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<p>[QUOTE=&quot;Tinpot, post: 2095807, member: 35836&quot;]What did Buffett have to say?&nbsp; <a href="http://www.berkshirehathaway.com/news/feb03981.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.berkshirehathaway.com/news/feb03981.html" rel="nofollow">This</a> (on February 3, 1998):</p><p><br /></p><p>During 1998, Berkshire has accepted delivery of 87,510,000 ounces in accordance with the terms of the purchase contracts and the remaining contracts for 42,200,000 ounces call for delivery at varied dates until March 6, 1998. To date, all deliveries have been made on schedule. If any seller should have trouble making timely delivery, Berkshire is willing to defer delivery for a reasonable period upon payment of a modest fee.</p><p><br /></p><p>Over 30 years ago, Warren Buffett, CEO of Berkshire Hathaway, made his first purchase of silver in anticipation of the metal’s demonetization by the U.S. Government. Since that time he has followed silver’s fundamentals but no entity he manages has owned it. In recent years, widely-published reports have shown that bullion inventories have fallen very materially, because of an excess of user-demand over mine production and reclamation. Therefore, last summer Mr. Buffett and Mr. Munger, Vice Chairman of Berkshire, concluded that equilibrium between supply and demand was only likely to be established by a somewhat higher price.</p><p>- See more at: <a href="http://streetwiseprofessor.com/?p=6027#sthash.S67ycg51.dpuf" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://streetwiseprofessor.com/?p=6027#sthash.S67ycg51.dpuf" rel="nofollow">http://streetwiseprofessor.com/?p=6027#sthash.S67ycg51.dpuf</a>[/QUOTE]</p><p><br /></p>

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