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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Enigma who wrote (6852)7/23/1999 8:45:00 PM
From: Crimson Ghost  Read Replies (2) of 81271
 
Double:

Pardon the language, but you show your ignorance by casting doubt on the idea that at least some central bankers (and certainly many in the US financial establishment) want to drive gold into the pits.

As proof I suggest you look at the writings of Bear Stearns Chief economist Wayne Angell -- a former member of the Fed. Wayne has had several article in the Wall Street Journal (usually after big gold dumps) these last few years arguing what a great thing this was for the US dollar and financial markets. He sees the gold price as a kind of reverse indicator of confidence in the greenback and the US in general.

This sworn enemy of gold investors has long argued that gold should be drive down to a level whee only the most efficient producers can make a profit. A few years ago he was talking about $250; he has probably lowered his target since.

Think about this. If gold goes so low that only the most efficient producers can profit, that implies the destruction of much of the industry.

Again Angell has stated this objective in no uncertain terms. And there is little doubt that many (but far from all) in the US financial establishment agree

BTW, Angell's best known disciple is Larry (king dollar) Kudlow.


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