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<p>[QUOTE=&quot;-jeffB, post: 4246643, member: 27832&quot;]I don&#039;t think that&#039;s the right model for what&#039;s happening. They aren&#039;t <i>speculating</i> in the metals. If they were, they would&#039;ve all gone out of business during the long slide from 2011 to 2016.</p><p><br /></p><p>As I understand it, they look at <i>replacement</i> cost -- they&#039;ll sell 100 ounces at $16 if they know they can buy 100 ounces at $15 the same day, and <i>they do so</i> right away. It doesn&#039;t much matter whether they bought &quot;that&quot; 100 ounces at $18, or if the they have to sell &quot;the new&quot; 100 ounces at $14 tomorrow. They only get into trouble if they can&#039;t buy <i>and</i> sell, at the same time, with a profit margin between their buy price and their sell price.[/QUOTE]</p><p><br /></p>

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