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Gold/Mining/Energy : Gold Price Monitor

GDXJ 109.23

+3.7%

Nov 28 4:00 PM EST

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To: Enigma who wrote (45325)	11/26/1999 9:45:00 AM
From: Terry Swift	Read Replies (3) of 116779

Buying and selling between CBs isn't the problem. All gold leasing by CBs results in sales of gold into the market. THAT is the problem. THAT is what has driven gold to $250 and what now keeps it locked in whatever range the Fed and CBs want to keep it in. Kuwait didn't sell its 79 tons of gold; it loaned it out. But that 79 tons ended up being sold into the market; thereby, acting to depress the POG. The problem for the leasers increasingly is becoming one of... will they get their gold back if the Fed and CBs lose control? Is their enough physical gold available to make all the lenders whole and do those who borrowed and sold it have the resources to buy it back to repay the gold loans? Some of us think not. That is what the big move from $252 to $339 was all about. It is quite possible there is not enough physical gold available on the market for everyone to get their gold loans back. Not without raiding Fort Knox and the NY Fed and that IS illegal and would be a huge financial scandal if it happened and became public knowledge.

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