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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.99

+0.3%

4:00 PM EST

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To: russwinter who wrote (62499)	1/5/2001 8:37:17 PM
From: Bruce Robbins	Read Replies (1) of 116753

>>There is no doubt anymore in my mind that gold is one of last legs of a derivative pyramid that is about to break<< I think Greenspan alluded to that fact when he made his comment about central banks standing ready to lease gold... This situation could take some time to play out but in the long run it will be good for gold. The problem is that it will be too late for people to get in when gold reacts. I remember standing in line at a gold dealer in Toronto when gold was over $800 an ounce. I wanted to sell some gold bars and was discouraged when I arrived at the dealer because there was a line two blocks long to get in. I went to the door and asked the guy if I had to wait in line to sell my gold. He said, "You have some gold to sell. Quick come with me." It turns out that everyone in line was buying and the dealer was running out of gold to sell. I remember that run to over $800- it did not take long to get there and I was ready to sell (gold didn't stay there too long either). I'll be ready with my bars the next time it happens too. Bruce

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