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Welcome to the USAGOLD Gold Discussion Archives. The archives of this gold discussion forum are a treasure trove of information to educate investors about protecting their wealth through portfolio diversification with private gold ownership. The discussion forum also covers the wider issues of the past, present, and future role of gold in international monetary policy and the dynamics of the modern gold markets...   (Discussion Forum Hall of Fame) (The Gold Trail) ("Thoughts!" by ANOTHER)   The opinions posted by all guests are expressly their own and do not necessarily represent the views of the management or staff of USAGOLD - Centennial Precious Metals. The hosting of the public discussion shall therefore not be construed as an endorsement by USAGOLD - Centennial Precious Metals of any of the opinions posted here.

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ARCHIVED DISCUSSION FROM 9/28/1999
All times are U.S. Mountain Time

View Yesterday's Discussion.

Peter Asher (9/28/99; 23:59:31MDT - Msg ID:14823)
Black Blade
http://www.kitco.com/gold.graph.html
I'll bet this is just a pit stop during the the high speed laps in the AU -500

MarkeTalk (9/28/99; 23:50:37MDT - Msg ID:14822)
When will gold fill the gaps?
http://www.usagold.com
Looking at the weekly and monthly charts, gold hit overhead resistance today at $330 and bounced off $20 in three minutes of hectic floor trading reminiscent of January 1980 when gold hit $850. Break-away gaps on the chart are between $272-278 and then again at $285-295. I would bet that the NY boys will try to jam the market down to $285-295 on the open tomorrow. Just like in Las Vegas, you double up when you are down. I seriously doubt if they will succeed in running the stops all the way down to $272-278. It would take an act of Congress or an arcane utterance about "irrational exuberance" from Big Al Greenspan to break this market. After backing and filling, then up up and away to next resistance at $347-350, then onto $375-390.

Black Blade (9/28/99; 23:43:55MDT - Msg ID:14821)
Peter A. - right you are.
Indeed, I have always thought that the Aussies and Asians delight in making the rest of us squirm (Ain't that right KIWI?). It keeps us on our toes though, doesn't it. Actually I think that the POG and POS will do fairly well the next few days and at least consolodate at or slightly above $300 for a resistance level to the downside. But, the mind fogs a bit with the right suds.

Peter Asher (9/28/99; 23:35:13MDT - Msg ID:14820)
Blackblade
We're in the typical, last hour in Sydney, Mine forward sale, down spike.

It should be expected that this would occur after a $60 runn-up.

Black Blade (9/28/99; 23:29:01MDT - Msg ID:14819)
Oh, come on now!
Now down $7.40! Maybe I'll open a case.

Black Blade (9/28/99; 23:27:03MDT - Msg ID:14818)
Look out for Asia
Oh no, gold just dropped $6.15 in HK. I think maybe a little profit coming off the table? I think think I'll open a bottle of Negra Modelo and watch out tonight.

Beowulf (9/28/99; 23:12:50MDT - Msg ID:14817)
Thanks PH in LA, Cmax, ss of nep
Thanks for the advice. I feel so much better now. Panic situation there for a second. Sorry for the late reply, it took me 4 hours to read this forum from start to finish after getting home from work. They don't like it when people check websites on base when it doesn't have anything to do with work, so I have to catch up from home.

I'm so glad I found this site last August and have had the last year to be educated from everyone on this forum, from Leigh, Town Crier, Another, FOA, Cavan Man, everyone else I've missed naming. I feel so blessed to have been able to get in on this historic market event at gound zero. I've been ridiculed at work for the last year from my cow-orkers because of my gold investments. Well I sat in gloomy silence and took the ridicules trying to explain what was happening in the gold market and that they should get in at the low prices. Only one woman engineer listened to me, and I sold her one of my coins 3 months ago.

My first action this morning to them was to paraphrase a quote from Black Adder, "Can I come in for a glote?"

The last two days I couldn't stop giggling at what we have been seeing in the gold market. I'm calling it the gold bug giggle and it's definitely catching.

Two more weeks till the movers come to ship my stuff to Europe, then a 1.5 month wait for my computer and other goods to arrive. The wait to get back to this forum will probably give me a corinary.


Tomcat (9/28/99; 23:09:09MDT - Msg ID:14816)
Peter Asher, Cmax, Koan

Peter, thanks for the kind acknowledgement. It is going to be interesting to watch the unwinding of the shorts. If treasury rates start to go sky high I wonder if the lease rates rates will follow. As ORO points out, when the forward rate goes negative then the action moves into a higher gear.

Cmax: I read your inflation summary twice. Liked it. You know, I thought it was complicated enough thinking that this short covering would occur after Y2k. But now... as you say, we're in uncharted waters. Lucky we have ANOTHER/FOA/ORO/Aragorn/Ari/TZDEAK and this forum as a compass to give us our bearing.

Koan: Though I hold more gold than silver I am actually cheeringing for the underdog. Silver shorts are getting destroyed right now. They're going to have a hell of a time driving the POS down while there is a negative forward rate.

Bonedaddy (9/28/99; 22:45:09MDT - Msg ID:14815)
What will be the consequences?
It warms the heart to see everyone so jubilant over the recent price increase. There are many noble knights and ladies here and I enjoy seeing everyone so "rationally exuberant". Fighting the golden fight for many months, we have endured the pride of those who hold "paper fortunes". While driving in from work tonight, LTCM crossed my mind. There were reports last fall that LTCMs debts had to be "aquired" to avoid an all out world financial crisis. I wonder how many big funds are short gold? If they go broke, who will bail them out? Are the world markets again at risk? The whole bail out scenario seems to have potential for incredible inflation, since "bail money" must essentially be printed. What say you, noble ones?

ORO (9/28/99; 22:45:00MDT - Msg ID:14814)
Gambler points
To amplify the issue, the following are my estimates for the US banks' gold short. These should be high-ish and are as of end of June 99.

Chase's and Morgan's actions were given much air in our daily rumblings of manipulated markets.
.........MATURITY
Bank < 1 YR - 5 YRS > 5 YRS ALL MATURITIES
Chase 932 1453 42 2427
Morgan 1635 449 90 2174
Citi 371 236 251 857

Estimated splits -
By type
1/2 physical, 1/2 paper
By counterparty
1/3 CB, 1/3 private/institutional, 1/3 Arab Oil
US bank positions ca 6000 - 7500, and about 1/3 of 16000 to 20000 international short position of that time.

My best guess is that CB and private gold debt will be settled in cash, the Arab Oil position in physical, the left over gold will settle more important institutional accounts.


Date: Tue Sep 28 1999 18:36
Gambler (Just got off the phone from a "source") ID#434132:
Copyright © 1999 Gambler/Kitco Inc. All rights reserved
What does this rapid rise in POG mean for the equity markets and financial stability of the financial system, interest rates, etc? Well, you can be sure that many government financial heads are scrambling for answers. My source reveals that several key loan facilitators at the Chase Manhatten Bank are getting the boot. He says that this is proof positive that things are rapidly deteriorating over there. Chase is getting creamed from the high gold lease rates jeopardizing their smooth flow of funds. They have a LARGE gold short position extending for SEVERAL years forward. A stock to be short!

Bottom line? Expect more hedge funds to be outed as having MAJOR financial difficulties. Expect Treasury rates to CONTINUE to RISE. I am even more certain now that a 30-40% correction will take place in latter October / early November time frame. ( I don't give exact dates because no one gives you credit if you're 5 trading days early ) .
Expect gold to break through $320 sometime during this event on its way to $400 possibly by year end. It's going to be hard to time this market! My advice: buy and hold/ selling 1/2 after a substantial gain.

Gambler


Black Blade (9/28/99; 22:44:18MDT - Msg ID:14813)
(No Subject)
"Silver Moon gaining on the inside..."
After such an exciting day, it sure is quiet tonight. Quiet before the storm maybe? Goldspoon, Silver Moon should take it down the back-streach. Now we have three billionaire investors into silver: Warren Buffett with 130+ million oz., George Soros with Apex Silver (SIL), and now Bill Gates with 10%+ of Pan Am. Silver? Now these guys aren't a bunch of shmucks, so what is the real story here? We shall see soon. Meanwhile gold is very quiet in Asia tonight, are those Aussies and Asians just lyin' low or what? Maybe we have to wait untill those "blokes" in London stir things up maybe. Steve Kaplan sure bailed out quick, didn't he?

Golden Truth (9/28/99; 22:03:22MDT - Msg ID:14812)
ANOTHERS MESSAGE, A POSITIVE ONE FOR GOLD!!!!!!!!
I read Anothers message twice and frankly i like it.
It's very bullish for GOLD and the time line sounds awfully
close for a big,big jump in the P.O.G.
I think many treat him with to much suspicion, yet if it wasn't for him and F.O.A how much would we really know??

He is a Master at what he does and he is who he is!
I'll take him at face value and i believe he has an honest face, besides any friend of F.O.A is also a friend of mine!
So i think his message bodes well for GOLD.

Please Another, feel free to post here any time as F.O.A does, and "rock on dude" :-))


andrew the kiwi (9/28/99; 21:47:34MDT - Msg ID:14811)
(No Subject)
Bill, Netking
thanks for you views and comments. I am in physical and aust. shares as well, plus jun2000 $300calls, it comes down to selling a few dec280 calls,cover costs+profit and let the rest run, I can always trade these things.

Koan, saw goldilocks and the 3 bears with my son at the theatre last weekend, now seeing goldilocks chase the bears back into the woods!

Chris Powell (9/28/99; 21:40:32MDT - Msg ID:14810)
No sell signal until there's a bankruptcy
http://www.egroups.com/group/gata/213.html?
We'd love to see this scenario come true.

Gandalf the White (9/28/99; 21:28:37MDT - Msg ID:14809)
Remember All -- There are THREE markets now !
Please remember that there are three markets -- the PHYSICAL Gold market; the paper gold market; and the paper goldmining stocks market. -- Thou I loves him, SJKaplan knows not the three markets and works from the old relationships of the old paper gold COMEX and goldmining Stocks relationships that no longer exist! -- Many are not seeing the true new relationships of real wealth in PHYSICAL gold and thinking that some old relationships still hold true. -- I see the "THOUGHTS" of ANOTHER and FOA, Plus the teachings of Aragorn III, Aristotle, ORO and others and make my own new relationships. -- We can watch and see if PHYSICAL Gold continues to increase in price while the goldmining stock prices retreat along with the silver bullion and mining company stocks. -- Should that not tell us something more ? Things are not like they used to be !!!!!!
<;-)

Netking (9/28/99; 21:24:44MDT - Msg ID:14808)
Andrew The Kiwi - Call Options
Andrew the kiwi (9/28/99; 20:12:12MDT - Msg ID:14794)

Looks like the retracement wave has kicked in for sure, but only some of the gains will be given back & only for the very short term. A bit of profit taking evident & totally expected. It's your call(pardon the pun) but I would sit where I was. Demand has not subsided & in fact it will only increase.
Y2k fears are growing & people are taking action now eg Benny Hinn has suggested to his partners/viewers (Global) they consider some gold. The Dow is heading "South" Gold will be there. Some "out of the money" (for now) calls ahead 12 months could be a good addition to your overall investments.

Cmax (9/28/99; 21:22:16MDT - Msg ID:14807)
ANOTHER
ANOTHER:
Great to see your post. Today my friend, is yours. Since our first conversations just a couple of years ago, I wish you to know that YOU have made a difference as to my economic and personal philosophies (in their purest form, both are unseparable)…..as I'm sure you have for many many others. Thank you, again.

FOA:
You had indirectly asked me about my thoughts on the prospects of U.S. inflation. Now we need to consider what is to happen, as the events unfold, when the general public realize for the first time that U.S. $ inflation never was dead, it was only hidden in the form and diverted into the equity and derivative markets, and covertly camouflaged by the very same "fractional" gold paper system, that has given us (100:1 gold paper to gold ratios) that told us that there was no inflation, when compared to the only other world "reserve currency" (gold) that is above the dollar. I suspect gold and oil will will be running parabolic, as I can see no way that the U.S. Fed Reserve nor the U.S. Gov (morally and legally two different entities) can implement their famous "PPT" (Plunge Protection Team) acts, as they have done in the past in the DOW stocks, by buying up the blue chips to give the appearance of stability after a major crash. No, I don't see this happening now, as the paradigm has indeed changed, considering the Eurobank announcement. We are now truely entering uncharted waters. I had really thought something of this nature would have waited until after Y2K, as it would only severely handicap and possibility of stability after this unprecedented event.

