Did you know that Warren Buffett also got in on this same silver trade in 1997? > Our second non-traditional commitment is in silver. Last year, we purchased 1

Did you know that Warren Buffett also got in on this same silver trade in 1997? > Our second non-traditional commitment is in silver. Last year, we purchased 111.2 million ounces. Marked to market, that position produced a pre-tax gain of $97.4 million for us in 1997. In a way, this is a return to the past for me: Thirty years ago, I bought silver because I anticipated its demonetization by the U.S. Government. Ever since, I have followed the metal's fundamentals but not owned it. In recent years, bullion inventories have fallen materially, and last summer Charlie and I concluded that a higher price would be needed to establish equilibrium between supply and demand. Inflation expectations, it should be noted, play no part in our calculation of silver's value. [0] [0]: http://www.berkshirehathaway.com/letters/1997.html http://www.berkshirehathaway.com/letters/1997.html