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- - Silver - from WHT Board (http://goldismoney.info/forums/showthread.php?t=10135)

xzorro | 04-24-2004 02:05 AM
Silver - from WHT Board by: arnoldj882003 Long-Term Sentiment: Buy 04/23/04 01:43 pm Msg: 78544 of 78594 "John Person, editor of The Bottom Line newsletter insists market concerns over the potential for higher interest rates are only a temporary situation Thursday's producer price index showed a modest uptick in inflation, which Person believes is "one reason why gold bulls have not abandoned their positions." Person expects gold prices to hold at the 385 to 390 usd level. If the Fed does not raise at the May 4 meeting, or indicate that it will raise rates soon, "this market may quickly challenge the highs of $433 by late May, he said. In the meantime, movements in the US dollar appeared to drive the near-term direction for gold. The European currencies on Thursday recouped some of the ground lost this week to the dollar. Platinum, palladium plunge Futures prices for both platinum and palladium were sharply lower, even after the hefty declines in the previous session" Silver still lower May silver closed down another 14.2 cents at 6.028 usd per ounce Thursday, after a more than 11 pct drop on Wednesday. It's trading at its lowest levels since early February "What explains the tremendous price drop can be found in the massive, over-sized short positions held by a handful of large traders," said Paul Mladjenovic, an analyst at PM Financial Services "As of the first quarter 2004, these short positions exceeded 400 million ounces, yet the registered amount available at [the Commodities Exchange division of Nymex] warehouses was 53 million ounces," he explains. "There is a tremendous disconnect between physical silver (a looming shortage) and its price which does not reflect true supply/demand fundamentals," he said. The <b>huge short position has kept the price "artificially" low relative to the availability of physical supply, he said. As these short positions unwind, "true supply and demand fundamentals will kick in," </b>he said, and" over the coming months and years, you will probably see silver easily surpass 10 usd and eventually go to 50 usd or more because of shrinking supply and new uses for silver which will result in skyrocketing demand,"

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