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

To: dwight vickers who wrote (1166)	5/20/1998 4:25:00 PM
From: Ray Hughes	Read Replies (1) \| Respond to of 8010

Dwight: I'm talking with Portfolio Managers and Analysts daily who say that, at present, their prime concern is being able to get out of stocks in volume, not how easy it is to get in. They must be invested - that's their mandate - but their main fear is getting trapped in illiquid equities if (when) the break comes. Hence, the DOW stocks are in favor mainly because they are liquid. So long as there is much money being clawed back from foreign equities, and foreign investors favor US equities (for safe haven) the DOW will continue to advance. However, the DOW is moderately overvalued - the break could be vicious due to the prevailing emphasis on liquidity when selling. The buying volume will disappear, the selling volume will cascade and the reputed liquidity may disappear. Hence, only sharply lower prices would induce buying. Ever experience a 1,000 point down day???? Then we might get a little rally in gold. RH