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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (49489)	4/4/2002 10:56:43 AM
From: organicgerry	Read Replies (2) \| Respond to of 65232

From Prospector Asset Mgmt: Silver fell 8 cents today, a bit under 2% in value, as news emerged that the second largest producer of silver in the world, China, issued its first batch of export permits for 2002. These totaled 1,260 tons, up 80 tons from last year. While that was a bit of bad news, more emerged from the financial news. An official of the Chinese government was quoted as saying that the government would be issuing more permits, for greater amounts of silver, if world silver prices stayed at current levels. Only a government official would make such a stupid comment, virtually assuring that silver WILL NOT stay at current levels. After all, now that the market knows that the Chinese are sellers, in size, at these prices or higher, all incentive for higher prices evaporates. Silver has failed at this price level on at least three occurrences, and it looks like it will again. I was a light seller today for discretionary accounts of the firm today, and I now would look to sell any rallies. But, give care to watch gold and oil and the USD. If the external influences on silver are not too bad, sell them rallies.