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> From: TRaffertu@xxxxxxx
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: SILVER....
> Date: Friday, February 06, 1998 10:23 PM
>
> 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
Hey,
I resemble that remark about Texans.
I trade options on boxcar leasing futures. I like the leverage.
Former Yankee
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