Phil, from years Of The Rat, to now 1999 will be Year Of The Gold.
From Midas - I Smell A Rat (6/25/99)
Midas du Metropole Bill Murphy ( Midas )
........ had a hush hush meeting of leading world banking
officials in Philadelphia a couple of weeks ago and strong
indications of massive redemptions at hedge fund biggies,
Tiger and Soros..........
.......followed by a stunning $20 billion intervention
implemented to hold back the yen ( the old yen carry
trade problem surfacing again ).
......... the word is that two more
hedge funds are in trouble; Ross Capital and
Monroe Trout are the names that have surfaced. Monroe
Trout was heavy sellers of German Bunds the past
two days as that market has been hit very hard.
It would appear that the de-leveraging process that.........
..... feels more and more like part of that Goldman Sachs
1,000 tonne short position, that our sources tell us has been
uncovered on the books, might be part of a Fed trading account.....
.......... here is article
354 from the Federal Reserve System book ( we will tell
you soon, but you might want to look and see who is
behind the Federal Reserve. Most people have no clue......
*354 "Transactions involving gold coin, bullion, and certificates"
"Every Federal reserve bank shall have the power to........
......... when necessary, acceptable security,
......or other securities which Federal reserve banks
are authorized to hold."
So the Fed has the right to trade the gold market.
Cafe members know that Long Term Capital Management
sent us a letter and an affidavit and letter denying
trading any gold. We are in the process of cordially
responding to them and will ask for some SPECIFIC
clarifications.
.....from The Gartman Letter - Friday, June 25, 1999.
"Precious metals are firmer helped, of course, by
rising interest rates but helped even more by reports
that the major Wall Street firm long associated
with a large short position in gold (Goldman Sachs...
having apparently inherited that position from LTCM
last year) may be in fact "the bid" to the BOE's offer
when the latter auctions a goodly portion of its
gold reserves next month.........
...firm's intention to take all of the first 25 tonnes
of gold, when it becomes more publicly understood,
stands to push gold prices rather sharply higher.
......, making the
rumours all the more readily understandable."
This is very strange. Many weeks ago Mr. Gartman
"condemned GATA in his Gartman letter for
conducting our investigation.......
So what gives? Where did he get his information
about Goldman Sachs inheriting an LTCM gold position?
That is what we said, yet we get abuse for saying
the same thing he does.
Even though he condemns us, we thank Mr. Gartman
for pointing out to the world what our inquiry
about LTCM was all about in the first place.
One thing I promise you. The Cafe will be jumping this summer.
All the best, Bill Murphy, Le Patron
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