Has Warren Buffet sold his silver position?

Discussion in 'Metal Futures' started by trillenium, May 10, 2004.

  1. Does anybody know whether Warren Buffett finally sold his Silver position or whether he is holding on to it ?

  2. The answer is clear.
  3. If he hasn't then he's a total doofus
  4. As reported on CNBC today, the guy is down $600 million in his dollar position as of May 5th.
  5. Yeah, he doesn't know what a stop loss is.
  6. dgmodel

    dgmodel Guest

    as of march he was still in it... not sure for the month of may...
  7. He's in it for the long term, he's still made an overall profit from when he first put on the position and 600mln loss on a 18bln trade is not a catastrophe.
  8. WEB bought in 97' around $4.50 and took delivery. He has some storage costs. To him an investment, but probably more a hedge against financial assets/securities.

    WEB doesn't use a "stop loss" because he is a genius of high calibre that knows the value of what he's buying. Stop loss is for all shorts, and longs when you're not sure of the value you're buying.
  9. I don't know what he's doing, but I got my ass handed to me with PAAS recently. :mad:
  10. My guess is that Mr. Buffett is sitting tight for the time being. As was pointed out, the drawdown is not too large at this point. He is playing silver for the impending meltdown that will take place before the end of the year. The dollar is going to take a serious beating, so metals are probably a good place to hedge. It's all just a guess, but he seems like a pretty fart smeller (spelling?)
    #10     May 10, 2004