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

To: TD who wrote (771)	2/21/1998 10:56:00 PM
From: Gerald Walls	Read Replies (2) \| Respond to of 8010

"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. Everyone who needed to buy regardless of Buffet's buying? Does the overwhelming industrial demand for silver disappear because someone says that they bought a bunch over the last six months? COMEX silver stocks fell a further 248,764 ounces in Thursday night's data to 91,577,050 ounces, a new historic low. Wow. I guess no one needs to buy. Obviously a higher price will cause some liquidation of investment silver but the industrial demand is rather inelastic and will remain firm. I'm sure Buffet knew that he'd be stuck with the silver for a while and is looking for much higher prices than this to get out. If you're a smart investor you don't try to flip 20% of the world's silver supply in a short-term trade, and I assume that Warren Buffet is at least an average-intelligence investor. ;-)