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Gold/Mining/Energy : Silver prices
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To: Mark Bartlett who wrote (1130)5/11/1998 8:56:00 PM
From: marcos  Read Replies (1) of 8010
 
"Silver prices dropped sharply in what traders said was a selloff by speculators, while gold prices remained steady on expectations that financial reserves at the new European Central Bank (ECB) will hold a substantial amount of gold.
Silver for July delivery at the COMEX in New York closed 23 cents an ounce lower at $5.732 after sliding to six-week low at $5.725 amid indications that demand from India was slowing.
Industry consultant CRU International said in a report that Indian silver imports in the first quarter of 1998 totaled 220 metric tons, down 84 percent from 1,400 tons a year earlier.
India, the top world consumer, imported 3,919 tons in all of 1997, a rise of 21 percent over 1996.
June gold at the COMEX ended up 50 cents at $301.20 an ounce."
canoe2.canoe.ca

I guess the price has about doubled in Indian terms between 1Q97 and 1Q98.
But I can't see demand overreaching supply yet, or production increasing overall, as the majority (I think) of Ag production is as a by-product of other metal mining, which is all cut back.

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