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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bucky Katt who wrote (5053)	1/1/1998 12:02:00 PM
From: JD	Read Replies (1) \| Respond to of 116756

Score one for the conspiracy theorists. Not specifically related to POG game but makes you wonder how that is being played out, too. After several months of being told how Silver stocks are at record lows the markets, in a period of 2-3 days suddenly have decided that there's a surplus .... From Bloomberg on-line 01/01/98 ***************************************************************** BN 12/31 Global Commodities: Silver Drops as Supply Crunch Eases London, Dec. 31 (Bloomberg) -- The following is a summary of the latest global commodity markets worldwide: PRECIOUS METALS In LONDON, Silver dropped 2.6 percent to below $6 an ounce as investors and producers sold silver following a recent rally in prices to nine-year highs. The sales are increasing the amount of silver available for purchase, easing concerns about a possible shortage. Those concerns have been fueled by a drop in stockpiles of the precious metal held in warehouses monitored by the Comex division of the New York Mercantile Exchange to 12-year lows and by declines in inventories held in bank vaults in Europe. Consumers, such as silversmiths, say the stockpile declines reflect an attempt by a group of investors to create a perception of a shortage and aren't reflective of the large amounts of silver actually available. ''There is more than enough silver to go around with huge global surpluses above ground,'' said Jim Lunt, chief executive of Greenfield, Massachusetts-based Lunt Silversmiths, which supplies silverware to 3,000 retailers. ''Some people have been trying to fabricate shortages.'' Silver for immediate delivery in London dropped 17 cents to $5.99 an ounce after declining 15.5 cents yesterday. It rose to a nine-year high of $6.40 last Wednesday, a 34 percent gain since the end of October. In NEW YORK, silver for March delivery fell as much as 38.5 cents, or 6.2 percent, to $5.80 an ounce on the Comex division of the New York Mercantile Exchange. On Dec. 24, silver touched a nine-year high of $6.395 an ounce. **********************************************************