Bought in yesterday on the hopes that gold has seen its bottom and maybe from reading these newsletters, hoping that they are correct.
Here is link and article in case it might interest someone.
stockhouse.com
From: SteveH
Subject: Gold again
Leroy,
The price of gold and its blatant manipulation is taking its toll on the entire gold mining industry. The VSE and the VSE Mining Index are
loosing nearly all of the springs entire gains. A casual observor would say, let me out, I don't want anything to do with it. Yet, were they to do
research into what is really happening with gold, they might be suprised. Why? Gold related investments including actual physical
gold...no...especially physical gold...could prove to be better than the stock bull market that is having trouble maintaining its legs currently.
That is correct. Gold looks at though it is being shorted to historic proportions, meaning any positive-shaking event could actually break loose
the price of gold to all-time highs. So what better time to enter a market than when it is at historic or 20-year lows AND when it just about ready
to turn around? I believe it is time to convert skepticism into curious investigation at a minimum. In other words, raise the antenas, tune in the
radios, a weak signal is getting stronger. Time to pay attention now...not later...right now.... It could actually come to pass.
I found this at the www.gold-eagle.com gold discussion group. I thought you would enjoy it. Milos wrote it.
A VIEW ON GOLD (milos) Jun 15, 13:48
Lets get a couple of thing straight about the Gold situation; If I am wrong, please provide qualified argument.
1 - The Gold trading range is presently managed, it is trading within the 259-261 range, it takes no rocket scientist to see from Kitco [T.KIT]
charts 3-5 point daily swings are actively suppressed. One should understand that this chart is derived from future paper value not SPOT.
2 - In actual fact, the POG we get from these charts is by NO MEANS representative of the current market value of Gold since for the most part it
is now being delivered from forward contracts by producers in the 300-340 range. In reality the charted present value is completely bogus and a
market ploy. The future values we see are continuously being rolled forward artificially.
3 - I can only analyze the events from Nov 98 because that's when I took an active interest in Gold and conclude the following; There is no
liquidity in Gold, in other words the CBs are not releasing reserves into the marketplace. This is evident by all the news hype whenever small
quantities enter (or are announced to enter) the market. There is a shortfall that must be made up to satisfy the spot market and control the
perceived market value and demand.
4 - Don't be fooled that Bankers will supply Gold from reserves in exchange for paper, they are in the debt obligation business, Gold is the only
REAL ASSET they have (other than real estate). Don't think for a minute that they are about to divest themselves of Gold, in fact they are very
much concerned about not being able to obtain more from future production.
5 - BOE Gold, it is my understanding this inventory is kept at the FRB in NY. Based upon the conditions of sale, the quality may be scrap
unrefined gold not suited as fine gold. It may very well go for well below market value as a consequence. No doubt they will make hay of the
poor price they fetch.
6 - IMF Gold, again this inventory is being trickled into the marketplace, we've already analyzed the bogus nature of this announcement along
with the unqualified reasons for its disposition.
7 - The propagated notion of depressed pricing for the next 5 years is obviously a message to discourage investors from participating in the
market so they can gracefully unwind hedge funds over the interval (8000-10000 tons).
8 - Swiss Gold, this is a non-issue, if the Swiss detached the currency from Gold it was done to protect the Gold not the currency. Not an ounce
of Swiss Gold will hit the street.
Summary Lies and BS galore. Just buy and hold, market dynamics will fix everything in time. Producers will stop the flow of spice due to
production threshold costs and the situation will become progressively aggravated with shortage. It's a rotten political/brokerage scandal that
encompasses our present world order. As a consequence this malignant disease will simply erode trust and confidence of the entire free
enterprise system and all the players thereof. Squelch the noise that comes from the likes of Chris at JPM. We've heard his BS before.
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