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Gold/Mining/Energy : Gold Price Monitor

GDXJ 128.56

+6.1%

Feb 6 4:00 PM EST

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To: Crimson Ghost who wrote (67055)	4/4/2001 5:35:43 PM
From: SliderOnTheBlack	Read Replies (3) of 116972

George C - re: JPM, Chase, GS Gold shorts... For what its worth: I've got a well connected friend who is a top trader in NYC and the "inside baseball" take on Wayne Angell, Kudlow & now Steve Forbes call for $350 Gold - is that there is tremendous mounting pressure on Greenspan & these banks to unwind the Gold Short/Derivatives in what the Angell-Kudlow-Forbes group are acknowledging as a speculative AND manipulative "EXCESS" that is overhanging the financial markets stability and are posing a huge risk threat to the US Banking system. Angell, Kudlow & Forbes et al - are trying to publically force the unwinding of these short-gold carry trade derivatives. The "rumor" - is that these banks will soon begin to be unwound... in a systematic "Walking Down" of the US Dollar & a simultaneous but, "Controlled" unwinding of the Gold Shorts - and a managed ascent for Gold to $350ish. There is more than one source referencing this behind the scenes pressure on these banks to unwind these short gold positions and to do it now... notice that a couple of these banks just recently moved their Gold Depts to London & out of US Banking oversight jurisdiction ? ... it's going to happen; these banks are a LTCM-esque ticking time bomb here with our present account deficit, the present Dollar levels & Japan positioning to export their way out of their abyss - which would in turn sink the US Old Economy Mfg sector into a "depression level" environment - a soft Yen/King Dollar scenario would be the death blow for the US auto Mfg sector and while - "As GM/Ford go - so goes America" - may not be as true as it once was; it is still very true... There is no logical, or fudiciarially prudent place for the US Dollar to go - other than DOWN & no more logical, or fuciciarially prudent place for Gold to go - than UP ! When, not if...and "how far" - bank on it.

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