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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.61

+3.0%

4:00 PM EST

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To: Enigma who wrote (54673)	6/19/2000 11:22:00 AM
From: pater tenebrarum	Read Replies (2) of 116815

well, we can definitely agree that 290 is strong horizontal chart resistance. i share your doubts about the source of the gold loan information, after all they are basically an ideological outfit. however, if you look at the gold price over the last two years, it looks to me like the 290 level as an average for gold loans during this stretch sounds quite credible. there can also be no doubt that when gold rallied in the wake of the Wash. agreement, a concerted effort was undertaken to bring it back under control (see e.g. Kuwait's lending out its entire gold reserve - i assure you Kuwait does not need the 2% interest income on 78 tons of gold). this is a sign of an overly shorted market that requires constant manipulation as to avoid a blow-up of the carry trade. of course i also think that it is impossible for market manipulation to work in the long run. so sooner or later the carry trade should blow up, no matter what.

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