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

To: Michael who wrote (7309)	2/5/1998 6:12:00 PM
From: Sergio R. Mejia	Read Replies (1) \| Respond to of 116762

Silver prices end higher for fifth day ( Is Gold to follow it?) February 5, 1998 NEW YORK (Reuters) - Silver prices climbed higher for the fifth straight day Thursay, but ended off the day's best levels after news the London Bullion Market Association (LBMA) had eased delivery terms for silver bullion to alleviate a shortage of the metal for immediate delivery. "There was some healthy profit-taking and trade selling in silver today, but with around 40 million ounces of silver still to be delivered to Warren Buffett, volatility is going to remain high," Ted Kemp, an analyst with industry consultants CPM Group in New York, said. COMEX March silver ended up 26 cents at $7.280 an ounce, after seeing a new contract high of $7.370 early in the session. In the bullion market, spot silver ended quoted $7.59/69 an ounce, off the day's highs around $7.90. Earlier Thursday, silver fixed in London at $7.5460 an ounce, a new 9-1/2-year high. In New York Wednesday, spot silver ended quoted $7.28/33. Silver prices have gained about 25 percent in the last four days and are up about 60 percent since mid-1997. "The LBMA gave the market more time to sort out the mess, as silver is pouring into London and there's only so many bars you can check in a day," Scott Mehlman, chief bullion dealer with Credit Lyonnais Rouse, said. The LBMA said it was temporarily extending the period for physical delivery of silver to 15 days from five days to improve liquidity in the market. "Good silver is not in short supply but is located in various market centers around the world and this extension will facilitate an even flow into members' vaults in London," the LBMA statement said. On Wednesday, the Bank of England confirmed it was monitoring the silver market, after the U.S. Commodities Futures Trading Commission (CFTC) confirmed two weeks ago that it had heightened its surveillance of the market. The latest surge in silver prices follows news late Tuesday that billionaire Warren Buffett had bought 129.7 million ounces of silver in the last few months, about 15 percent of the world's annual supply and 20 percent of above-ground stocks. Phibro Inc. admitted Wednesday it was the broker for Buffett's silver purchase. Last month, New York lawyers filed a class-action lawsuit against Phibro, alleging manipulation of the silver market at least partly by removal of silver from COMEX warehouses to vaults of LBMA members. COMEX warehouse silver stocks were unchanged at 103,021,805 ounces in Wednesday night's data, after seeing a new 12-year low Tuesday. Phibro vigorously denied the lawsuit's allegations through counsel, and the New York Mercantile Exchange said there was "absolutely no basis" for allegations of manipulation. Phibro is the commodities trading arm of investment bank Salomon Smith Barney, which is part of the Travelers Group, and is, in turn, partly owned by Warren Buffett's holding company, Berkshire Hathaway.

To: Michael who wrote (7309)	2/5/1998 6:28:00 PM
From: Sergio R. Mejia	Read Replies (1) \| Respond to of 116762

"an extended triple top...,...we are on the verge of a major bear market in U.S. equities" (Kaplan) Gold Mining Outlook by Steven Jon Kaplan Updated @ 5:25 p.m. EST, Thursday, February 5, 1998. geocities.com The volatility index, a measure of implied volatilities for U.S. stock index options which demonstrates complacency vs. fear in the market, closed up 1.01 at 22.04 after hitting an intraday low of 20.74 on Wednesday, its lowest level since 20.73 on August 7, 1997 when the Dow Jones Industrial Average was touching its all-time high. The VIX has been below 25 since January 16, indicating a lack of investor concern about a drop in the stock market. If a rise in the VIX is accompanied by continued bearish key reversals, such as that seen Thursday in the S&P 500 Index, while the Dow plunges below 8000 as the Nasdaq collapses, this would complete an extended triple top, a very bearish chart pattern. Recent weakness in the bond market increases the possibility that we are on the verge of a major bear market in U.S. equities.

To: Michael who wrote (7309)	2/5/1998 9:16:00 PM
From: D LEE	Read Replies (1) \| Respond to of 116762

Michael: Re: "until apparent the Financial System is out of control. What it will take for that I don't know" How about a brake down in the communications system? This has been playing on my mind for a long time as the catalyst for changes to occur, and quickly. Since we are all heavily invested and wondering (seeking) the occurrence we will have to watch out for to avoid being in at any woeful time, The cause of it will be inability to satisfy our curiosity! With communications breakdown the lucky ones using other means of access will pull out for safety (they might get a 3 or 4 minute window) before the bottleneck cripples demand as well. No one "able to" will be willing to buy, and there we go. They may close the market quickly and have a fight trying to get it opened again with safety while all us holders generate suspense and the desire to react to it. Closed or not most likely it will be too late. Bottled-up Instant Hell. The Long term plans and aspirations will chang well before sunset, let alone over night. The reason I'm thinking this, comes from the fact that the powers use confusion so well to manipulate our emotions. It leads me to the conclude - "They will finally hit a roadblock when the confusion we suffer is not the result of their effort." That is a different animal though I think they have their "if - thens" lined up. Since they seem to be so good at it, despite the way things are going , prediction of a big enough shakeup caused by other than a communications breakdown is too hard to put a handle on; like the constant story changes if you've ever had the misfortune to get familiar with a soap opera. The soap opera and the soap box both put too big a distance between faith and truth. Who can figure -when they're playing games? The Soapbox values our faith and uses it at the expense of truth. At least the opera gives us both. Dave