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To: Geoff Nunn who wrote (84534)	12/10/1998 7:21:00 AM
From: nihil	Read Replies (2) \| Respond to of 176387

RE: Speculators drive up rices The only trouble is the profitable speculation proviso. Friedman removed most of the real world cases. Every study of commodity futures speculators I have seen indicates that most futures customers lose money. Hedgers, of course, are not speculators and may make money, but perhaps they rarely show up in the accounts of failed brokerage houses which provide many of these studies. The next thing we'll here is another Friedman position -- that speculators do not drive down prices of currencies -- i.e. that speculation is stabilizing in foreign exchange markets.

To: Geoff Nunn who wrote (84534)	12/10/1998 6:28:00 PM
From: AmericanVoter	Respond to of 176387

Geoff, sorry for the delay... I am going to have to read your post again ... and will attempt to respond accordingly... best regards amein

To: Geoff Nunn who wrote (84534)	12/10/1998 9:10:00 PM
From: CNC	Respond to of 176387

It just wasn't the speculators who lost their shirts on silver in the mid '70's with the Hunt brothers. Everyone including me was watching the price go up and buying with them. Who ruined the Hunts though, MM's or the Hunts themselves?

To: Geoff Nunn who wrote (84534)	12/11/1998 8:57:00 AM
From: AmericanVoter	Read Replies (1) \| Respond to of 176387

Geoff, I agree ... the MMs are stabilizing factor as long as they are making money on the sale... because only then, they are acting as agents bringing a seller and a buyer together... in my example, I attempted to show that they do not necessarily have to do that all the time... MMs do hold stocks... and as such, the volume they have can give them an edge over the general public... granted, they lose some money initially, but its money that will be made later and much more... like a return on an investment... best regards amein