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Gold/Mining/Energy : Silver prices

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To: Ray Hughes who wrote (1097)	5/7/1998 8:30:00 PM
From: TD	Read Replies (2) of 8010

Ray, just received my current issue of Futures magazine. There is a three page article on silver, Warren Buffett etc. Wow is it bearish, first point they make is that according to the Elliott Wave the fifth and final wave up is over and silver will make new lows below the double bottom of $3.50 per ounce in 1991 and 1993. It goes on to state that silver at this price 3.50 is still 46% above the inflation adjusted price during the great depression, and therefore has much room to go to the downside below 3.50! There is a side bar and some "trader" explains how Mr. Buffett made a bad choice in buying silver. He is not earning interest and that horrible cost of storage blah blah blah. Wow sure glad I am long, if this article was bullish I might be a little unsure. BTW a table of the CPM study is shown in the article and does show the deficit but the comments under the table explain how India will sell silver like crazy if the price is ever lucky enough to get over $7.00US. Also the vast new amount of silver coming to market from primary miners. Give me a break, I will not renew my subscription to this "objective" magazine designed to help futures traders. Your comment appreciated but only if you wish. TD

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