HYPE AND HYPESTERS DENUNCIATION CENTRE Message Board

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Pastimes : HYPE AND HYPESTERS DENUNCIATION CENTRE

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To: John Sladek who wrote (556)	9/28/1999 8:50:00 PM
From: EL KABONG!!!	Read Replies (1) of 612

Hi John, I don't make much either way about the poster, but the information about the price of gold is correct, albeit lacking in an explanation as to why the sudden surge in value. Some US banks and some European banks have agreed to limit the selling of gold (in their vast stores) on the open market. Therefore, the upward price movement is somewhat artificial. There has been no increase in demand for gold, or gold production by the combined actions of the various banks, and there has been no real reduction in supply or inventory. Therefore, the glee that the gold traders must be feeling right now could be very short lived, as (to the best of my knowledge) there is no legal way to compel these banks to keep their word, and not surreptitiously sell gold into the open markets. The situation (in my opinion) is somewhat parallel to that of OPEC, where OPEC cannot guarantee absolute control over the individual members. As we all know, OPEC members have a long history of promising one thing (production cutbacks) and doing the exact opposite. KJC

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