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

To: ForYourEyesOnly who wrote (662)	2/7/1998 5:32:00 AM
From: Pete	Respond to of 8010

SILVER HITS NEW 9 1/2 year high- I was wondering where Soros was in all this silver stuff. Thought I read something about him being behind a company. One thing this does is give a focus to how a smaller commodity like silver can get in the news and effect markets. Especially after investors get educated about it. Wonder if another metal will step up to the plate???? ____________________________________________ Full story Silver up in London after travelling in wide range 11:31 a.m. Feb 06, 1998 Eastern LONDON, Feb 6 (Reuters) - Silver traded higher in London on Friday after a volatile session which saw it up to a new 9-1/2 year high before running into fresh selling. Silver was last quoted at $7.42/$7.47 against the previous London close at $7.30/$7.40. The metal was fixed on Friday at a fresh 9-1/2-year high of $7.81 an an ounce. ''It is just losing a few of the gains but I still anticipate we are going to see a volatile week next week,'' a dealer said. Gold was fixed lower in the afternoon at $299.10 an ounce against the morning fix at $301.60. Spot gold was last quoted at $299.00/$299.50 from Thursday's close at $296.15/$296.65. ''Basically the market is very active. Obviously most of the focus is still on silver but gold has been pretty volatile as well,'' one dealer said. Silver gained more than a dollar since last Friday. The metal surged higher on Wednesday on news that U.S. billionaire Warren Buffett had bought 20 percent of the world's estimated annual silver supply. Silver lease rates were lower on Friday after the London Bullion Market Association's decision on Thursday to extend temporarily the period for physical delivery of silver from five to 15 days to improve liquidity in the market. ''We've also had a bit of lending back into the market place and that is why silver partially gave up some of its gains,'' the dealer added. Gold was lower tracking a softer silver but brokers GNI said in a report that negative news for bullion came out of Korea where Daewoo Corp (03810.KS) said it would continue to export gold collected by Korean financial institutions from citizens in a campaign to help the country's economy.