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

To: dwight vickers who wrote (1179)	5/21/1998 5:49:00 PM
From: Ray Hughes	Read Replies (1) \| Respond to of 8010

Hello Dwight, The signs are there. Portfolio managers are said to be liquidating their own portfolios - investing in bonds. Portfolio managers I know are sharply reducing portfolio exposure to the spec. market in preference to highly liquid equity they could sell when the correction comes. That is one major reason for the momentum behind the DOW. Its defensive buying that, given its emphasis on selling, could become a rout in which only the first seller gets out. Rises in metals - only if supply/demand fundamental play out before the correction. During and after the preference will be for cash or equivalents. RH