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

To: philv who wrote (770)	2/20/1998 9:52:00 PM
From: TD	Read Replies (1) \| Respond to of 8010

Philv, this may try and explain it, right now I am still long until March 6th at least to see how/when the remaining silver gets to Warren. Surely there are a few longs holding warehouse receipts that want higher prices? COMEX and NYMEX precious metals futures ended mostly lower Friday, led by renewed weakness in silver. "The funds smelt vulnerability here in silver and the question is, who is left to buy now that Warren Buffett has disclosed his hand," said Dinsa Mehta, managing director for global commodities for Chase Manhattan. COMEX silver stocks fell a further 248,764 ounces in Thursday night's data to 91,577,050 ounces, a new historic low. Spot silver prices saw nine year highs at $7.90 an ounce in February after news U.S. billionaire Warren Buffett had bought 129.7 million ounces of silver. "? there was resistance from India to silver prices above $7.50 an ounce last month, and with the Indian rupee at new lows against the dollar in January, there was extra incentive for Indians to sell silver for a while," Chase's Mehta said. But the domestic Indian premium over the world price for silver has recovered this week to a more normal five percent, suggesting re-exports of silver may have now abated, analysts said. India is the world's largest silver consuming country. In industry news, China's central bank has lowered from Friday the price at which it buys gold to 80.7 yuan per gramme from 88.7 yuan, for gold with purity above 99.9 percent. The central bank cut prices of gold twice last year to try to bring the domestic industry in line with international price levels. The strength of the U.S. dollar and economic slumps in major gold-buying countries in Southeast Asia have cut demand for the metal.