It would appear that the U.S., and all other coutries with the majority of their foreign debts denominated in dollars (IMF loanees) are in for major inflation, if not hyperinflation problems in the very near future. IMF loanees may not fare that much worse, as they just will defer payments until the principal in "inflated away" in Euro value. I don't see deflation as a factor for industrialized countries (except Japan, for other obvious reasons), after the precedent that has been set by the latin countries. Here, the "stagflation" or "inflationary depression" has been the norm, no matter HOW BAD the actual purchasing market becomes, prices will still keep rising. As bills are so readily printed, AND THERE EXISTS A SUPERIOR RESERVE CURRENCY to what is used in the corresponding country in question, you can count on major inflation rates in food stuffs, real estate, all tangibles…to at least equal the Euro exchange in the near future. Ever since NAFTA, I have believed that the U.S. is doomed to be dragged into third world’ism. You just can't directly link the ecomomies of two countries, who play by totally different rule books. Unless the U.S. raises it's borders again, "first world" will soon belong exclusively to the euro block states, who ARE a self contained economy.

Beowulf: When a squall is approaching, you sure don't leave all your canvas up where Aeolus will tear it down. Same applies to question of relocation of your coins. The question of taxes is mute. Take a tip from the pirates and buccaneers of old.



koan (9/28/99; 21:19:50MDT - Msg ID:14806)
FOA - Golden Sun vs Siver Moon
My server has been down since yesterday morning - missed it all! I wasn't backing off my prediction. With all due respect, my quick and dirty calculations show gold up 9% at close and silver up 7.7%. That is not enough of a difference to quibble about. Besides us workers don't get paid until friday night. This race is $500 vs $10. Silver Moon is stalking the leader settling into an easy pace along the rail, letting golden Sun break the wind. Soon Silver Moon will move right around Golden Sun and win going away. Regards Koan

Peter Asher (9/28/99; 21:18:44MDT - Msg ID:14805)
Tomcat had it figured!!
In the postings of Labor Day weekend, there were discussions between Tomcat, Holtzman and I over what would be the SIGNAL for the REVERSAL.

I held forth for backwardation on futures, Holtzman championed an increasing spread between "Street and Spot" and Tomcat stated that a sustained rise in lease rates would be the signpost.

Well, "Sustained" is a subjective measurement of time. Tomcat was spot on. (Pun intended) The lease rates, along with the ramifications of the Princeton debacle and the IMF about-face, were the trail of evidence that showed the impending explosion. If one had acted on this and acquired November $260's this month, they would be now seeing 30-X to 50-X on the investment. Those calls were selling for $80 a week ago Friday and settled at $50 today. The underlying December future traded as high as $327 today creating a brief opportunity to sell the future and use the option to call in the buy side for an unbelievable 84-X!

"Don't try this at home!" , however. The Comex was not guaranteeing limit orders today, due to the chaotic activity, and market orders were at the floor traders mercy.

Looking back on the last three weeks, it seems that the failure of the POG to react to the IMF and Princeton data, blind-sided everyone to the immediacy of this event, Sort of a self fulfilling disillusional prophecy.

It was also interesting, that Silver, which was backing and filling for three days, after only running on the first day of the Gold rally, broke out after a weekend of the most intense and long running Silver discussion ever held on the Forum.














Netking (9/28/99; 21:08:00MDT - Msg ID:14804)
CHRIS POWELL - Secretary Gold Anti-Trust Action Committee Inc.
All - Quote from Chris Powell copied herewith;

(10p EDT Tuesday, September 28, 1999)
Dear Friend of GATA and Gold:

I'm sending along tonight the daily market wrapup from
Reuters because of the remarkable comments it offers
from mainstream analysts favorable to gold, comments
that predict a gold price of $340-$350. Perceptions
sure have changed fast.

On the other hand, we'd all do well to note Steve
Kaplan's remarks tonight at www.goldminingoutlook.com.
Kaplan announced this afternoon that he had just sold
most of his gold shares, and it seems that he came
close to catching the XAU at its daily top, before it gave
back all its gains. Kaplan says this leg up for gold
shares is done and that it's down for a while now.

I imagine that we will see pullbacks on the way to an
equilibrium price that is much higher than today's.
Gold is back, and as the general U.S. equities market
continues to fade, stock market investors suddenly are
going to be thinking about gold as an alternative. That's
completely new. There is also some speculation
tonight on Internet bulletin boards that day-traders may
switch their hourly speculation to gold shares from
Internet shares and greatly increase gold share
volatility.

GATA Chairman Bill Murphy said today that he couldn't
be more bullish for junior mining company shares, and
some of those scored more huge gains today even as
the XAU slipped a bit in the end. I hope to have more
word from Bill later tonight or tomorrow.

CHRIS POWELL, Secretary
Gold Anti-Trust Action Committee Inc.


Bill (9/28/99; 20:48:07MDT - Msg ID:14803)
Forgot
Almost forgot, for what it's worth..... I expect the market to be much calmer in the next few days. Don't let fear set in over that though. I "believe" gold has a long way to go.

GFD (9/28/99; 20:46:52MDT - Msg ID:14802)
Tea With The Golden Dragon
A couple of thoughts for what they are worth.

The markets. Now is the time for a counter attack by the 'old' regime. They and several producers that have been selling into this market (according to D.A. at Kitco) must drive gold decisively below 300. Expect this to happen from London with the LBMA martians doing what it takes to save their miserable hides. If they don't hold the line 350 is not out of the question by the end of the week. Hedge funds have to make a buck some how...

Another. People should keep in mind that Another has a very long view. The way I look at his wisdom is as events that could unfold over the next 5 to 10 years. On the other hand now is the time to buy at the bottom...

Chris Powell (9/28/99; 20:44:28MDT - Msg ID:14801)
Straight up or not?
http://www.egroups.com/group/gata/211.html?
Dispatch from GATA.

Bill (9/28/99; 20:42:15MDT - Msg ID:14800)
andrew the kiwi
Wish I had the answers for you. That would mean that I HAVE the answers. There are probably many more at this forum with more knowlege and insight than I. All I can tell you is my plan. I have many options at 270 and 300. Today my account was up over $140k then back down to $80k at the end of the day. I couldn't watch the charts today and my broker couldn't reach me. Thats the way things go I guess. Thats what I keep telling myself anyways. Had I been able to watch the charts... I would have sold 1/2 of the 300s to take some profit and let the rest ride. Thats what I will do when the opportunity arrises again.... and it will...I think. I'm confident we will see 350 soon and possibly 400 before November expiration. All of my calls are Feb and later. I don't know what your portfolio looks like or what your plan is though it sounds like when it rises 20-30 next time, maybe you should take some profits (maybe half?) and let the rest take you with us. Again, this is just my opinion and I'm sure there are much better qualified people here that can give you advice though just remember.... NO ONE HAS THE ANSWERS. What EVERYONE does is - take in all the available info. and make an educated GUESS. This really has been an emotional roller coster for me during the last week. Good luck to you "andrew the kiwi" and everyone else here at the table.
Bill

Peter Asher (9/28/99; 20:35:06MDT - Msg ID:14799)
SteveH (9/28/99; 19:31:54MDT - Msg ID:14789

>>>>Microsoft CEO Bill Gates purchased 10.3% of silver producer Pan American Silver (PAAS) from August 3, 1999 through September 20, 1999 at a share price ranging from $4.875 to $5.27 per share, through open market purchases. <<<<<


Wasn't there a post awhile back, maybe from Koan, about some new high tech battery or other widget, that will consume huge quantities of Silver.

Anyone recall ????

Leigh (9/28/99; 20:26:12MDT - Msg ID:14798)
Goldspoon
Oh, no! Golden Sun and Silver Moon are in the clutches of the evil owner! Ritch Man's Gold is trotting along in a confused way. But wait - there's a den of bears down the street. If only someone could send an angry bear over to the track after that evil owner.... (Goldspoon, I'll let you continue!)

PH in LA (9/28/99; 20:16:04MDT - Msg ID:14797)
"Kind of Dead in Here"
Yeah, Megatron,

You'd think things would be more cheerful but the past two days have been so emotionally exhausting. It reminds me of the LA riots. After three days of rioting it just calmed down by itself. People were just too tired and emotionally drained to continue. That seems like the feeling tonight. We'll probably get a rest for a day or two just to let the human emotions recharge.

Leigh (9/28/99; 20:15:25MDT - Msg ID:14796)
Cavan Man
I agree with you about Another and FOA. I believe they feel a kinship with those who understand and respect gold (that's us), and they wanted to reach out and warn us. It boggles my mind to think of the effort and time they've put into answering our questions and giving us advice. They have probably saved many of us from making crippling financial mistakes.

I also think they want to see gold in the hands of average investors, and not just the inside crowd. They probably feel that insiders have too much power already, and that that isn't a good situation.

They truly are "giants," in more ways than one, and we are privileged beyond description to follow in their footsteps.

gidsek (9/28/99; 20:13:04MDT - Msg ID:14795)
CNBC
one "analyst" said, cutely tossing her head in confusion "it's all because of hedge funds borrowing gold and selling, and then investing in other financial instruments they say, it's the gold carry trade .... or something like that .. grin shrug"

gidsek

andrew the kiwi (9/28/99; 20:12:12MDT - Msg ID:14794)
call options, time to sell my dec280s?
with expiry early nov, plus volatility likely to fall, should I settle these, take my profit and look at longer duration out of the money calls(dec2000 $380 @$3x5contracts).

Bill, are you there?

gidsek (9/28/99; 20:09:10MDT - Msg ID:14793)
canami .. todays' gold equity action
This from Sequin:

To paraphrase, those who were short gold were long gold stocks. Witness the majors at a higher price @ $255 POG than earlier in the year @ $278 POG. They have been buying stocks as a hedge against their short bullion positions for some time. If forced to cover they knew they would have a powerful stock rally to sell into. This should work itself out in a few days. Witness the majors stalled today .. ABX FN etc finished DOWN on a huge up day for bullion.

my thanks to Sequin and friends

gidsek

megatron (9/28/99; 19:58:09MDT - Msg ID:14792)
CNBC
Those people on CNBC have their heads up their A##. A comment like that coming from them is laughable. Hey, where is everybody? It seems kinda quiet in here. The best day in 20 years and the place is dead. What's goin' on?

Cavan Man (9/28/99; 19:45:33MDT - Msg ID:14791)
The Imperial Dollar
SteveH,

No, I did not pick up on that thread from Another's post. When I read it the first time, I took immediate umbrage at a few of tonight's "THOUGHTS". Thomas Jefferson said, "If you get angry, count to ten. If you get very angry, count to 100." After I counted to ten, I read the post a second and third time. Who does one believe; CNBC, Merril Lynch, GS, MK, IMF, ECB, AG, FOA, Another, ORO, intuition, Arch Crawford(!)? What a mess of the world we have made!

The Another/FOA scenario, implies nothing less than a completely different world of the future, dramatically so, as compared to what we (many of us anyway) enjoy today. His "Thoughts" tonight do not bode well for the USA. Ahead we will see a time of economic troubles lasting perhaps through a generation. Any thoughts on that?

I tend to lean in the FOA/Another direction. The fine analysis here has in large part substantiated their "Thoughts" fantastic as they might seem. My only thought is this; and now I know why they keep up with this forum and others over the last few years: US citizens are also to be victims of the Imperial Dollar on a much larger scale than what we experience today. They realize many "innocents" will be hurt badly with pain that will not pass quickly away. They're doing what they can to save at least a few. Obviously, they need not make even a small effort.

Too bad for me I shall never meet them. I bet they're good guys.





SteveH (9/28/99; 19:41:42MDT - Msg ID:14790)
Kaplan
www.goldminingoutlook.com
kaplan -- "My current outlook is SIGNIFICANTLY BEARISH for gold and its shares. The remaining speculative shorts were cleaned out completely in Tuesday's (September 28, 1999) gold price surge to $328.00 spot, leaving no more fuel for a short-covering rally. Though commodities are clearly in a long-term uptrend, while the U.S. dollar is just as obviously in an extende bear market, the recent rise of 50% in the average gold share price over a very short period of time has removed the compelling undervaluation that epitomizes any investment worth recommending. Over the long term, gold and its shares are likely to far outperform almost any other class of investment, but nearly every financial asset that pops sharply from a deeply depressed base almost always makes a substantial retracement shortly thereafter. This is commonly referred to as a reverse head and shoulders pattern. When gold shares strongly underperform gold bullion, it's time to exit gracefully. It will be amply clear when it is time to re-enter, as sentiment toward gold will deteriorate markedly and analysts will be talking loudly again about a return to new lows."



SteveH (9/28/99; 19:31:54MDT - Msg ID:14789)
Gates
www.goldminingoutlook.com
from Kaplan today:

Microsoft CEO Bill Gates purchased 10.3% of silver producer Pan American Silver (PAAS) from August 3, 1999 through September 20, 1999 at a share price ranging from $4.875 to $5.27 per share, through open market purchases.

-- hmmm!

SteveH (9/28/99; 19:22:50MDT - Msg ID:14788)
ORO
My gold shares will like the upside failure, if my timing is swift and my broker is swifter.

SteveH (9/28/99; 19:21:15MDT - Msg ID:14787)
TownCrier
Your best yet. Excellent!

