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Gold/Mining/Energy : Gold Price Monitor
GDXJ 113.22-0.5%Jan 2 4:00 PM EST
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To: Lucretius who wrote (95127)5/27/2003 9:32:06 AM
From: Real Man   of 116841
 
We'll see. Platinum move to 600 in 1999 also started from record short commercials position. They liquidated as platinum moved higher. I don't know why Soros announced he is buying gold, etc., and shorting USD, but if that has any truth to it, hedge funds of Soros's magnitude could easily squeeze the commercials (aka JPM) by taking delivery on, say, 1000 tonnes. Such action would shoot gold above 500, since the physical market is very thin.

True commercials (gold miners) have been covering OTC hedges since 2001 at a record pace.
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