... it looks about as corrupt as can be ... not how you unload a position...
Midas du Metropole, November 2, 1999 , A Midas Rambling
As predicted, many producers want to buy back some of their forward
sales. Cambior bought back 1.3 million ounces, Aurora in Australia
restructured its hedge book to better accommodate higher gold prices
and Echo Bay bought back cut its forward sale gold position by a third,
among others. Cafe sources have told me that they know of two large
producers that also want to cover some forward coverage, but are waiting
for volatility's to drop.....
Ashanti came to a standstill agreement with some of its creditors. The
agreement exempts Ashanti from having to make margin calls for the next
three years. Market participants continue to discuss whether this new
arrangement is bullish or bearish.....
... from the Yahoo Message Board.
The Ashanti crisis reviewed.
by: Captainfreddy1 11/2/1999 4:28 am EST
Msg: 23061 of 23072
... that in the secretive world of gold trading, and Central Banking,
those of us who look from outside in do not see very much, and must
work off estimates of the very astute Frank Veneroso and whatever data
is available to us which is not very much. In a market of such little
transparancy, it is hard to get a handle on it, but when you add it all
up as to what we can see, and look how gold tanked, it looks about as
corrupt as can be. If someone wants to sell a large position, he does
not start in the thin market in Asia, and sell in the first minute
enough to tank the gold price l0.00, when the amount he sold could
have very easily been handled later in London in incremental sales.
Such one minute avalanche of sales, my friends, is how you manipulate
markets and not how you unload a position.....
Right on, Captainfreddy
.... Gold demand is very firm, physical supply is still tight,
the gold market has been orchestrated down, the "manipulators"
are fighting a losing battle, many gold producers want to cover
shorts, the pressure remains on them from the investing public
not to be overly hedged on the next price run up, the prices of gold.....
Bill Murphy,
Chairman, Gold Anti Trust Action (GATA) gata.org
Le Patron, Le Metropole Cafe lemetropolecafe.com |