Dec. gold down $2.00 at $3.08 something.

ORO (9/28/99; 19:20:54MDT - Msg ID:14786)
SteveH ANOTHER and Failure on the way up
It has been my contention since adopting the ANOTHER/FOA/TZADEAK/Gambler view of failing gold markets and a new currency system, that the failure is just as likely going up as going down.
Downside failure was coming close as coin and delivered metal premiums were rising allready. The problem? gold does not get delivered from bankrupt miners - not to shorts and not to the Arabs waiting for delivery.
Upside failure is the financial collapse of the gold arbitrage mechanism due to margin driven defaults, not necessarily due to the gold market alone. This is may be ameliorated by the liberal issue of Fed/Treasury cash settled calls. They may not get one gold for delivery, but would protect the holder from a margin call, keeping the doors open that much longer, and not threatening the US gold holdings.
Also, a general siezure of the market due to liquidity problems stemming from a default chain such as that of the Russian default last year (or the current, much smaller Ecuadorian one). Which is curable by injections of liquidity.



AllanC (9/28/99; 18:48:37MDT - Msg ID:14785)
test
test

TownCrier (9/28/99; 18:47:42MDT - Msg ID:14784)
After the Close: the GOLDEN VIEW from The Tower
As we look around today we see that gold is on everyone's lips, but with the exception of very few rugged individuals that heed their own counsel, we are left doubting that there is gold any in their pockets to match. Big mistake.

The G7 is not commonly known to send signals that would provide an outright direction allowing market players to capitalize on such writing on the wall, therefore it is all the more important to listen carefully when they say whatever they do say. This is what was given as the top priorities coming out of this weekend's G7 meeting of the world's seven leading economic nations:

**Repairing Japan's economic and industrial fabric, yen strength being a clear concern;
**Bringing about structural reforms in Europe to combat unemployment;
**Increasing the level of household savings in the United States.

Sorry, folks, but a "contract of promises" does not a true "savings" make. If stocks qualified as savings, the G7 would clearly have no trouble with levels of American household savings--after all, a greater number of Americans are invested in the markets now than at any time previous.
French central bank chief Jean-Claude Trichet has become the European central bankers' elder statesman with the departure of Bundesbank's Hans Tietmeyer. Mr. Trichet was quoted by Reuters today, "In my memory, markets have never neglected such signals from the G7, which are given only very exceptionally," and recalled that the last time the G7 made such an explicit statement was in 1995 calling for an "orderly reversal" of the dollar.
+
On this very remarkable day for a world-class financial asset, official remarks have been conspicuously absent. The belief among those greater knights stopping by The Tower is that much is now in place and they are content to sit back and watch the free market sort itself out with gold now in free float...without what would be the currency equivalent of forex intervention. More and more national currencies have moved, often out of necessity, (Colombia's peso the most recent example) to cut trading bands and currency pegs for a free floating currency that has it's exchange rate against other currencies determined on the open market. The euro has been the largest example of a currency that has moved first abruptly up then down, while the ECB adhered to a hands-off policy of non-intervention. This trend is becoming ever clearer as we move forward, and you can see it (if you look for it) clearly expressed in such statements as this one by a Japanese source who was accompanying Finance Minister Kiichi Miyazawa and Bank of Japan Governor Masaru Hayami at the G7 and international conferences: "Unsterilised intervention can be an option in only those countries that use currency policy as monetary policy...Unsterilised intervention is not just ineffective but can become a source of market confusion and volatility in Japan and all the other industrial nations that do not treat foreign exchange policy as monetary policy." The dollar's strength is the past was built by world demand and reliance upon as a reserve currency...a situation described by many as an "exorbitant privilege" for the issuing nation.
+
As ever more currencies are cut free to float, now gold among them, supply and demand factors and balance of trade will determine who's who and what's worth what in the currency world. As the only universal money, we look for gold to defy gravity as priced in all currencies as this sorts itself out, but particularly when priced in dollar terms. There are simply too many unneeded dollars and future dollars (Treasury bonds) sitting in international coffers among nations that already selling the U.S. more goods than they buy. A greatly reduced exchage rate for the dollar is the clearest road to acheiving balance.
+
We hope that background prepares you for interpreting these final words of the "elder statesman" Trichet in regard to the G7 meetings we began with: "This is not a time for complacency. We must demonstrate that we in the industrialized world can take advantage of a quieter and calmer period to embark rapidly on the reforms that are needed.''
+
As we said in an earlier report today, adding physical gold now to your wealth portfolio will surely qualify as household savings, and will give you a stake in the world's most lasting and universal of free floating currencies as we enter this period of "needed reforms." Consider a world playing field leveled against "exobitant privilege" by the return of currencies fairly valued alongside gold when you read this Bridge News report from Zurich today:
+
---Sept 28--The prime movers behind the deal reached between the15 industrial countries to limit gold sales to 400 tonnes per year for the next five years--which was announced at the weekend, and which has boosted gold prices--came from some EU central banks, according to a report in the Basler Zeitung. "For Switzerland the agreement is ideal. But pressure (for a limit on gold sales) did not come from Switzerland, nor the UK, nor the IMF, but from other European central banks," the paper said, citing unnamed central bank sources. "Several EU central banks--including gold-owners Germany, France and Italy--are apparently not yet ready for a public discussion of their over-proportionally large gold reserves," the paper said.---
+
The Tower is quick to point out that this latest quarter ends on Thursday at which time the European Central Bank's gold reserves, currently unchanged at €101.754 bln, will be marked to market. See where this is going? Given the state of affairs as described above, we'd say there is no such thing as "over-proportionally large gold reserves" in a world where money is money, gold being best of all.

Shifting gears slightly, but still within the realm of currency news, the money markets gave only the slightest nod in the direction of Mr. Trichet's words, and the yen fell slightly, closing at 106.20 yen per dollar compared to a 105.59 close previously. And as the dollar made these gains against the yen, the euro posted additional gains against the dollar, rising to $1.0559 per euro, up from the previous close at $1.0469.

Moving on to the stock markets, we'll take a running jump over that mess, and describe what we see as we sail over. Wouldn't want to track gore into The Tower (or the Castle, if that's where you're headed next. Pssssst...that's where the gold is, and MK is too kind to ask you to wipe your shoes.)
+
A Dow Jones report today citing an unpublished draft of a Federal Reserve study that apparently concludes that U.S. stocks may decline 32% to 38% when the current spate of corporate stock buybacks slows. And we thought the buying would last forever...
The DOW lost 27.86 and the Nasdaq shed 5.50, which were small losses after a sickly looking late-day rally pared much larger intraday losses. On the NYSE, decliners beat advancers 9 to 5 with
283 issues setting new 52-week lows, 31 reacing new highs.

On the credit markets, the 30-Yr Bond's yield was lifted to 6.058% as it lost 1-1/32 in price on the day. The majesty of gold made it "take a look," and it was humbled.
+
From a bond report by The Street.com, they stated that "the huge, huge rally in gold does not appear to have anything to do with inflation expectations." That's right, boys. The Tower wants you to know that the "inflation" (dollar supply) is already IN the system (pent up in international reserves and whatnot), and the rising gold price is merely the starting reflection of the work-out phase.
+
The Street.com reported that market gurus were saying investors sold bonds as gold rose partly out of fear that investors would sell bonds as gold rose. One analyst said that was sane "only if you think everyone else is going to do it. Then you better get out of the way." In light of the international developments, we strongly suggest exercising the "get-out-of-the-way alternative," seeking available shelter in gold. Don't believe us? Fine, don't take our word, but decide for yourself as you read this excerpt from the Bridge News credit review. The Tower has had a long view of the gold carry trade, as have you--through the many voices that frequent this Round Table-- so we're sure you know it well enough to appreciate what this report points to without our elaboration on the point:
+
New York--Sep 28--Treasury prices fell today on selling triggered by the
skyrocketing price of gold, and traders said worries about upcoming supply and
year-end financing costs contributed to the Treasury market's losses.
Earlier in the afternoon, the stock market's sell-off lent some support to
Treasury prices. But the bond market extended its losses in late trading as the
stock market bounced back.
Traders said a big chunk of today's selling in Treasuries came from players
who had been financing Treasury positions by shorting gold.
"It was the gold/bond trade that carried the price action today," said Jerry
Zukowski, an economist at PaineWebber, explaining that players had "shorted the
gold, got the cash and used that cash to build leveraged bond contract
positions."
There were rumors that one hedge fund sold 15,000 to 20,000 Dec bond
contracts as it unwound a gold/Treasury trade.
---

Spot prices for gold in NY were last quoted at $307.90, up $26 from the day before. As we've said before, it is amazing how months and months can be instantly unwound. Depending on what action you took during those months, you suddenly have a gift-horse that is looking YOU in the mouth.

We'll let Bridge tell you the story of the day while we go below and see what's that good smell coming from the kitchen...

NY Precious Metals Review: Dec gold up $26.2, 9.2%, on EU
By Melanie Lovatt and Daniel Naccarato, Bridge News
New York--Sep 28--COMEX Dec gold futures made yet more spectacular gains today, settling up a roaring $26.20, 9.2%, at $310 per ounce after hitting a 1 1/2 year high of $329. Gains were still tied to news the EU will cap gold sales and restrict lending, but the 0930 ET over-the-counter
options expiry helped. Options grantors were also frantically covering as prices jumped, said
traders.

"It's not over yet--it's absolute panic," said Leonard Kaplan, chief bullion dealer at LFG Bullion Services. He said that buying had come from all sides such as "retail, hedge funds, and banks." He predicted that the move is "not yet over" and pointed out that gold had stormed through "every resistance level." He said that many gold market players were no longer quoting lease rates, and said that they had jumped over LIBOR. He noted that spreads are widening. "There's going to be blood in the streets--the risks are too big here," he warned.

[Stew. It was stew. Whoa! Looks like I've interrupted the Bridge report. Here are the gold lease rates (annualized) as they ended the day, then we'll bow out until the report runs its course...
1-month 4.5800% +0.8000
2-month 4.4900% +0.7500
3-month 4.5080% +0.6030
6-month 4.8360% +0.2570
12-mnth 4.7560% +0.0560 . . .back to the report...]

On COMEX, nearly 100 traders swarmed around the gold trading pit as the 1430 ET close approached, shouting their final position as the last minutes in the trading session ticked by. A few more people rushed in as the trading bell rang to indicate there was 1 minute left in the trading session. Traders were standing 4 deep in a circle around the trading pit amid a massive tangle of phone lines. Most traders remained in the pit after the closing horn sounded and then gradually dispersed a few minutes later.

One broker said that today's over-the-counter option expiry "made up the better part of the picture." He noted that it helped gold establish itself above the important $300 per ounce level.
Traders said that this morning one large NY dealer covered about 12,000 lots of gold, which was also probably options related business. Traders said that after today's price rally, some options grantors are probably in serious trouble. "Market makers who've nothing better to do than grant options and watch the value deteriorate are now seeing it come back and (hurt them)," said one broker.

Traders said that there had been large options positions clustered at the $285 per ounce level and that spot gold was pushed over that price. One noted that that option-related hedging was triggering short-covering and further fresh buying. Kaplan noted that while the option-related activity was playing a part in today's gold rally, it was still basically being driven by a knee-jerk
reaction to the weekend news that the EU and Swiss Central banks will cap their gold sales and limit their leasing activities. If gold can hold onto its gains for the remaining few days of
September it will have made the largest monthly gain since 1980. Bill O'Neill, analyst at Merrill Lynch said that gold saw "frenetic options activity," today, noting that some of the grantors "probably took it on the chin."

However, he too noted that the EU news was the overriding positive in the market. "It was the most bullish piece of news in five years," he commented. The restriction the EU and Swiss banks are imposing on lending is the key to the rally, he said. Gold lending has been one, if not the biggest, culprit in keeping gold prices under downwards pressure. Some analysts have estimated that gold lending has increased as much as 700 tonnes per year over the past few years, although the exact dimensions of the lending market are hard to pin down because there is no publicly available data.

Meanwhile, Kaplan noted that bullion banks and dealers were scared. "This started a couple of weeks ago with the lease rate increase. People are lending long and borrowing short," he said. He said that panic was ensuing because many grantors of call options didn't even bother hedging their risk. "Now you've got the market rallying, option volatilities are through the roof," he said.

"The fear is palpable--they now have to hedge $325 and $350 calls that they threw in the desk drawer," he said. Kaplan expects the rally to continue and suggests the price could rally another $30 on Wednesday.

Gold's spectacular climb pushed up currencies of gold mining countries, such as the South African rand and Australian and Canadian dollar. It also siphoned money out of bonds and stocks and there were rumors swirling in the market that giant hedge funds were liquidating stocks and bond positions to cover big short gold positions.

