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P. and Group,
I like to keep fundamental information in the back of my mind so to speak
and for good reason. Several years ago I was looking at Cocoa and it was in
a long slump, and I read the news and it said that the docks were loaded
with Cocoa and there were more ships waiting to be unloaded and there was a
huge supply of Cocoa in the pipeline and a good crop expected. I was fairly
new to trading back then and I went short 4 Cocoa. You can guess what
happened next or look at June Cocoa 1993. I was way over extended and lucky
to get out with my biggest loss ever. So I keep those fundamental facts way
in the background and trade technically. Thanks for telling us anyway.
Brent
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> From: P Gumprecht <ktata@xxxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: Fut: Silver wedge.
> Date: Saturday, June 27, 1998 9:30 AM
>
> 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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