Volvo Repair: 1994 volvo 940 turbo, coolant system, 1994 volvo 940

Question
I have a 1994 volvo 940 turbo which I just bought 2 or 3 weeks ago. It has 155,000 miles. I changed the oil and transmission fluids and filters right when I got it. I also flushed the coolant system and added new fluid. I am the third owner. All of a sudden it started giving out LOTS of white\greyish smoke. After driving it about half a mile, the smoking stopped.  When I got home, I turned it off and then I immediatedly started it up again. It immediately started smoking again. The next day I looked at the oil and noticed that it was very dirty considering it had been changed about 2 weeks ago. After draining all of the oil, I took out the filter and cut it open to check inside it. It had little bits of metal that looked kind of like brass in it. This is in a filter that is just 2 weeks old. I was told it could be that the bearings on the turbo have gone bad or that it could even be a cylinder ring. At first I suspected the head or the head gasket, but there appears to be no oil in the coolant or vise versa. I was told that if the bearings on the turbo have gone bad, then it will suck oil into the engine and cause smoke. however, the smoke does not look like that of burning oil. In addition, when I pulled one of the hoses that goes from the air filter off of what I think was the turbo, I saw a silvery looking substance that felt like oil. I'm dumbfounded. Any help would be greatly appreciated.

David

Answer
I HIGHLY DOUBT IT IS RING MATERIAL.IF I HAD TO GUESS I WOULD SAY IT IS FROM THE TURBO.OIL BURNING CAN LOOK SORT OF WHITE.BEST IS TO SMELL IT.COOLANT SMELLS SWEET AND YOU CAN ALMOST SORT OF TASTE IT IN YOUR MOUTH WHEN YOU SMELL IT COMING OUT THE EXHAUST.OIL JUST SMELLS LIKE BURNING OIL.I WOULD HAVE IT CHECK FOR A PROPER DIAGNOSIS.