Gold's rally today was markedly different from Monday's jump because it occurred during the US trading--on Monday it was mostly already over, it hit its highest levels in the overnight NYMEX Access session and during the open outcry COMEX trade, profit-taking was already trickling into the market.***

(c) Copyright 1999 FWN Reprinted at USAGOLD with permission. For details please go to:
http://www.futuresource.com/internet.shtml
No further reproduction without written permission from FWN.
------

Estimated volume today in COMEX gold futures,170,000 contracts, was nearly double the levels seen the previous two trading days. We wonder how many of these went to close positions, and how many will result in an increase in open interest when the numbers are revealed tomorrow. From yesterday's COMEX action, total open interest on gold contracts fell only 2,250 and stood at 213,936 to start this day. Septerber contracts dropped to zero yesterday as Merill Lynch asked for delivery on the last of them, Oct OI stood at 2,469, while the open interest for Dec totals 134,416 contracts at 100 oz each...in theory.

There was no movement at the COMEX gold depositories, and total inventory stands at 942,231 ounces, 91% Registered, 9% Eligible.

Our view of the Fifth Horseman reveals that when you lead a horse to water, sometimes he WILL take a drink. And with this pause during the return of the Golden Knight, lackluster NYMEX trade of crude futures brought November crude down 28c at $24.33. After the market closed, NYMEX November WTI crude futures gained in overnight Access trade upon the release of American Petroleum Institute data showing a larger than expected decline of 3.684 million barrels in the US crude stockpiles.

And a final thought as we wrap this up for the day...
As an organization that sprang from the1940's Bretton Woods agreements to coordinate the international reestablishment of the gold standard through pegging currencies to the dollar which was itself convertible to gold at $35 per ounce, the IMF has had to remain light on its feet to stay in business when this system collapsed in 1971. In yet the latest demonstration of flexibility, the IMF apparently sees that the blood in the streets is their own, and they are shifting focus yet again to keep their office, and keep their jobs. Their are now putting their focus on lifting charity-case nations up out of the mud...the ones either run-over or bypassed by the wheels of human progress. Certainly a noble endeavor, but please recognize the key here is that their job is no longer as it once was because the dollar is no longer as it once was.

The International Monetary Fund indicated today they are shifting to policies that support a new drive to eliminate poverty. In a speech to commercial bankers, government ministers and central bankers attending the annual meetings of the World Bank and IMF, Fund Director Michel Camdessus delivered his usual warnings about stability and economic risks. He also urged countries to curb international arms trading and slash military spending, but said the world had to listen to "the voices of the poor,'' as reported by Reuters. "Just think how many plowshares could be forged with such an oversupply of swords," Camdessus said. Buying peace at the expense of the dollar, with gold taking its place as the world's reserve asset, seems fair enough to the TownCrier (and those assembled here this evening) as he sits atop The Tower. After all, we've taken our cue from several EU central banks with their "over-proportionally large gold reserves." The return of sound money? Bring it on.

And that's the view from here...after the close.

SteveH (9/28/99; 18:41:14MDT - Msg ID:14783)
A Comment about Another's post today (clearer)
The thought that paper gold might fall to all-time lows and fail the markets that Another conjectured and that FOA arose on to build a basis of additional thought seems to be reinjected for additional discussion and future theories, for I do believe he believes the gold market of paper will fail but only after rising and not falling. Anyone else pick up on that?

ORO (9/28/99; 18:38:42MDT - Msg ID:14782)
Bloomie article
From http://www.bloomberg.com/bbn/topfin_2.html?s=c007203f540f2e74cd5c0026c2922fde

``We've bought some gold today,'' said Nick Holland,
finance director at Gold Fields Ltd. in South Africa, the world's second-biggest gold producer. Gold Fields bought ``to square off some positions,'' Holland said. Last week, the mining company bought 100,000 ounces of gold, which was 12 percent of an auction held by the Bank of England.

FOA? Good choice.


SteveH (9/28/99; 18:35:14MDT - Msg ID:14781)
note
The thought that paper gold might fall to all-time lows and fail the markets that Another conjectured and that FOA arose on to build a basis of additional thought seems to be reinjected for additional discussion and future theories, for I do believe he believes the gold market of paper will fail but only after rising and not falling. Anyone else pick up on that?

AllanC (9/28/99; 18:33:37MDT - Msg ID:14780)
From the "Can you believe Larry said this?" department
From CNBC Market Analysis Sep 28, 1999

Larry says:

"Over the weekend, the IMF and G-7 central banks declared a five-year moratorium on new gold sales and leasing programs. This is a good decision. Governments should not be selling the family crown jewels."

"But there's a much bigger picture. I believe that gold is historically the best "quality of value" indicator of paper money currencies. Gold has major monetary meaning."

Maybe this clown is finally starting to acquire some common sense. (even though he's still a big gold bear)



AllanC (9/28/99; 18:29:04MDT - Msg ID:14779)
Test
Test

jinx44 (9/28/99; 18:04:32MDT - Msg ID:14778)
Phos--on the Skolnick article
I found it at www.sightings.com

Phos (9/28/99; 18:02:35MDT - Msg ID:14777)
Jinx - your post by skolnick
Did you get this article from a Website?

Netking (9/28/99; 17:20:56MDT - Msg ID:14776)
Dow
http://decisionpoint.com/DailyCharts/DOW.html
Time to add an "N" to the end of Dow - that's where it's headed, fast & soon.

FOA (9/28/99; 17:12:39MDT - Msg ID:14775)
Comment
Goldspoon,

What a day it was! The "Bullion Boys" at USAGOLD Forum got to march at the front of the victory parade. How about that Golden sun? It's a triple crown winner again! Up over 8% while the other metal horses had to eat his dust. Even most of the major gold mines went up, but are still out on the track coming in as stragglers (except for Goldfields, up about 17%) (I hate it when my only little mine investment goes up) (very bad for credibility) (smile). Somehow I think this is a bad precedent to start doing this. I'll stop while ahead.

We can be sure that some Bullion houses are now the proud owner of defaulted gold paper. More of it will come pilling in through out this week. This is just the beginning, because this house of cards just collapsed. For a while there (back in the summer), it looked like the ECB was just going to let the dollar / IMF slowly flood itself with gold paper until the market failed. Truly, the only way
to make it more valuable, was to sell more of it and make the paper price fall. Now, they pulled the plug on them and will let the market eat itself. Make no mistake, this is no too way trading market! It's going to run until someone big fails and shuts it down. We don't just work out thousands of
tonnes of short gold positions with a few days and $50 up. I think the gold shares see this and are trying to realistically price in what several locked limit days will do to the infrastructure. Yes, everyone is hedged and covered, but this little move has most likely cleaned out the present counterparties equity already. If the dow, bonds and dollar start selling off big, they (funds) have run out of money and are selling for more. More cash will bring waves of paper selling on comex. Yet, the very equity selling that raises the funds for those waves will bring even more loses to the hedge funds. They used the old gold financing to buy what will be sold now. So look for intraday
waves of more exaggerated form than today's +44 move. Still, all in all, if the banks or the Fed can stand it, this market will run through 500 or 600 on this first kill off.

I'm standing here and watching all this with no risk assets. For me it's all very interesting. As for the bears being cut into bar - B - Q stakes, they can't lose what they never had. Most of the US paper game is all in ones mind anyway. I have a mountain of notes to cover, so I'll step away.

Thanks FOA

jinx44 (9/28/99; 17:07:04MDT - Msg ID:14774)
Gold article by Sherman Skolnick--any comments on the $410 ceiling the FED protects???
The Bank of England And The Gold Crisis
By Sherman Skolnick <skolnick@ameritech.net> 9-27-99

Far too many people believe the common fairy tale that geniuses are in charge of financial affairs. History is riddled with the monumental blunders of the big money crowd.

If the price of gold goes up, it tends to discredit paper money. After all, some do consider gold the only real, independent money, separate and apart from Governments. The Bank of England has been part of a scheme to force down the price of gold. Up to about the summer of 1999, gold had been pushed down to just a touch over 250 dollars per ounce, a recent historical low. The best, most efficient Canadian mines have a cost of production at 285 dollars per ounce. So the Bank of England announced for September, 1999, another sale of gold supposedly from "their Reserves". This was joined with stories, not every one believed, that OTHER central banks were tired of having gold reserves and were and are likewise selling off and discarding their Treasures.

There was, however, a deep dark secret. The Bank of England does not really have that much "gold Reserves". They have used up their gold in two World Wars as well as numerous devaluation attacks on the British Pound Sterling which once was $4.80 for one British Pound. AND, all the while to the last minute falsely denying that the Pound was about to be devalued.

Some believe that the person using the name "Clinton" was ordered, by the secret societies that installed him as President,to start the war against Serbia which had not attacked any foreign country, least of all the U.S. A simple reason: The new Euro Dollar was declining against the so-called "U.S. Dollar". So the Europeans had a financial interest to get the U.S. into a financial disaster called Kosovo, to wreck the Dollar. When it is all said and done, WHO will have to pay for reconstructing the bombed out bridges, factories, and buildings in Serbia? You guessed it: the common ordinary U.S. taxpayer suckers. Not the Rockefellers, Mellons, Morgans, and other ruling families WHO PAY NO TAXES, hiding their fortunes through Foundations and corruption of the Internal Revenue Service.

So to try to force down the price of gold even lower than $250 per ounce, the Bank of England was selling gold it did not really have. Upon the downfall of the Soviets, the Dutch arranged to steal thousands of tons of Soviet gold with the help of criminals in Moscow, the newly rich open market "miracle" entrepeneurs, former Commissars. After all, there was a time when the Moscow government was the world's second largest gold producer. Maybe not longer true with the great decline in production in general since 1991.

In its simplest form, the Bank of England was selling gold borrowed from thieves in Amsterdam. NOTE: The Dutch have been a transit point for Vatican financial schemes. By the way, that nation which is forever fighting off the seas---the Netherlands being below sea level---has used strong-arm tactics to prevent ANY speculating against THEIR currency, the Guilder. Currency speculators know it is a death warrant to mess with the Guilder which remains stable in an unstable world.

Reputed currency gangster George Soros became reportedly aware that the Bank of England was playing a dirty, dangerous game with someone elses' stolen gold. To counter him, the central bank of Britain has reportedly instigated stories such as: Soros is a world-class gangster, which he probably is; Soros is using stolen insider secrets which he probably is; and to appeal to a growing number of Anti-Jew bigots, calling him, through other people's mouths, a "dirty,rotten Jew", thus defaming and slandering all Jews in general.

So Soros and other worldwide pirates joined with the Swiss--who never were sweet angels--to attack the Bank of England. There is a pertinent principle of commodity trading called DELIVERY. The commodity traders sometimes joke that the items you speculate in might someday be ordered to be DELIVERED, like to be dumped on your front lawn. The currency bandits reportedly have been ordering the Bank of England to DELIVER the gold they supposedly sold in auctioning off THEIR "Gold Reserves". That is where is the trouble started. So the price of gold began shooting up, for a number of reasons.

REASON NUMBER ONE: Could the Bank of England DELIVER stolen gold without unraveling the whole Dutch-Former Soviet Gold Robbery? Also, the Dutch through their bank octopus, Algemene Bank Nederland, ABN, have been buying up FOR GOLD, banks in 15 U.S. cities. For example, ABN bought up a long-known reputed money laundry for bribing judges called La Salle National Bank of Chicago, now the flagship in the U.S. for ABN. La Salle National Bank was one of only two out of 20,000 U.S. National Banks in 1964 that refused to disclose their 20 largest stockholders of record when demanded by the House Banking Committee under Chairman, Congressman Wright Patman of Texas. A populist, he caused a report of the national bank ownership to be published in 1964 the first and only time of such in U.S. history that National Banks were requred to list their major owners for a U.S. Government published Report.

REASON NUMBER TWO: It is little known that the U.S. has a contract arrangement with Saudi and Japan. THEIR vast ownership of U.S. Treasury bills, notes, and bonds, are subject to being paid, upon their demand, IN GOLD. No U.S. citizen is allowed to convert their U.S. bonds into gold upon demand. Further, the Persian Gulf oil producers have an arrangement that their sale of oil to the West is payable in so-called "U.S. Dollars", actually, Federal Reserve notes backed by nothing, not gold, not silver, just hot air promises. Upon demand, however, only the Saudis have the right to DEMAND payment in GOLD instead of "U.S. Dollars". So the world price of oil is pegged to the "U.S. Dollar". AND Saudi can get gold for THEIR oil.

Another secret, known to gold mining and marketing experts, is that the Federal Reserve has an unwritten policy of a trip-wire: $410 per ounce. For example, the Fed with the help of the monopoly press in the market crash of 1987, concealed for weeks and weeks that the Fed was lifting heaven and earth to keep gold from topping 500 following the Crash. Over the years, whenever gold even approached $410 per ounce, the Fed and the press-fakers started an attack on gold, such as: gold does not pay interest but lays dormant; gold is a barbaric metal from the past, no longer needed; gold is useless to own it; and similar fables suddenly circulated by the paper money crowd.

