PHLX Gold/Silver Sector (XAU)

[long-gone]

To:John Barendrecht who wrote (198)
From: mike h Friday, Jul 4, 1997 2:13 AM
Respond to of 79916

Anyone care to explain who is buying? I see about 700 tonnes listed
as current reserves in the west and recent sales of about 670 tonnes,
thats a big percentage. If the Russians have also sold their reserves
and funds are sellers and the big producers have sold forward in the
futures then who is buying, is it the Chinese?. It just seems that
unless their is a major buyer out there that these sales would have
already driven the price a lot lower than it is.
mike