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Gold/Mining/Energy : Silver prices
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To: Alan Whirlwind who wrote (1754)2/23/1999 10:06:00 PM
From: paul ross  Read Replies (1) of 8010
 
Can any of you trader types explain the transaction Christian describes below:

NEW YORK, Feb 23 (Reuters) - The recent apparent tightness in the silver market, as characterized by firmer lease rates and backwardations in the forward markets, was attributed in part to the withdrawal of one of the brokerage companies from the market, according to consulting firm CPM Group.
''One of the brokerage companies, which had a large cash and carry position, was liquidating that position and exiting the precious metals trading business, as part of an announced retrenchment at that firm,'' he said at the presentation of the firm's 1999 Silver Survey.
''That company's traders were said to have been supporting the contango until they could liquidate their silver positions,'' he added. ''That exercise was largely completed by the end of January, at which point they allowed the foward spread to collapse.''

Quote from Alan's post:
biz.yahoo.com
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