I find it interesting that over a period of years, I was the ONLY JOURNALIST to go to the annual meeting called the Chicago Gold Conference, gold experts from all over the world. The press-whores, fronting for the paper money cartel, never printed a single word of the all-day Chicago-based meeting.

Rumors are circulating, believed by savvy folks to have validity, that the Bank of England needs a rescue of 200 BILLION DOLLARS to bail out their blunders. If the Federal Reserve, circulating their Notes masquerading as "U.S. Dollars", has to send that many paper lifeboats to London, where will they get it? And will it sink the "U.S. Dollar"? And by having more so-called "U.S. Dollars", that is Federal Reserve Notes, printed? Of course, that inflation would simply cause gold to go even higher.

Do not be surprised, however, that the monopoly press says little, if anything, about the Bank of England or is it the BUNK OF ENGLAND, and the gold crisis. And no surprise if the press-liars start circulating stories about gold, that, after all, gold is no good to have.

Wags with gold teeth claim, that when gold is high in price, they have to hire a guard for their mouth.
_____________________

Sherman H. Skolnick, moderator/producer of Chicago public access Cable TV Program "Broadsides", since 1991, and since 1963, founder/chairman, Citizen's Committee to Clean Up the Courts.



Netking (9/28/99; 16:58:04MDT - Msg ID:14773)
Australia Spot
Spot opens shortly in Australia, what's the verdict team? Back beynd "Peak 330" & beyond during Sydney & then Asia?

Canuck (9/28/99; 16:55:47MDT - Msg ID:14772)
USAGOLD
We're coming up to options expiry and the bullion banks
are "position covering,"
------------------------------------------------------

I show options expiry on Oct.15, is this incorrect?

TownCrier (9/28/99; 16:33:02MDT - Msg ID:14771)
LME Review: Base Metals Benefit From Gold's New-found
Special note to Sirs FOA and Aragorn III:

This headline came into view from The Tower while this weary TownCrier scanned the horizon for the GOLDEN VIEW. I'd say you gentleman had better act to stake your claim on iron ingots before you get priced out of that market too, and into the next lower item. We do have reports that sand per grain is yet to make its run.

ANOTHER (9/28/99; 16:15:40MDT - Msg ID:14770)
Reply
USAGOLD (09/17/99; 21:11:52MDT - Msg ID:13862)
Another, my friend,
I have missed our discussions in recent months as it seems that you and I, both, have been occupied elsewhere. Much has changed since our last exchange(s). I sense that our friends at the central banks have begun to worry about their outstanding gold, as should the private lenders. The Dutch central bank felt it necessary to call off the dogs by saying they are no longer an easy mark. And now Japan tells us that they will buy if the IMF should want to sell -- a gold poor island nation in the East with too many dollars and no longer enough time. So is lending gold at 4% a good deal? Or should we consider anything we lend at that price, "lost assets"?........Is the golden intention floated by Japan today as important as I think it is, or something to be discounted? I remember your words of wisdom on England...a lost land. I remember your words warning us of the state of the LBMA which is now so apparent. What next? my good friend. Is this "a night to think about gold?" What say you about Japan and Europe and the future of gold?

Mr. Kosares, we speak again. This gold market, it be not as before, yes? For six years and a time, we build the "alliance". Now all join and say "no more" unfair currency. This day I stand with Europe on ground that is stable for the future of our children. Ground made hard with gold that
moves "no more"! Your dollar will now fight the "good battle" on it's own. From early this year it finds no support from "cheap oil". Soon it will find no support from "oil settlement".
Without the "good backing" that comes with others "holding dollars", the world must now settle dollars in a true gold price. It is time, gold again becomes the money our fathers knew. It's dollar price will run now. Fear this as the banker is afraid of his creditors, for it now runs long my friend and stops only for the destruction of its market. From the days of our youth we see not again a
market such as this. All will soon race for the bullion metal and few will walk away with gold. Your mind does consider the "right number" for gold yes? I say, add that ten times and this you will pay if one waits.
Japan? With no trade how will a nation supply its oil? The oil that built them does now break them. Buy gold we say, years ago, hear us they did not. The yen eyes and ears always face across the pacific. Even as their future was thru Hong Kong to Europe. Now this yen will fail a nation that forgot how it's sun still sets at their backs.
Sir, the bullion in the many thousands will change the common landscape of your land to as rocks and bushes. It will also grow the most green lawn for holders of Euros.

May many flowers present your home in the good light of old wealth. The old wealth that we find in the new value of gold!

Thank You Another

Black Blade (9/28/99; 15:56:50MDT - Msg ID:14769)
John Murphy, vindicated on CNBC
John Murphy, technical analyst who declared that the Au market was being manipulated on a CNBC program some time ago, got the chance to gloat on CNBC today. In effect he said "I told you so".

Goldspoon (9/28/99; 15:44:26MDT - Msg ID:14768)
Cananami
i don't think so....look at ORO's forward rates....this may be FOA's, Anothers paper meltdown......
They have warned lots of people about paper.....
The mines have been a part of this lease game for years and now it will bankrupt some of them....Driving the physical price even higher........

Black Blade (9/28/99; 15:40:13MDT - Msg ID:14767)
Laugh for the day
Lawrence Kudlow (big-time gold bear) says that the rise in the POG is healthy! What difference a couple of days and rocketing POG makes. Now lets see if the POG can continue it's ascent in the Asian markets. I think need another brew.

Goldspoon (9/28/99; 15:36:45MDT - Msg ID:14766)
Talking heads part II
Sorry, hit the wrong key..
Thanks Goldfly... good link... now i have a backup..
The Heads on TV had no clue and when one of them interviewed someone who did... you could tell it went right over her head....
He said "It's not a selling problem for Gold... it's a leasing problem".....
Her eyes rolled back and blank stare apears on her face....Stock traders on "Fall Street" the same way....i don't think it will take long before they go to the cubicle where they put the firms Gold analysist dust him off and find out..... Find OUT There is no way out.....SELLLL!!!!!!!!!!!

i'm sorry... but some people needed to focus on the big picture in this country looooong ago and this would not be happening today......

Leigh, looks like the evil owner tied a knot in his S&P 100 rope about noon and has not given up yet....He will soon tire out and fall down ....Tomorrow?????

canamami (9/28/99; 15:36:01MDT - Msg ID:14765)
End-of-day crash for gold shares
Is the end-of-day crash a harbinger of tomorrow for the metal?

Goldspoon (9/28/99; 15:21:09MDT - Msg ID:14764)
Talking Heads.....
Had to turn on the TV the net just seemed to lock up...

TownCrier (9/28/99; 15:00:37MDT - Msg ID:14763)
That brief outage was a good reminder that Y2K is less than 100 days away
Sure didn't like that brief feeling of helplessness...would rather lose a few bucks at the bank than the good comments to be found here! Glad to see Jeff is on top of things.

Simply Me (9/28/99; 14:32:51MDT - Msg ID:14762)
Problem accessing Forum.
Test. Test.

Jeff (9/28/99; 14:31:21MDT - Msg ID:14761)
test
test

SteveH (9/28/99; 14:21:27MDT - Msg ID:14760)
Broke again, but that is ok because gold opened 1.1 higher
in overnight trading!

SteveH (9/28/99; 14:17:05MDT - Msg ID:14759)
Broke again, but that is ok because gold opened 1.1 higher
in overnight trading!

Mr Gresham (9/28/99; 14:07:32MDT - Msg ID:14758)
Computers
Just thimk!

Computers never make misteaks!


TownCrier (9/28/99; 14:04:34MDT - Msg ID:14757)
Trichet says G7 clear on yen, Japan must reform
http://biz.yahoo.com/rf/990928/yb.html
French central bank chief Jean-Claude Trichet has become the European central bankers' elder statesman with the departure of Bundesbank's Hans Tietmeyer. The G7 is know to speak softly while it carries a big stick. Listen carefully when Mr. Trichet says that the industrial world (well-represented in the G7) must take advantage of this relatively calm period "to embark rapidly on the reforms that are needed."

Gold will not only qualify as a boost to your household savings, but it will provide you with an island of monetary stability as the global monetary reforms are brought about.

Golden Boy (9/28/99; 14:04:04MDT - Msg ID:14756)
Rumors
Rumors on the street that a couple of hedge funds are being forced to go public after the market closes today and reveal their gold short position. 3000 tonnes is being rumored with these hedge funds. This could get really interesting!

megatron (9/28/99; 13:54:08MDT - Msg ID:14755)
gold
This is unreal!!! The last ride of the millenium belongs to GOLD!!! 1000 years. The drama is giving me a stomach ache.
Goodbye Bear market. Bring on $400, but I might not survive.

PH in LA (9/28/99; 13:49:58MDT - Msg ID:14754)
Yesterday's Question of The Day
Wasn't it ORO the other day talking about how they like to put out an excuse for the press to hang their "explanations" on. The auction announcement wasn't all that earth shaking. It was the short selling that accompanied it (even anticipating the announcement by minutes) that really did the trick. But all the press could do was bray about the auctions. etc. FOA mentioned that a counterparty must be being "eaten alive" today and now Farfel weighs in by mentioning Princeton International.

By drawing from line to line a picture is starting to emerge. What if the Fed told the G7 about the M. Armstrong situation and got a red light on trying to bail them out? The G7 then steps up to the plate with their famous "no more leasing...limit of 400-tons/year" comment to channel the action in the right direction. Everyone jumps to the same conclusion at the same time.

But what will the other funds that are short be able to do now?

FOA mentioned the other day that a $30 move would light the fire...get things rolling. Well, we're here, at the highs today POG was up twice that since the second auction. Will we now have a cascade of hedge funds heading down the toilet? The dollar has been pretty steady through all this, yesterday it was even up against the Euro and Yen, although it slipped a bit near the close today. What's next?

Stay tuned tomorrow!

megatron (9/28/99; 13:36:09MDT - Msg ID:14753)
we shall overcome
I don't think many of you who read USAgold may watch this other board on Silicon Investor, but it's quite funny to see posts from people who signed up yesterday, asking which gold stocks to buy. Maybe not so much funny as confirmation of what a lot of us believe would happen, and knew would happen. Also CBS Marketwatch had Dines on the interview page saying paper money is worthless etc. 2 weeks ago NOBODY would have printed that opinion. The only thing that could make this beautiful day better would be the knowledge that Rubin and Clinton lost everything, but alas we can't have it all.

ORO (9/28/99; 13:32:27MDT - Msg ID:14752)
What a ride
What a ride this was today.

The $329 marks the second batch of Arab buying when short positions exploded the second time, in 97. Another started posting shortly after.

Forward Rates
(Expressed as an annual percentage rate)


Gold Silver Platinum Palladium
Bid Change Bid Change Bid Change Bid Change
1-m 0.80% -0.80 -0.50% -4.00 -6.00% -2.00 2.00% 0.00

2-m 0.95% -0.75 -0.50% -1.80 -3.50% 0.00 1.50% 0.00

3-m 1.00% -0.60 -1.25% -2.00 -5.00% -1.50 1.00% 0.00
6-m 1.10% -0.25 -1.50% -1.50 -5.00% -2.50 -0.50% 0.00
1-y 1.25% -0.05 -1.75% -1.00 -4.50% -2.00 -1.50% 0.00

Note the Silver and Platinum forwards and some Palladium forwards are in totally negative territory. Gold is still ok. I think the minimum ammount needed is reaching the market. Perhaps from producer forwards.




Al Fulchino (9/28/99; 13:29:40MDT - Msg ID:14751)
Irrational Exhuberance???
I stated, awhile back, that we all need to keep level heads when and if the price of PM's started to rise <No offense intended here and everyone don't take this as a damper on the party, please!> I see unmitigated glee on so many sites that PM's are on the move. Just remember, that while you,we,I may do well, there will be millions on the other side who do not do so well or may be ruined. Even our success may come at a price. I am glad for the opportunity to be a have versus a have not and I wish all here well. I thank this forum as a whole, and I thank the participants who shared their knowledge with so many of us.

Remember when you are on a wild ride such as a roller coaster there are many times where you must hold on, there is no guarantee that you will leave the ride safely.

Now, please go back to the party and pass the punch.

Tomcat (9/28/99; 13:28:14MDT - Msg ID:14750)
Have the been shorters clueless?

You know, something that always bothered me was the the way the shorters responded to gold movements in the past. I used to say to myself, "What is it going to take to wake these guys up; don't they know they're in deep trouble?" I often thought that they were either totally clueless to what was happening or they were totally confident due to their inside connections.

Is it possible that they were clueless and this rise in the POG is nothing more than a wake up call. If this rise has only been a wake up call for the clueless then there will be a lot more action to follow. After all, the clueless are ones more apt to panic in their rush to the exits. Wait till they find out than the exit doors are jammed and won't open.

