SB
Sure do. Problem is that moves can really be volatile with huge swings either way when float is small. I try to be extra careful. Suppose you saw this today. Jeffrey Christian sounds a lot like Bill Murphy. . Glad to see someone else agreeing with Bill. Wonder where Mr. Christian has been. If he right, should bode will for ECU.
JimG
Tuesday February 23, 10:14 am Eastern Time
Global silver prices could reach $7.50/oz end
'99
NEW YORK, Feb 23 (Reuters) - Silver prices are expected to reach $7.50 an ounce on a quarterly average basis in the second half of 1999 and $8 to $10 an ounce by 2000, according to Jeffrey Christian, the top analyst at consulting firm CPM Group.
Christian also called for a supply deficit of 144 million ounces in 1999 versus a deficit of 192 million in 1998. He delivered his remarks at a speech launching the consulting firm's 1999 silver survey in New York.
''With (silver) inventories dwindling, something will have to coax the silver out of the hands of the people who hold those inventories,'' Christian said.
Despite the narrowing of the supply deficit, ''it is clear that silver inventories continue to be drawn down and are approaching critically low levels,'' he added. ''The evidence is everywhere in the market, from the price and contango performance to the degree of difficulty fabricators are reporting in finding metal to the behavior of refiners and dealers.''
At the end of 1998, silver bullion inventories stood at 359.8 million ounces, down 217.2 million ounces from the previous
year. ''That represents more than two years of cover for the anticipated shortfall of newly refined silver supply at the
current projected rate of deficit for 1999,'' said Christianson.
At 1007 EST, silver was trading at $5.49 an ounce, up 3.5 cents from the previous close and ranging $5.44 to $5.50. |
