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I don't necessarily disagree with your conclusion regarding rule changes
causing market direction shifts, but my impression was that the public was
selling the family silverware, etc near the top of the silver market. Sure,
many bought and got caught in futures, etc. but the lines I saw were people
selling to the dealers who set up shop in malls to buy scrap silver. The
small investor has for the most part gained immensely from the rise
(bubble?) in internet stocks as well as in their 401 K's, much to my dismay,
unfortunately.
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