Graham and Doddsville -- Value Investing In The New Era Message Board

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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era

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To: porcupine --''''> who wrote (1455)	3/14/1999 6:23:00 PM
From: porcupine --''''>	Read Replies (1) of 1722

Berkshire Report Sheds No Light On Silver By Derek J. Caney NEW YORK (Reuters) - Warren Buffett couldn't have covered his tracks any better on his silver position than he did in his Berkshire Hathaway annual report issued Saturday, in which he offered no new information regarding a position he announced in early February 1998. Berkshire Hathaway had nothing specific to say about the silver position as it now stands. In its report issued over the Internet Saturday, it grouped silver along with its other ''unconventional investments,'' as reported in its 1997 annual report, which also included crude oil and U.S. treasuries. A year ago, Berkshire Hathaway announced that it had purchased 129.7 million ounces of silver for London delivery. The announcement caused silver prices to soar to nearly $8 an ounce, its highest level since the early 1980s. The spot bullion price for London delivery is currently hovering around $5.30 an ounce. Saturday the company said, ''We can report ... that we have eliminated certain of the positions discussed last year and added certain others.'' The company report said the only reason Berkshire disclosed its silver position in 1998, which by some estimates accounted for 20 percent of total silver supply, was that ''questions about our silver position that we had received from regulatory authorities led us to believe that they wished us to publicly acknowledge this investment. ''Normally ... we see no advantage in talking about specific investment actions. Therefore -- unless we again take a position that is particularly large -- we will not post you as to what we are doing in respect to any specific holding of an unconventional sort.''

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