“The silver market’s investor appeal has been particularly hard hit over the past 18 months because the core of physical investment activity is concent rated in the United States. This is one of the essential differences between silver and gold. While silver does benefit from investor demand in the Asian Sub-Continent and the Middle East, it tends to be more of a trading medium in these regions and the metal does not have the cachet in the Far East that is accorded to gold.”
Even an inflation-driven runup in price over the next 18 months would be “sharp, temporary, and ultimately negligible in terms of overall trading ranges.” So says Shearson Lehman. The only short- term hope, it adds, is a seasonal runup to close to $6. — The Editors
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