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Brent and all:
Warren Buffet holds (at the time of his announcement) 140 million ounces of
straight bullion, or 20% of the world's supply. Here's a little blurb you
might be interested in for the long term:
According to the CPM Group, in 1997 world supply of silver
was 658 million ounces while world demand was 843 million
ounces. A further shortfall of 150 million ounces is seen by
industry experts this year as the oversupply of the late 1970s
and early 1980s is reduced.
"Since 1990 about one billion ounces more silver have been
consumed than have been produced," he said.
Of 450 million Troy ounces in industrial demand for silver
in 1997, photographic film absorbed 172 million Troy ounces,
followed by 87 million Troy ounces used for silverware and
jewelry and 69 million Troy ounces for electronics and
batteries.
India is the biggest world consumer, with 120 million Troy
ounces snapped up in 1997. The United States, Japan and Italy
are also among the list of top buyers.
At 09:01 AM 6/27/98 +0200, Eckardt wrote:
>Brent ,
>
>I was long for a scratch in silver a while ago. The first leg down from
>the highs was 180 cents followed by a retracement of 110 cent, second
>leg down 180 cent again. a 110 cent ret would be 600, 38.2% is ~560 and
>61.2% is ~605.
>
>I didnīt buy yesterday, since I have this feeling that all markets are
>tied to the asian situation and I didnīt want to be long over the
>weekend. Short term indicators point lower, but silver holds up quiet
>nicely overall. Maybe a break below the triangles trendline - which I
>guess will be a false breakout - might be a good buy.
>
>Overall I think that the market looses the volatility that came in after
>the announcement from ....., you know - the guy who bought all the
>silver. donīt have his name right now.
>
>And if this guy bought silver, he has good reasons for it. Heīs a long
>term investor, so we might see the s/d situation pushing it slowly up
>over the long run. But since we canīt depend on the long view for
>trading who cares. Just might be a nice entry for a trade, that could
>turn out to have potential for the long term.
>
>
>Time will tell - Ulrich
>
>
>
>
>
>
>BrentinUtahsDixie wrote:
>
>> RT's,
>>
>> Is anyone looking at Silver, it looks like an ascending triangle is
>> developing but the recent trend is down. Is this a fake-out? It kind
>> of
>> looks like a number 4 pullback in EW counts. My LT charts of Silver
>> are so
>> scrambled up I can't get a LT indication out of it.
>>
>> Brent
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