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COMMODITY INSIGHT
152 Ennis Lake Road, Ennis, Montana
(November 23, 1997) METALS: Silver prices soared in value this week as nearby futures prices rose to their best level since April 26, 1996. Silver prices are finally responding to the fact that silver stocks are their tightest since 1985.
My work suggests that silver prices are headed higher in a big way. My upside target for prices over the next year or so is $8.00 to $9.00 an ounce. If stocks become tighter, I will raise my upside objective accordingly.
It is interesting to note however, that from a historic perspective it is not unusual for silver and soybean prices to move in the same general direction. With the current El Nino the most potent in 100 years, just maybe...well, we will just have to wait and see.
Jerry F. Welch
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