Goldfly (9/28/99; 13:24:12MDT - Msg ID:14749)
Goldspoon - Dollar Dumpster Diving
http://www.bloomberg.com/markets/currency/curr.cgi/uscurr.html

Don't know much about currencies.....

This site seems to be working ok for me.

Except for the Yen, Dollar down across the board.

GF

Goldspoon (9/28/99; 12:40:08MDT - Msg ID:14748)
Goldfly
The net has gone crazy!!! i can't get to any of my favorite spots for updates.. thanks for keeping us posted!!! How's the dollar reacting to all of this??

Goldfly (9/28/99; 12:31:28MDT - Msg ID:14747)
Hi Goldspoon...

I had to take a break after that last episode.

Spot $309.60


Goldspoon (9/28/99; 12:21:42MDT - Msg ID:14746)
Le'me see what was it i said yesterday 'bout the Bears hav'in another run at it today??
http://dailynews.yahoo.com/h/nm/19990928/bs/stocks_leadall_1078.html
**Trading curbs were implemented on the New York Stock Exchange when the Dow's losses topped 210 points.***

Leigh it looks like if this holds the evil owner's S&P 100 rope could not hold Ritch Man's Gold or Yellow Gold ...it broke under their strength!!!
Free at Last!! Freeeeee at Last!!!!!!!!!!

Farfel (9/28/99; 12:16:58MDT - Msg ID:14745)
A Princeton Fire????
Michael, I think this Princeton thing might be the real key to what's happening in the gold market today.

The sense I am getting is that the naked short position was absolutely beyond conception and that is why we are getting these gold market fireworks that are simply beyond all technical analysis conception.

Yes, the European Central Bank announcement ignited the fire but there had to be a hell of a lot of gunpowder available to set off this explosion.

It will be interesting to learn over the next while the extent of the naked call writing by THE most ultra-bearish gold/silver fund in history.

My apologies if I am wrong, but I think that is the real source of this price surge, and if the naked gold short is as large as they seem to say (conceivably over 700 tons shorted????), then today's short cover is not even half way done.

Thanks

F*

Thanks

F*

TownCrier (9/28/99; 12:10:10MDT - Msg ID:14744)
Gold hit 16-month highs, up 19 percent on the week
http://biz.yahoo.com/rf/990928/yg.html
"There's definitely a fundamental change in attitude towards gold. We have certainly gone from bearish to neutral," said HSBC's Fava.

For the most part, today's gold market articles are laughable, with traders and brokers standing around, blinking in a daze with very little to offer in the way of intelligent analysis or fundamental assessment. We'll keep searching for the important commments...the subtle hints dropped here and there by the FinMin's and their equivalents.

Goldspoon (09/28/99; 12:09:38MDT - Msg ID:14743)
Hey what's all the noise....OH ! a party!!!
YaHoooooooooooooooooo!
Who's buying????
WE ALL CAN AFFORD IT NOW!!!!!
BWA-HA-HA-HA-HAHAHHAHAAAHAAAAHAAA!!!!!!!

Who's still here??? Goldfly?? Leigh??? others???

Goldfly (09/28/99; 12:05:01MDT - Msg ID:14742)
Bother. I'll try again....
T- 2:00h and counting.


Goldfly (09/28/99; 12:03:06MDT - Msg ID:14741)
I think you're right Leigh

We've just had a little taste of the future.

Stand clear of the launchpad.

T- 4:00h and counting.

GF


Leigh (09/28/99; 11:58:23MDT - Msg ID:14740)
Welcome back, Jason!
What a happy day!

By the way, inflation has struck at the grocery store. I was astounded at the prices this morning at the Commissary, and there aren't many "specials" being offered either. I grabbed multiples of everything on sale that we use a lot, especially plastic items like garbage bags, diapers, etc. (thanks Goodspoon). Next stop, Sam's!

Leigh (09/28/99; 11:50:45MDT - Msg ID:14739)
Goldfly
That's OK, Goldfly; the night crew will take care of that. Hong Kong opens in two hours and ten minutes.

Aragorn III (09/28/99; 11:47:32MDT - Msg ID:14738)
To those who question paper vs. gold...contracts and corporations and currencies vs. gold metal in hand
A marathon presents us with two distinct scenes, does it not? At the start it is easy to determine the runner from the spectator, though not easy to determine the good runners from the bad as they all appear fresh and vigorous.

The end of the race gives us another view, does it not? The most important one! The strongest have scarcely changed in appearance through the course of the run, even as others that began so well fail to reach the end or suffer much hurt. Take care to evaluate your runner's performance as the start line yet remains a small sea of runners ahead, though the feet are now at least moving. I would offer these words again as my best guidance, yours to accept or reject...
____________________________________________________________
If you have not got gold, choosing instead to hold
your wealth on paper,
you just might rather
count the rocks you have thrown that fell upon the moon
as your legacy
than prove to me
those ashes over which you weep were once other than fallen leaves.
____________________________________________________________

Goldfly (09/28/99; 11:45:44MDT - Msg ID:14737)
OK Leigh.... Catch you breath...

Had to reboot my PC.... think I smoked it there....

After toping out at $327+, we seem to have an attack from the shorts.

These people ought to just give it up and cut their losses.

We're at around $310 now.


714 (09/28/99; 11:41:30MDT - Msg ID:14736)
Uh-oh $313.5
http://www.crbindex.com/curquote/crbquote.mhtml
It's raining on gold's parade.

Well, lunch is over. I hope tomorrow's this exciting. I certainly look forward to tonight's comments.

714 (09/28/99; 11:38:08MDT - Msg ID:14735)
POG $329 then back to $319...
http://www.crbindex.com/curquote/crbquote.mhtml
...just like that. Even gold's got to catch its breath.

At any rate, it looks like $400 by the end of the week at this rate. Good for gold, bad for.......

This sky is very, very dark. Hear the thunder?

714 (09/28/99; 11:31:14MDT - Msg ID:14734)
Out of control!
http://www.crbindex.com/curquote/crbquote.mhtml
$325.5!

POG is going up every few minutes I check. Amazing. Spooky.

This is history...the stuff of crises.

Goldfly (09/28/99; 11:28:19MDT - Msg ID:14733)
This is insane....

$324.30!!!

$324.30!!!

$324.30!!!



Leigh (09/28/99; 11:27:06MDT - Msg ID:14732)
Keep Posting, Goldfly!!
I think half of us have died of shock.

fox (09/28/99; 11:26:27MDT - Msg ID:14731)
fox
http://www.kitco.com/gold.graph.html
Maybee it is my imagination, but on this graphic i see a hanging man ( hannibal Lechter )

Greetings from belgium to all (the fine man in the Forum
Congratulations to Mr. Michael Korsares
go GATA GO GOLD

Goldfly (09/28/99; 11:26:08MDT - Msg ID:14730)
Are you tired of hearing from me???

Say so and I'll stop!

In the meantime.....

$321.70!!!

$321.70!!!

$321.70!!!




714 (09/28/99; 11:24:10MDT - Msg ID:14729)
POG 320+
http://cbs.marketwatch.com/news/newsroom.htx
See the second story down (next to futures icon). The media's picking up on it. Hard to ignore that bull in the china shop.

For POG see:
http://www.crbindex.com/curquote/crbquote.mhtml

Goldfly (09/28/99; 11:21:19MDT - Msg ID:14728)
What's the limit on Gold?

$318.50!!!

$318.50!!!

$318.50!!!


Orca (09/28/99; 11:17:04MDT - Msg ID:14727)
CNBC ... as per my previous posting.
http://www.cnbc.com/commentary/commentary_full_story_stocks.asp?StoryID=7268
This is the level of reporting that CNBC (Internet) is pushing. Contrast this with headline ront page coverage of golds move in the Globe and Mail today in Canada.

The contrast is most revealing!!

beesting (09/28/99; 11:16:40MDT - Msg ID:14726)
Update on Goldfields stock price.
http://quote.yahoo.com/q?s=GOLD&d=1d
Already 655,600 shares traded today @ about 5 1/4.
4 large purchases of over 100,000 shares by single buyers,this IMHO means institutional buying($5.00X100,000=$500,000.00).
If and when the Mutual Funds start to transfer other types of stock for Gold mining stocks, an imaginary mushroom type cloud may develop over the stock markets.
Got Gold??....Guard it with your life.....beesting


Goldfly (09/28/99; 11:16:23MDT - Msg ID:14725)
GASP!!! I don't know if I'M gonna be ok....

$314.20!!!!!

$314.20!!!!!

$314.20!!!!!


Goldfly (09/28/99; 11:14:19MDT - Msg ID:14724)
Gee Whiz. Somebody say something...

So I know you're ok!

$313.10!!!!

YOW!!!!


Goldfly (09/28/99; 11:08:17MDT - Msg ID:14723)
All Hands.... All Hands.....

$311.20

$311.20

$311.20

PH in LA (09/28/99; 11:08:07MDT - Msg ID:14722)
FLASH!!! Silver FLASH!!!
Limit up is $.50 on the futures for silver. (Isn't it?)
Up $.41 so far.
Limit up still possible today?

TownCrier (09/28/99; 11:06:32MDT - Msg ID:14721)
Unsterilised FX moves 'unrealistic'--Japan source
http://biz.yahoo.com/rf/990928/c.html
A delegate accompanying Finance Minister Kiichi Miyazawa and Bank of Japan Governor Masaru Hayami to the G7 meetings said attmpting to supply extra liquidity to the money market by leaving foreign exchange intervention unsterilised is unrealistic under Japan's current policy framework. The source said unsterilised intervention would lead to "...volatility in Japan and all the other industrial nations that do not treat foreign exchange policy as monetary policy."


Goldfly (09/28/99; 11:01:55MDT - Msg ID:14720)
That was supposed to be a question....

As in:

phaedrus You're talking Dec99, right?

$309.10 Again!!!


Orca (09/28/99; 10:58:11MDT - Msg ID:14719)
Gold, the DOW and the XAU
I have been watching the movement (like all of my friends here) of these three indexes, along with those of my own holdings. Delighted so far, but I have a suspicion that the XAU stocks will start to fall under the watchful eye of those who have the ability to manipulate the market. They happen to be the same folks who for so long managed the gold market to their benifit.

I do not believe there is profit taking on the XAU shares yet....!! but lets watch that space. I have long believed that as this new game unfolds, there will be many new tricks to come to the table. They will have to be countered with as much determination as was the gold management scheme.

Push on and lets keep the vigulance up on this until the clear breakout happenes. Its not far away. The DOW could drop below 10,000 today. The dollar will break down, and then those masses who need to preserve some of their wealth must be encouraged to move over to the gold side. It will not be CNBC or the likes of Goldman Sachs that take that initiative. It will be people and organizations like this one.

I want to thank Michael, and of course the great folks at the other sites, and Bill Murphy for allowing this community to consolidate their knowledge and energy. It is starting to pay off.



Goldfly (09/28/99; 10:57:41MDT - Msg ID:14718)
phaedrus You're talking Dec99, right

I've got $308.40 spot.


TownCrier (09/28/99; 10:53:38MDT - Msg ID:14717)
Fed says added $3.840 bln reserves via o/n systems
http://biz.yahoo.com/rf/990928/pz.html
This is clearly not THE NEWS of the day, but one bit the ol' TownCrier tries to address each a.m.

Sorry for the late start...The Tower's has had a steady stream of visitors stopping by "explanations" on THE NEWS

Word is hitting the street.

phaedrus (09/28/99; 10:51:56MDT - Msg ID:14716)
$310.50
$310.50

Goldfly (09/28/99; 10:50:01MDT - Msg ID:14715)
$308.90!!!!!!!

$308.90!!!!!!!

$308.90!!!!!!!

$308.90!!!!!!!


Goldfly (09/28/99; 10:46:58MDT - Msg ID:14714)
Up Up and Awaaaaaaaaayyyyyyyyy

$307.50! Wheeeeeeee!


Golden Truth (09/28/99; 10:38:08MDT - Msg ID:14713)
TO 714
You are forgiven!,but do not envy any paper owners if you have bullion, welcome to the "BULLION BOYS CLUB" :-))
As one greater than i has said, "Time Will Tell All".
G.T

Goldfly (09/28/99; 10:35:50MDT - Msg ID:14712)
Here we go again!!

$305.70 Spiking!

Hold on!!!! Hold on!!!!


714 (09/28/99; 10:16:17MDT - Msg ID:14711)
Golden Truth
I wasn't trying to blow off FOA. The moves in POG are simply stunning, taking the whole gold market, paper and all, up with it. For all I know, we see the markets for paper and physical diverge yet, although that seems to me to be much unhealthier than what we have now. I like honest paper. And I'm a bullion guy but have to admit to suffering envy for the owners of mining shares right now.

Sorry, Ye Knights of the Round Table, my suit of shining armor is at the cleaners.

