From:LePatron@LeMetropoleCafe.com To:dougak
Dr. Neville Bennett - Kiwi Down, Interest Rates Up
Harry Bingham - Gold Market Commentary
Market Rap
Date: 8/30/99 5:23:01 PM EST
Le Metropole members,
Dr. Neville Bennett has served commentary at the Man Ray
Table entitled, "Kiwi Down, Interest Rates Up."
"kiwi 10 year bonds widens dramatically over 10 year US"
"kiwi problems - dollar problems"
"The dollar: Wile E Coyote - a road runner act"
Harry Bingham has served gold market commentary at
The Dos Passos Table.
"Newmont's hedge"
"Ecuador, Argentina, Brazil"
"Greenspan, interest rates, the IMF"
3 for 3. On a roll here. Gold "rinky dinked" up once
again (30 cents). The U.S. stock market was hit hard.
And, just as I suspected, both the oil and bond markets
followed through on their tail-telling surges on their
futures closes on Friday. Oil was up around 70 cents today
and is about to charge past $22 a barrel on a closing
basis, while the bonds swooned over a point with yields
finishing around 6.06%.
For posterity's sake, I have posted my two emails of Aug.
25 and Aug 27 to the Caf‚ on these markets at the
Matisse Table; the reason being that last Wednesday
I suspected the "manipulation" crowd was going to let
some markets reverse course. "Rightly" or "wrongly",
that is how I made this call. Time will tell, but so
far so good. At the time, gold was $252.30, the Dow -
11,326 and the Nasdaq - 2806.
Speaking of being on a roll, Peabody is doing it again.
Bank of America (a Hemingway Table Peabody sell feature) was
hit hard today on heavy volume and the bank index was
down about 4%. Long time Caf‚ followers know that
Charles is calling for a "banking stock crash" of sorts.
If the bank stocks go down hard, can the rest of the
overvalued market be far behind? When the banks go,
can it belong before the central banks start recalling
some of their gold loans in earnest? As that happens,
the price of gold will take off as that the supply from
those gold loans is the only way the "Hannibal Cannibal"
crowd can keep the gold price for taking off. Keep in
mind, the monthly gold supply/demand deficit is running
about 180 tonnes per month now.
Le Metropole Caf‚
All the best,
Bill Murphy
Le Patron |
