closing up off its lows down 20 cents. Silver is opening UP this morning. It would not act like this if the Buffet news was a total negative.

I believe we are seeing a confirmation that the market in silver has indeed turned around. As in the stock market for how many years, bad news is now being perceived as good news, or at least neutral. Silver stocks on hand for COMEX delivery continue to decline. Another weak long leaving the game, even a Warren Buffett, is a positive longer term. --Alan
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