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In a message dated 98-02-06 20:46:44 EST, Bando57@xxxxxxx writes:
<< i would not be surprised at all to see a rounded curve on this
chart as Mr. B unloads.....this could be a classic case of the big boys using
the small specs as nothing more than front line troops to be
massacred......for those going into this market i caution extreme
caution....sure it could go to ten bucks or beyond but i think gravity at
some
point is going to weigh in and weigh in hard and fast on the price of this
white metal...] >>
Hi Rick,
I could not agree more. It is possible for someone to
manipulate silver but never corner the market, just ask the Hunt brothers. I
remember when they tried, when the price of silver rose enough every piece of
scrap in the world poured into the market. I remember passing a coin shop
that also bought metals, there where people lined up around the block, maby
500 people, selling everything from silver coins to flatware to Grandpa's
teeth! This went on all over the country for weeks. Eventually this huge
influx of new supply drove the price down, and broke the Hunt's cartell.
Buffet knows this... he is from Omaha and is much smarter than
the Hunt brothers from Texas ever where. The news that he was buying wasn't
leaked, it was poured out. I would bet he is already quietly selling. Rember
he is taking delivery on the silver, not trading futures, and the cost of
storage, insurance, ect. will kill him on any long term trade.
The only way to trade on this now is from the short side. As
you said the price may move up some more from momentum but it can not hold for
long.
Good luck and good trading,
Ray Raffurty
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