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Pastimes : All Clowns Must Be Destroyed
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To: patron_anejo_por_favor who wrote (37540)6/2/2000 4:46:00 PM
From: pater tenebrarum  Read Replies (2) of 42523
 
they will try to fight a rise in the PoG by expanding their short position at first. if one of the bigger players loses his nerve , or some unexpected news item hits, they could get destroyed overnight however. a big no-no is the fact that Deutsche Bank has expanded its gold derivatives position so much (notional $50 bn.) these guys are ALWAYS wrong when they put on large bets like this. they were heavily long at the peak in '80. i think an unwinding of the gold carry would lead to government intervention...openly. otherwise the whole banking system could be endangered. there is simply no gold around with which to cover the loans. probably Fort Knox will be used to provide it once the fit hits the shan, as it inevitably will.
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