While not addressed 2me, JK, I'd like 2 respond 2 Ur Q w/a review of ECB history.
Most on this thread don't remember relevant specifics any further back than how gold traded 5 minutes ago. However, the Good Lord has blessed me with a remarkable memory and to that end, I'd like to respond to your query.
This is NOT a "...central banks (all of a sudden )decided to hold off sales of GOLD?" event as you have suggested by your use of words in your post!
First:
it is NOT "generic central banks" as you typed in Ur post, but a specific consortium of EUROPEAN MONETARY UNION CENTRAL BANKS as represented AND UTTERED by Wm. Duseinberg, ECB's Central BankER!
Secondly:
and here's where the history lesson comes in:
1) When the ECB was officially formed in February 1999, and
2) then elected Wm D instead of the French's preferred CB'er choice in May, (an election SWEATED BY MANY ON THIS VERY THREAD SEVERAL THOUSANDS OF POSTS AGO [except for moi of course])
3) then the "dreaded announcement just after May 5, 1999" of how much gold was going to "back the ECB's newly issued EMU now called EU" was similarly hotly debated, with moi holding out for 30% and them officially announcing something in the neighborhood of 20% so as not to roil AG and the shorts.
4) then WmDus. quietly noted to all who were listening within about 90 days that it was more like 30% in reality but he just was speaking off the record.
Thirdly:
most on this thread have forgotten a leeeeettle announcement/utterance by ECB in Feb where they stated they would not be making any gold related utterances except for the announcement of the backing % number already slated for May's big post CB'er election announcement for at least 6 months!
Now, I'm assuming most anyone on here can subtract Feb's #2 month from September's #9 month and come up with the winning sum of 7 months.
From my contacts within AG's own bosom buddies with whom I visited back in April this year,, I expected a gold announcement about 3 weeks earlier.
But seeing as how:
1) the old AGent is walking slower these days, and
2) G-7 hadn't postured yet, and
3) IMF Washington mtg hadn't transpired by the end of August...
...and it was the "End of August" when I was told to expect something big in the way of change in the goldmarket,
<and YES> I wrote of this to 2 people on this thread who can back me up that I told them of this timeline if they choose to speak up, now but certainly don't owe me any favors by speaking up now,
...I'm personally not surprised at the 3 week delay in seeing my contact's information come to pass in these last few days.
The other thing I'd like to remind this short memory thread of is this:
There was a generous note on either here or on KITCO that was reprinted here in toto, by someone who was bosom buddy to a CB'er in Venezula. He contacted his old V/CB buddy and asked HIM when the gold market was scheduled to turn around as he had remembered a remark shared at dinner about 3 years ago with his V/CB'er buddy that it wouldn't be until earlier this year (1999) that gold was scheduled to be let off the mat from it's 19 year collusion/manipulation lower.
He offered to, and this thread/a/w/a KITCO buddies encouraged him, to reach out to his V/CB'er again and see if anything had changed, which he did. He got back to us when his V/CB'er posted that yes, something had changed: that the timeline had been shifted out to last Q of this year before it was safe to return to the long side of the gold market.
So, to respond more fully to your question than you will probably get anywhere else on this thread:
YES THERE WAS A REASON FOR THE TIMING OF THIS WmDus utterance re: ECB's gold position.
That reason would be due to concern over the perception of reduction of goldbacking of the EMU/EU which WmDus would be the ONLY person who could officially address.
It should be further noted that this is the second time the subject of GOLD has addressed by the ECB. We now have a "pattern emerging" which is both significant in timeframe as well as significant in signatories
Obviously, the agendae of the IMF meeting was leaked by aides/underlings, including the "address to IMF by WmDus," as well as his "topic." Else the shortcovering in EUROPE wouldn't have started happening with the corresponding rise in ST Gold Lease Rates as BIG EURO shorters began to cast about for physical or unwind their short Gold Paper.
So, now you have the "WHY"
And now you know it wasn't SUDDEN.
It was just the plebes that didn't "get the information" as soon as the biggies did who "needed to know"
Now, before some JACKASS asks me if I traded Gold FUTURES, OPTIONS, OR OTC derivs on the AG inside INFO: here's THAT answer:
DO I LOOK SUICIDAL???
Here's what I did do, tho'
I WENT AND got me some real live, I own'em outright goldmines, and had the paperwork completed PRIOR TO 8/31/99!
Then I exchanged html for hardrock mining lessons and I built his website.
THEN I CAME ON HERE, and told the thread
1) where I've been (getting my own mines)
2) and why (Y2K and AG's GOLD time schedule=why)
and gave them my e*mail address and showed off my HTML handiwork by furnishing the oregontrail.net
website I've been working hard on.
Would it have been easier to go long gold, ABX, and or buy call or write put options? OF COURSE. But illegal and suicidal! However,
buying a business in anticipation of a "seachange" is NOT ILLEGAL NOR SUICIDAL.
Ole living, BREATHING Prospector --in the flesh! |
