March 1998

Precious Metals:News


Silver prices fell in mid-January after talk that New York lawyers were considering a class-action lawsuit against a group allegedly hoarding supply to drive up prices, news sources said.

High prices in the silver market have been attributed to soaring demand for use in photography, jewelry and manufacturing. But many traders believe some banks and hedge funds have been taking advantage of the demand to justify higher prices, Reuters reported.

One group is rumored to be hoarding silver in warehouses to drive up prices.

The attorneys involved in the case said a lawsuit was not eminent and that any action would be based on the Commodities Exchange Act. Officials at the Commodities Futures Trading Commission, a Washington regulatory group, would neither confirm nor deny rumors that it was investigating possible manipulation of silver prices.

- by Stacey King

Copyright © 1998 by Bond Communications.


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