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To: dwight vickers who wrote (28377)	2/16/1999 10:49:00 AM
From: long-gone	Read Replies (1) \| Respond to of 116763

<<Not a useful word........>> Rumors on TV this morning Buffet sold silver, but nothing to prove it one way or other, best I knew, he was still buying. Best explanation I can guess is long bond which fell to 5.336 or so at low, but last was 5.362 and heading right back up. alos, I noted XAU had not taken as much of a hit as the metals, so one must suspect one day down spike in greater up trend. + yen fall and Japan bond thing. Overall CRB ain't beat up bad at all. Oil up on news of strategic reserves refilling. Kind of supports my theory that total number of dollars for commodities plays are (somewhat at least) limited.

To: dwight vickers who wrote (28377)	2/16/1999 11:37:00 AM
From: long-gone	Read Replies (1) \| Respond to of 116763

What I really suspect is that as all major markets sold off hard (and some money may have sat in silver & gold over the long weekend) mutual funds wanted to put money back to work this morning, cash had to come from somewhere. Now most are thinking Dell will "make numbers" & this is bullish so they are buying Techs today, but problem is that with cash levels very low had to raise cash somewhere and had to sell weekend bullion holdings to make the buys today so they can sell tomorrow. note cash levels. cairns.net.au A/D shows more health today = 17 for every 10. but this thing with cash level is a worry for the broad market. Just gotta have money to buy stocks & with all the recent lay-offs from big firms bet it is cutting into new money flow, for the time being at least. Remember it takes at least 3 months before people can start a 401K at a new company for some it is 6 months.

To: dwight vickers who wrote (28377)	2/16/1999 12:24:00 PM
From: Alex	Read Replies (1) \| Respond to of 116763

Amen to that my friend. End of message.

To: dwight vickers who wrote (28377)	2/16/1999 12:31:00 PM
From: Alex	Respond to of 116763

Midsession N.Y. Metals: Tumble With Yen; Funds Sell Silver <Picture> New York-Feb. 16-FWN--The precious metals complex got pummeled in early trade, with gold and silver hurt by the sharply weaker Japanese yen, sources here said. Silver also got "slammed" by fund selling after being unable to get through upside resistance. Sell stops accelerated the downward moves in both metals. April gold fell as far as $285, which was a loss of $6.20 from the final settlement Friday ahead of a three-day weekend in the United States. March silver collapsed as far as $5.31, which was a loss of 35.2 cents. "I think it was the yen," said one gold/silver trader, pointing out that gold fell first and then silver followed. The U.S. dollar is currently up 2.47 yen for the day at Y118.07. Said a contact in the gold pit: "I would think that on the back of a much weaker yen, some selling came into the market." Some of the players who had went long in gold on Friday likely got stopped out of the market today, she added. "You saw a lot of selling right off the open, on the back of the yen"s weakness." Heavy fund selling has occurred in silver, reported Leonard Kaplan, chief bullion dealer with LFG Bullion Services. "The market was way overbought, couldn"t get through $5.80 in the March, and they slammed it," he said. He pointed out that in the most recent Commitments of Traders report, the non-commercial category was long 56,505 contracts and short only 2,869. "That"s a little lopsided," said Kaplan. However, he added, "Obviously this has something to do with currencies as well." A floor trader noted that stop-loss selling was triggered in March silver around $5.56 and $5.48. A gold contact reported stop-loss selling apparently occurred here as the April futures slid below $288. Kaplan offered the view, however, that the plunge in silver prices "is going to create a tremendous buying opportunity sometime this week." He pointed that the London price remains well above the futures in New York. "Lease rates, although they have come off their highs from Sunday night in the U.S., are still very high, with the one-month lease rate around 10%." April platinum has been as low as $362, which was a loss of $8.60, while March palladium has been down as much as $5.50 at $352. A floor trader commented that in platinum, fund buying that pushed the metal into the top of a price channel around $371 to $373 late last week caused a lot of buy stops to be taken out. So some local selling has set in. More to follow...