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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: ild who wrote (70780)2/23/2001 11:55:30 AM
From: pater tenebrarum  Read Replies (1) of 436258
 
yep. latest rumors:

Quotes from the highly unusual letter that the World
Gold Council sent its members today:

"According to usually reliable market sources, the
Bank of England has not been lending gold over the
past few days. This is unprecedented as its short-term
lending is considered a vital tool in the smooth
running of the London market. The Bank's explanation for
this ( confidentially ) is that many client central
banks had lent out for longer periods than normal
around the WAG period, and that as the loans matured they
were not being renewed, creating a temporary tightness
in liquidity. The market is regarding this explanation
with some suspicion, however, suspecting that more may be involved.

"It has indeed been suggested that another joint central
bank move on gold lending may be imminent, cutting the
amount of gold available for lending.

"We have no firm evidence for such a move. However, if
this were to happen, then lease rates would soar; non-WAG countries have
increased their lending substantially
in recent months and it is unlikely that they could fill
any liquidity gap produced. In these circumstances, a
price spike could easily develop; shorts would be quick
to cover while other borrowers would be forced to buy
as the rolling over of existing loans became more
difficult to achieve." END.

Can you smell the smoke?
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