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Gold/Mining/Energy : Pacific Rim Mining V.PFG -- Ignore unavailable to you. Want to Upgrade?

To: Phil Jones who wrote (9438)	4/7/1998 7:49:00 AM
From: Rick McDougall	Respond to of 14627

COMEX and NYMEX precious metals futures ended mostly lower Monday, with silver garnering most of the attention amid rumors of selling by the silver market's most famous long, Warren Buffett. The Financial Times quoted a two-week-old Merrill Lynch report saying that Buffett's Berkshire Hathaway Inc may have liquidated a third of its 129.7 million ounce long position it announced last February. The article sent the market reeling with heavy selling, even though many traders expressed skepticism about the report. "Clearly, the silver market took its cue from the Buffett rumors," said Carlos Peres-Santalla, a trader with Hudson RiverFutures. "The question is how much truth there is behind the rumor." "As the day wore on, I was less inclined to believe the rumor," said one precious metals analyst. "The market has enormous potential to rally tomorrow." The gold market rallied to a five-month high at $316.80 early in the session on continued support from the expected role that gold will have in the European Central Bank reserves. "The dealers were pretty quick to take profits at the top of the range, particularly as silver was getting killed," said one trader. (Reuters 04:41 PM ET 04/06/98) For the full text story, see infobeat.com