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I read that Warren Buffet purchased large amounts of silver in 1997. Why did he buy so much and why?

April 26, 2017amounts buffet buy large read Silver Warren

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I read that Warren Buffet purchased large amounts of silver in 1997. Why did he buy so much and why?

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It’s known that Warren Buffet seeks excellent long term investments. From July 1997 to January of 1998, Berkshire Hathaway took delivery of 129.7 million ounces of physical silver. During this period of accumulation the price moved from around $4.50 to $7.00 / oz. Shortly thereafter, the price of silver fell back to $5.00 / oz. If one investor in 1997 caused the price of silver to increase in value so dramatically, imagine the potential price gains a few large investors (or countless small investors) could cause. Rumors at the time were that Mr. Buffet was actually prevented from buying more silver when the U.S. government demanded that he halt further silver purchases. CLICK HERE to read the press release regarding the Berkshire Hathaway silver purchase. Some experts believe that Mr. Buffet has since sold all of his silver reserves, which have made the price of silver artificially low.