(;^)

ORO (9/28/99; 10:00:50MDT - Msg ID:14710)
beesting and Phos
Repost, you may find this interesting, Re your questions.
Date: Tue Sep 28 1999 11:59
ORO (@Cowgirl @Crazytimes from main site) ID#71231:
Copyright © 1999 ORO All rights reserved
Gold and stock prices:

ECB, so far as I can tell, has decided on direction, not a final level.

We are stuck at the $304 level and the stocks are stuck at their old resistances from last year. One more breakout and we are headed back to 96 levels. Covering shorts from there is going to be spectacular.
That would be the definite break in the market, and many will be defaulting on their margin calls.

Easy to see in the charts:
http://quote.yahoo.com/q?s=ABX%2BAEM%2BASL%2BBGO%2BBMG%2BCAU%2BCBJ%2BCDE%2BCRRS%2BCYM%2BDAY%2BECO%2BEUNVF%2BFCX%2BCMYN.ob%2BGLG%2BGRERF.ob%2BHL%2BHM%2BKGC%2BMAENF%2BMDG%2BNEM%2BPDG%2BRIC%2BRYO%2BTVX%2BAAGIY%2BAAPTY%2BABERF%2BALTA%2BANGLY%2BAR%2BASA%2BAU%2BAVGLY%2BBHP%2BBWLRF%2BCCH%2BCEF%2BCFCM%2BCLT%2BDBRSY%2BDMMB%2BDRFNY%2BDROOY%2BEBC%2BEC%2BGGA%2BGLDFY%2BGLDR%2BGSR%2BGTCMY%2BHGMCY%2BIMPAY%2BKRY%2BLIHRY%2BMKAU%2BMNRCY%2BN%2BNGC%2BPAASF%2BPCU%2BPD%2BPIOG%2BQIXXF%2BRANGY%2BRDMMF%2BRGLD%2BROM%2BRTP%2BSGOLY%2BSIL%2BSSC%2BSWC%2BVENGF%2BWMC%2BMETLF%2BCCJ%2BSSRIF%2BMPVIF%2BARZ.TO%2BRAY.TO%2BGEO.TO%2BTEKB.TO%2BDBC.A.TO%2BELD.TO%2BNOV.TO%2BRPD.TO%2BAUR.TO%2BFL.TO%2BNOR.TO%2BVOY.TO%2BORV.TO%2BGRL.B.TO%2BPGD.TO%2BRNG.TO%2BIMN.TO%2BMAN.TO%2BIMG.TO%2BAPQ.TO%2BEET.TO%2BING.TO%2BS.TO%2BSUF.TO%2BSWG.TO%2BBPT.A.TO%2BFN.TO&d=1ym


elevator guy (9/28/99; 9:56:52MDT - Msg ID:14709)
My palms are sweating, as I add up the profits!
Its all too much for a po country boy like me!

Congratulations to all the distinguished and studied ladies and gentlemen of this Table Round. Long may it prosper, and thanks to Michael Kosares for it.

I blow the foam off my ale, and lift it high in zeal, as we toast the victory!

But on a serious side, lets not leave the draw bridge open and ungarded. If any one has any inkling of FOA/Another market default or insolvency, or of the impending close of the markets, please sound the alert LOUDLY!

'Twould be better if the POG just sort of eased up over the months, and avoided the fireworks, d'ya think?

Golden Truth (9/28/99; 9:54:06MDT - Msg ID:14708)
714
I personally would not dismiss F.O.A THAT WAY 714.
This is the NEW GOLD Market which Another/F.O.A have been so gracious to point out.
Don't count all your chickens until they hatch?
Got "BULLION"?

beesting (9/28/99; 9:42:15MDT - Msg ID:14707)
PHOS
It's called profit taking. Some that have bought into the Gold market at the former depressed levels are nervous about losing their profits'so a pause in the upward charge while these people take profits.....beesting

714 (9/28/99; 9:40:35MDT - Msg ID:14706)
POG 304.8!
http://www.crbindex.com/curquote/crbquote.mhtml
Where to from here? I'm guessing the theory that the papar market for gold and the physical market for gold going their separate ways (see FOA) is pretty much out the window.

Do I smell a full blown assault on the US$ coming next? Any comments?



RossL (9/28/99; 9:25:36MDT - Msg ID:14705)
Gold Stocks
The penny stocks are outperforming the XAU.

DROOY is up about 35% since Friday,
DAY is up 50% since Friday, from 1/8 to 3/32, and it was at 1/4 this morning.

Penny share prices can rise exponentially... and of course, can go to zero very quickly. Gold mines that were unprofitable at $260 can earn lots at $350. Just wait until Wall Street projects PE ratios with a $350 POG.


Phos (9/28/99; 9:24:23MDT - Msg ID:14704)
Shorts
I guess at these prices, the shorts are getting squeezed badly. I read somewhere just recently, that the shorts will probably be allowed to repay in Euros instead of gold (since the gold is unavailable). This, presumably, might take the pressure off the gold market. Does anybody know how this scenario would show itself if they are allowed to repay with currency? The Fed must be watching this unfold with some trepidation. I guess there is no way to tell who is bidding up the gold price? The shorts have been trying to hold it down, according to Bill Murphy, but with no success at all. There must be some deep pockets out there on the long side. FOA said watch the Open Interest on COMEX for signs of market distress but, so far, it seems nothing is abnormal there.

ORO (9/28/99; 9:11:15MDT - Msg ID:14703)
Phos - All depends
It is a distinct possibility.

As long as the market manages to skirt a generalized insolvency, the stocks will perform.

If default spreads, as per ANOTHER/FOA - and very very likely, then the market will have collapsed.

Phos (9/28/99; 9:05:52MDT - Msg ID:14702)
ORO,FOA - Forward Rates question
Silver forward rates have all gone negative now, Gold forwards are dropping fast. Do you think the quick runup in prices is going to cause problems soon? Sorry to be a pest but I don't want to get left holding a lot of stocks with no market. I have some physical (not as much as I should) but most of my bets have been placed on the stock market.

Mr Gresham (9/28/99; 8:47:32MDT - Msg ID:14701)
dot com madness?
You would think someone had just IPO'd "Gold.com"!

Wish you'd bought more? Remember what the "stockies" advisors say:

"Buy on dips."

IF THERE ARE ANY!

BWA-HA-HA-HA-HAHAHHAHAAAHAAAAHAAA!!!!!!!


Gandalf the White (9/28/99; 8:43:09MDT - Msg ID:14700)
As I leave the Castle -- I am singing --
Goldfly (2/14/99; 18:35:41MDT - Msg ID:2406)
For the Hobbits......... Got Music?
To the tune- "I got you babe"
HER: They say we're dumb and we don't know
....The NASDAQ is the only way wealth grows
HIM: Maybe that's so, but I tell you what
....When it comes to Gold- I'll take a pot.
HIM: Gold
BOTH: I got Gold babe
.....I got Gold babe
HER: They say our Gold won't pay the rent
....That barbarous relic, it ain't worth a cent
HIM: Well I don't know if all that's true
....'Cause they don't know what Y2K can do
HIM: Gold
BOTH: I got Gold babe
.....I got Gold babe
HIM: Those short-sales are hasslin' me
....Makes me wonder what the future will be
HER: When the dollar's flat and the market's down
....Then they'll get scared and come around
HER: Don't listen to their Siren song,
....'Cause I don't care, with Gold I can't go wrong
HIM: Then I'll stake a claim- we'll make a find!
....There ain't no hill or mountain that we can't mine
HIM: Gold
BOTH: I got Gold babe
.....I got Gold babe
HIM: I got Gold that's fine for me
HER: I got Gold to shine for me
HIM: Gold in my hand- that really counts
HER: Financial security by the ounce
....I got Gold- I won't let go
....I got Gold and it's yellow glow
....I got Gold- I'll hold it tight
....I got Gold- I sleep at night
BOTH: I Go-o-o-o-o-t A-U babe
.....Got A-U babe
.....Got A-U babe
.....Got A-U babe
--GF

USAGOLD (9/28/99; 8:39:50MDT - Msg ID:14699)
USAGOLD
Once again, the links listed in Today's Market Report are available at the Daily Market Report page which can be accessed from the menu above.

USAGOLD (9/28/99; 8:38:07MDT - Msg ID:14698)
Today's Gold Report: Day Two of the Big Breakout
MARKET ANALYSIS (9/28/99): Day Two of the Big Breakout....Notes: Gold up
$21.70! Well over $300 spot price-- the old resistance. Spot about $304.00. If you are
short, you are dead. Near dead, anyway. Wonder if CNBC and the rest of the mainstream
press can continue to ignore this. We're coming up to options expiry and the bullion banks
are "position covering," Reuters tells us. As we said yesterday, the announcement by the
central banks on Sunday (See links below which we are going to leave up for awhile.)
virtually removed the threat of central banks gold sales, restricted options trading, and and
neutralized the lease pool. The move set gold free. For a long time we warned that there
was a great deal of price pressure built up in the gold market and once the lid was removed,
the price move would be explosive. Well, my fellow goldmeisters, here we are. An
additional tidbit: Reuters reports "the move" by the European central banks to have been in
the works since late July. Long time gold trader, Leonard Kaplan, says at FWN this
morning "We could easily see $330" and warned that there are an "enormous number of
shorts." These are nine month highs. We'll see what the rest of the day brings.

Have a good day, my fellow goldmeisters. Please see the Day Two links below. Those
who are trying to learn about what in the world is happening with gold, we suggest you
start with yesterday's links and move through today's.

Links Day Two of the Big Breakout:

Gold Price Surges for 2nd Day as Producers Seen Resisting Increased Sales (Bloomberg)

Gold Breaks $300 On Way To 16-Month High (Reuters)

WRAPUP-Bullion, mining shares leap in gold rush (Reuters)

FOCUS-Gold bursts through resistance, gains $10 (Reuters)

Links Day One of the Big Breakout:

The first Reuters brief -- and inkling of things to come

The Actual Text of the Joint Statement on Gold by the European Central Banks

UK welcomes European statement on gold sales

Swiss, U.K. plans part of Europe gold sales-ECB

FOCUS-Gold soars as ECB statement revives sentiment

Gold fix highest since May after ECB sales pledge

Gold Posts Biggest Gain in 14 Years - Bloomberg

Due to the high volume for these news stories, the links are not always responsive and
Yahoo appears to having problems today. Please be patient. Stay tuned to USAGOLD
Forum for up to the minute postings on the situation. We will update if necessary later on.

The September edition of News & Views is a major you-don't-want-to-miss-it, highly
informative, and slightly irreverent blockbuster. We revisit our Five Horsemen of the
New Apocalypse -- the euro challenge, Y2K, the Asian contagion, the bubble stock
market and rising oil -- none of which have taken the summer off. We also preview the
Ten Reasons Why Main Street Worldwide Is Returning to Gold and Short &
Sweet (as is our custom) rambles with a hint of cynicism through a litany of world
political and economic events. You won't want to miss our look at the world of gold to kick
off the Fall investment season. The Season of the Yellow Metal? Just might be so...........

Please call 800-869-5115 (Ask for Mary Conway) if you have an interest in receiving
a trial subscription to our widely read newsletter, News & Views: Forecasts,
Commentary and Analysis on the Economy and Precious Metals. Or you can
go to our ORDER FORM and submit your request by E-Mail. You will also receive our
introductory packet on investing in gold.

Gandalf the White (9/28/99; 8:32:30MDT - Msg ID:14697)
I just dropped by to say:
Someone on this FORUM has far greater magic than this ol'e Wizard ! --- Keep pushing Goldfly and Peter as I must make a tour of the area today and see if the Orcs are curling up and wasting away with the POG breaking 300US$.
<;-)

ORO (9/28/99; 8:14:52MDT - Msg ID:14696)
FOA leases
Not much room left

The stocks are by and large underperforming the yellow, 5-7% vs 6-8% for the yellow.

We wait, a wee bit longer.

They may keep things solvent for a while longer.

FOA (9/28/99; 8:10:36MDT - Msg ID:14695)
ORO-- 1 Month forward is .80%!!!!!
Lease Rates

Bid
1-month 4.5800% +0.8000

2-month 0.0000

3-month 4.5080% +0.6030

6-month 4.8360% +0.2570

1-year 5.0060% +0.3060

ORO, I think one small "counterparty" just "got eaten alive". Should hear of it in a day or so. No supply from that opperation.

Leigh (9/28/99; 8:07:16MDT - Msg ID:14694)
Silver Again
Silver's up 27-1/2 cents now.

The Scot (9/28/99; 7:50:37MDT - Msg ID:14693)
Booooooooooom !
I think Kitco server may go up in somke, cause, euphoric overload.

Leigh (9/28/99; 7:44:03MDT - Msg ID:14692)
Silver
Silver has gained 19-1/2 cents. Maybe FOA was right; maybe it will gain a dollar today! How does he know these things?

