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Gold/Mining/Energy
Central Fund of Canada (CEF)
An SI Board Since February 1998
Posts SubjectMarks Bans Symbol
16 4 0 CEF.A
Emcee:  Dundee Maples Type:  Unmoderated
Looks like it is time to dusk this one off again and take another look at it.

Noting that Warren Buffet has purchased 129 Million ounces of silver. We might want to revist CEF.

As Oct 31, 1997 CEF had 6,565,000 ounces of silver and 131,000 ounces of gold.

This eveving silver is trading around $6.98 per ounce. Tomorrow everyone is going to know that Warren Buffet has started purchasing percious metals ...

Tuesday February 3, 6:19 pm Eastern Time

Berkshire owns large stake of world silver supply

NEW YORK, Feb 3 (Reuters) - As the price of silver hit a nine-year high and supplies hit new lows, Warren
Buffett's Berkshire Hathaway Inc [NYSE:BRKa - news] said it owns 129.7 million ounces of silver that it
purchased in a six-month period between July 1997 and January 1998.

Berkshire said in a press release issued on Tuesday that it it owns 129,710,000 ounces of silver, which it first
purchased beginning on July 25, 1997 and last purchased Jan. 12 of this year. That represents more than 20
percent of the world's estimated silver supply at 1997 year-end, according to metals market consulting firm
CPM Group.

The company said it normally would have published the information about its holdings in its annual report, due to
be published next month, but released the figures early in response to inquiries.

Precious metals markets have been roiled in the past week amid speculation that a leading participant had
manipulated the market by transferring silver inventories from New York to London in order to create the
impression of a supply shortage.

NYMEX President Patrick Thompson said last Friday there was ''absolutely no basis'' for allegations the
COMEX silver futures market was being manipulated.

Silver prices soared to new nine-year highs Tuesday on the New York Mercantile Exchange's COMEX
division. March silver climbed 36.7 cents to settle at $6.615 an ounce as COMEX stocks dwindled to 12-year
lows of around 103.7 million ounces.

Berkshire said it has accepted delivery of 87.51 million ounces and that the remaining 42.2 million ounces call for
delivery at varied dates until March 6, 1998. To date, all deliveries have been made on schedule, it said.

In its statement, Berkshire said that if any seller should have trouble making timely delivery, the company is
willing to defer delivery for a reasonable period upon payment of a modest fee. It said all metal was purchased
for London delivery through a single firm.

No options have been or are held by Berkshire, it said.

Berkshire said no purchases have been made that established new highs for the metal and that all buying
occurred after dips. The company said it had no present plans for purchase or sale of its silver horde.

At present, the silver position, at cost, amounts to less than 2 percent of the company's investment portfolio.

The Berkshire statement said the company began accumulating the precious metal last summer after Buffett,
Berkshire's chairman, and Charles Munger, its vice chairman, concluded that ''the equilibrium between supply
and demand was only likely to be established by a somewhat higher price.''
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ReplyMessage PreviewFromRecsPosted
16Time to revive this thread anyone?mindmeld-10/24/2012
15 To All, FWIW, With Canadian government approaching it's new fiscal year beGerald Underwood-3/24/1999
14 Hi Bernie A notice was given to-day that 672,547 warrents will be listed for trdave-12/29/1998
13 Has anyone heard how the offering went? BernieBernie Koppenhofer-12/27/1998
12 I'm reconsidering... now I don't think this offering will be dilutive bdynamitehandler-11/16/1998
11 >> Is this going to dilute the value of the shares outstanding? << yard_man-11/14/1998
10 New rights issue gives CEF holders opportunity to increase holdings at a price dynamitehandler-11/13/1998
9 Tom, Ian is a member of the Executive committee and a Director.Dundee Maples-2/10/1998
8 Dave, page 1 36th Annual Report October 31, 1997 "Central Fund's phDundee Maples-2/10/1998
7 Dundee: Are you familiar with Mr. Ian McIvity(sp?) connection with CEF if he stTom Byron-2/9/1998
6 Hi Dundee Thanks for the info. Do you know if CEF loans their gold or silver? Idave-2/8/1998
5 Amercian Exchange CEF Toronto Exchange CEF.A Shareholder and Investor InquiDundee Maples-2/7/1998
4 Hi Dundee, Can you please post where CEF is traded? Many thanks Dave T.dave-2/7/1998
3 I'm listening.peter michaelson-2/6/1998
2 Very quiet talking to myself, but what the hey. CEF is doing nicely: Day'Dundee Maples-2/5/1998
1 CEF 10:38AM 4 5/16 +1/4 +6.15% 403,700Dundee Maples-2/4/1998
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