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Gold/Mining/Energy : Silver prices -- Ignore unavailable to you. Want to Upgrade?

To: Little Joe who wrote (5235)	5/24/2002 6:47:58 PM
From: Canuck Dave	Read Replies (1) \| Respond to of 8010

It is my understanding that in silver, "commercials" are not producers. Look at PAAS. They are completely unhedged. The commercials are rumored to be 4 large derivative firms, the largest of which is JPM, and the fourth is good old Nova Scotia. From time to time there is buzz on the threads about derivative exposure of these people and the associated bullion banks who make up the bulk of the carry (borrow and sell) trade. A great scheme while it worked, sending silver prices lower and lower, but like all sure things, it bumps up against some reality some day. Like 83,000 contracts (that's 415 MILLION ounces) with no silver to deliver against them. Might happen. CD