PH in LA (9/28/99; 7:40:01MDT - Msg ID:14691)
Spot Makes the News
Yahoo's home page includes a headline this morning about gold "surging".


Spot gold at Monex is $304. (+$21).

"We're on the road, now!" FOA

Hipplebeck (9/28/99; 7:37:46MDT - Msg ID:14690)
chart
just a problem


beesting (9/28/99; 7:37:13MDT - Msg ID:14689)
$304.73
http://www.kitco.ca/image/gold.gif
THE SCOT!
Check it out now!!..beesting

The Scot (9/28/99; 7:30:27MDT - Msg ID:14688)
What happened jut now?
Look at Kitco Gold chart. It that an electronic problem with the chart or did Gold just fall of a cliff?

Goldfly (9/28/99; 7:29:21MDT - Msg ID:14687)
HOW HIGH'S THE SPOT PRICE MAMA?
http://www.usagold.com/HallLighterSide.html#anchor1223178

I can here the Man in Black plunkin' away at his guitar now....


Goldfly (9/28/99; 7:24:19MDT - Msg ID:14686)
Oh OK OK......
http://forex.freeservers.com/

But Tomcat, you haven't been paying attention.

Now go to the blackboard and post 50 times:

I WILL READ EVERY WORD OF GOLDFLY'S POSTS.


Gandalf is going to hate me for this.


SPOT $302.20!!!!! Wah-HOOOOOOOOOO!!!!!!!!!



CoBra(too) (9/28/99; 7:20:40MDT - Msg ID:14685)
re hedged producers -
How are the Barricks, Anglos and overhedged Aussie producers
hedged against rocketing POG. Barrick may have already lost 1/3 of their off balance sheet profit in their premium hedge strategies.
There won't be much physical metal available to cover from here on, well I'd sell them some at 500 and way higher.

Regards CB2



PH in LA (9/28/99; 7:19:21MDT - Msg ID:14684)
BEOWOLF: Taking it with you.
Beowolf:

The impression you are under with regards to prohibitions against taking a coin collection out of the US is incorrect (as far as I know).

You do have an obligation to declare the export of sums larger than $10,000 to the IRS when you leave the country. I think this is so you can return with it without being charged income tax. Funds (including financial instruments, as the IRS calls them) are transferred in and out of the US all day long. Mostly this is done with banks as intermediaries; and they are required to report transactions larger than $10,000 to the IRS. Although not well-known to the public in general, the bank is also required to notify the IRS of any cash transaction larger than $10,000 within the US; including the simple act of depositing or withdrawing such a large sum. This certainly does not mean that large deposits and/or withdrawals are illegal. Far from it...

You should probably talk with a certified tax consultant to put your mind fully at ease before you leave. Have a great trip and stay in touch. Relax...you can take it with you!

The Invisible Hand (9/28/99; 7:15:49MDT - Msg ID:14683)
Freedom
Hi Gals, Hi Guys,
You like this? Yeah, after waiting so long, our yellow is rocketing upwards.
What's that? Is that a revenge? Revenge from the metal, from us or from both? All those know-it-alls who always told us we were foolish to buy yellow.
Somebody said that s/he was worried by the fact that some of his/her acquaintances would suffer. Sorry, A = A and your denial of it will not prove the opposite (very bad paraphrase of Ayn Rand). The acquaintances have been misled. Bad luck for them. They should have used their judgement(discernment).
After being imprisoned for long, we and the metal are granted freedom. The chains have been broken.
It was freedom, capitalism and the protestant work ethic (please don't attack me on this - I"m agnostic) which gave rise to the Industrial Revolution.
What's next? We will transfer means of payment to the next expansion. Where will it lead us to?
Perhaps a better world?
Sorry for these ramblings. The IVH


beesting (9/28/99; 7:11:13MDT - Msg ID:14682)
All I can think of is a volcanic eruption!
This is unbelievable!!
Enjoy the ride and hang on for dear life.....beesting

Goldfly (9/28/99; 7:04:19MDT - Msg ID:14681)
Tomcat Buddy!

I should reveal my sources to you?

Bwah ha ha hahahaha......

By the way it was $299.10, now $298.50 still pretty exciting, eh?

phaedrus (9/28/99; 7:01:57MDT - Msg ID:14680)
higher baby, higher
December highs of $300.90.... and just to sweeten the deal, it looks like stocks will be opening in the toilet

Ignore this, CNBC...

Tomcat (9/28/99; 6:58:03MDT - Msg ID:14679)
SteveH, Goldfly

Thanks Steve. Quoteline is now quoting $296.78 for gold and $398 for platinum. Looks like a race for $300 and $400 respectively.

Hey goldfly, where are you getting your quotes from?

Goldfly (9/28/99; 6:50:21MDT - Msg ID:14678)
$299.90!!!!! $299.90!!!!! $299.90
$299.90!!!!! $299.90!!!!! $299.90

$299.90!!!!! $299.90!!!!! $299.90

WHOOOOAAAAAAA!!!!!!!!

SteveH (9/28/99; 6:46:51MDT - Msg ID:14677)
TC
I use the one you said plus quote.com. Both delayed.

Looks like it is meeting some resistance at $293.

Hipplebeck (9/28/99; 6:33:17MDT - Msg ID:14676)
MHO
I believe they gave it their best shot. The attempt to de-couple gold from money in the public's mind was the bankers ultimate fantasy. If successful, it would have meant total, absolute power. They now have realized that it is not going to happen. The next play is obvious, they must get all the gold. That will again put them in the position of complete control. I will be looking for signs in the future that the new paradigm will be the collection by the world bankers of the worlds gold. If they can't get us to disassociate, the next best thing is to own it all.

Tomcat (9/28/99; 6:26:37MDT - Msg ID:14675)
Peter A and SteveH
http://www.mrci.com/qpnight.htm

I just logged on after getting some sleep. Hope you guys got some.

Steve, I believe you asked earlier if 300 could be broken soon. Today could be the day. Me thinks the shorters are going to start burning up at or near 300; a large psychological barrier. They probably have been getting cooked recently but the fire is really getting hot now. I always wondered how much the CBs were supporting the shorters. Looks like the short connections to the CBs might not have been as close as I thought. Looked to me that they were in bed together. I thought the CBs used to sing that song from the 50's/60's: "We Like Short Shorts". Anyone remember that song?

BTW, what are you guys using to get your quotes? I have been using mrci at the above link but they quotes are delayed. Also, Kitco's graphs have been delayed. Quoteline at http://www.quoteline.com/irtmecoe.asp is rapid but their silver quotes have been crippled for weeks and they don't update their graphs rapidly.

Does anyone have suggestions for better links to rapidly updated quotes?

ss of nep (9/28/99; 5:45:50MDT - Msg ID:14674)
BEOWULF
http://www.raregold.com/r-fdc.htm
.........A quote from the link..........
Where is the metal stored?

Metal may be stored either in Zurich or Basel, Switzerland at Mat
Securitas Express AG, or in Wilmington, Delaware at
Brooks Armored Car Services Inc.. You choose. The depository specified
on the Delivery order independently verifies your deposit by
countersigning the Delivery Order.
............................

Deposit the coins in Delaware ..............
Pick the coins up in Switzerland ...........

Cheers



ss of nep (9/28/99; 5:38:32MDT - Msg ID:14673)
BEOWULF
Do the coins you want out of the country have a FACE value stamped on them ?



Black Blade (9/28/99; 5:28:30MDT - Msg ID:14672)
Food for Thought
Au is up another $11.85!

"...nor can private counter-parties restrict supplies of gold, another commodity whose derivatives are often traded over the counter, where central banks stand ready to lease gold in increasing quantities should the price rise"

Alan Greenspan, US Senate, July 30, 1998

Interesting, now that there seems to be a 400 ton cap as far as the EU central banks are concerned.

Yesterday morning Joe Kornbread (aka Kernan) of CNBC downplayed the rise of Gold as a non-event....Hmmm. Also, Sheryl Strauss Einhorn, comodities editor of Barron's was seen eating a lot of crow on CNBC.


Netking (9/28/99; 4:16:53MDT - Msg ID:14671)
(No Subject)
http://tfc-charts.w2d.com/chart/GD/C9
Dec '99 Comex - Looking good although the RSI showing definite overbought signs, I would expect consolidation (or a minor retracement) for a session or two before carrying on the journey.

Golden Calf (9/28/99; 1:59:29MDT - Msg ID:14670)
th us$
LFISRAP
Americentric am I?

Perhaps it is in the best interests of all countries to not allow the U.S. dollar to be destroyed.

To the first...probably yes.
To the second.....this may be so, but then hasn't the
US gummint, and the Feds had time enough(1/2 century)
to come to this realization, and done something to
behave in a way that truly looks out for the welfare
of the world, instead of acting in their own self interests,
at all times?
This self interest has caused *HUGE* deficit spending and
even *HUGER* gambling on the part of CBs and BBs and funds,
to the tune of hundreds of trillions of the same $s which
you feel should be defended.

There comes a time when one throws in the towel to such
behavior, and I think this time has come.

Journeyman (9/28/99; 1:46:51MDT - Msg ID:14669)
THE definitive article on the Social Security TAX!! scam.
http://www.zolatimes.com/v2.32/socsec_mythtext.html
Even if you understand the SS scam well you can learn from this one! Send it to your 'morons.' (Reference to 'most Americans' from previous post.) Regards, Journeyman

Usul (9/28/99; 1:45:35MDT - Msg ID:14668)
Question of the Day - USAGOLD 9/27/99; 15:07:02MDT
Why announce now? A good question, and the timing of
the announcement is undoubtedly important, but another
question needs to be asked: What is the background to
this announcement? A multinational collection of central
banks does not agree to a joint announcement on a
subject as important as this without a great many discussions and meetings. With everything else that goes
on, you can bet that these meetings will be spaced out in time. The only other conclusion possible is that they made
the announcement in a great hurry because they had to,
indeed because something world-shaking was about to
happen! (Not inconceivable, considering the underlying
weaknesses in the USA bubble markets!). So, it is
necessary to think back over the events that have taken place since, say, the initiation of the BOE sales, to see why
the Euro banks would have come together to take this position. I suspect the BOE sales and the representations of the RSA and other gold-producing countries had a great deal to do with it.


Peter Asher (9/28/99; 1:32:25MDT - Msg ID:14667)
Steve
Yes, couldn't sleep either, just tuned in. If you wrote this into a movie, they would reject it as an impossible scenerio.

Jason Hommel (9/28/99; 1:29:17MDT - Msg ID:14666)
Greenspan issues pro-gold statement on Sept. 27th
http://www.abcnews.go.com/sections/business/DailyNews/worldbank990927_greenspan.html
"Future Asian-style currency crises could be avoided or their damage at least lessened if developing countries strive to improve the soundness of their financial systems, Federal Reserve Chairman Alan Greenspan said today."

Now, why, in the midst of a gold crisis, would Alan Greenspan make a public anncouncement that has nothing to do with gold? ...I asked myself...

Then, I realized, that his comments in the above piece have everything to do with gold. In fact, since he is advocating a "sound financial system", (we ALL KNOW what a SOUND FINANCIAL SYSTEM is.... GOLD) and we know he is a gold advocate from the 60's, he is really advocating a gold standard, in veiled words... You read his post, and be the judge... I'm a nobody.

Jason Hommel... brought back to this forum in the excitement.... !!! 8-)

Lafisrap (9/28/99; 1:26:53MDT - Msg ID:14665)
Canuck (9/27/99; 19:10:54MDT - Msg ID:14635)
No, of course you do not need all those things. But I sure hope for you more than "a couple bucks!"

If the ANOTHER/FOA scenario is to play out (perhaps it has started), it still has a long way to go in any terribly significant way. Gold is down patheticaly on any several year chart. And the end of the ANOTHER/FOA scenario has always been the destruction of the U.S. dollar. I imagine that as not a pretty sight, lots of poverty, disease, violence, strange, ugly science fiction. A real TEOTWAWKI. What do you see, Canuck?

I get the impression that the U.S. is viewed as not being "on board" with the big announcement from the European banks, or that the U.S. was irrelevant with respect to the decision making involved with the announcement. Why is it that notion just does not seem to fit? Americentric am I?

Perhaps it is in the best interests of all countries to not allow the U.S. dollar to be destroyed.

Canuck, you spelled my name wrong. It's "Lafisrap."


SteveH (9/28/99; 1:22:47MDT - Msg ID:14664)
Woke up with thunder and only to find lightening...
This is ridiculous. How can I return to sleep with gold now up $6.7 at $290.50??

Answer me that will ya (smile)!

SteveH (9/28/99; 1:10:52MDT - Msg ID:14663)
Approaching 290
Dec gold now $288.60. Asking $288.90.

Peter, Gandalf, Ari, all are you awake. Tomcat and Farfel and all here we go again.

FOA,

Pretty scary what you say -- Leaves an unsettled feeling deep inside.



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