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Gold/Mining/Energy : Global Platinum & Gold (GPGI)
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To: Scott Wheeler who wrote (11586)10/5/1999 6:05:00 PM
From: Ed Fishbaine  Read Replies (3) of 14226
 
Scott

You have it backwards. The mining companies were not duped. They are the ones who instituted these hedged positions with full knowledge of what they were doing. And they will get what they deserve for damaging the gold industry as well as their shareholders.

The real crooks are those who engaged in the feeding frenzy using the gold carry procedure. They include hedge funds and operators like Goldman Sachs etc. They are now being creamed---not only heavy losses but very probably bankruptcies ----if our crooked government via the Fed and Treasury does not bail them out with US mint gold. There is not enough available gold to be had to cover even a small part of the paper derivatives which are out there. The short position is enormous reflecting the enormity of the greed.. It would be a disaster if the government bails them. The moral hazard would then expand to the point where we do not have a free market, a democratic system with effective laws. We will have an oligarchy with the big money boys running everything and the next step is a political crisis. The outcome of which could be a chaotic dissolution leading to a police state.

Forgive me for rambling on but I am thoroughly disgusted with the crookedness which is permitted in what is emerging as an increasingly corrupt financial government---which, incidentally is parallel to the corrupt Clinton administration ---are they related?

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