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

To: PaulM who wrote (7324)	2/7/1998 6:07:00 PM
From: goldsnow	Respond to of 116762

>>Unlike most, I don't believe silver is anywhere near its top. NEW YORK, Feb 6 (Reuters) - Asarco Inc's top executive projected a silver supply deficit for 1998 and noted that the silver market had been in deficit since 1990. "We've presented this outlook for silver to you for some time," Richard de J. Osborne, president, chairman and chief executive officer, said to analysts at its quarterly meeting. "We've also become aware that other investors have taken a similar view," he said with a slight smile. On Tuesday, investor Warren Buffett said his firm Berkshire Hathaway Inc (NYSE:BRK.A) currently owns 129.7 million ounces of silver. Since the announcement, COMEX March silver has risen 7.7 percent. Known primarily for being a copper producer, Osborne appeared particularly proud that his company is also a by-product silver producer, yielding 7.4 million ounces of silver in 1997. "We're projecting Western World silver supply deficit of 105 million ounces," he said. He said that the company has no intention of altering its mining plan to yield more silver now that prices are high. "We don't have that flexibility, he said. "Historically, we've always rued the day we chased after higher prices" by changing mining plans. In the past, Asarco changed its plans to exploit higher prices for molybdenum, of which it is also a by-product producer. "By the time the plans were done, the price has already retreated and we're stuck with low valued material," Osborne said, adding that the company had no intention to sell forward in this market. derek.caney@reuters.com)) Copyright 1998, Reuters News Service -----------------