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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.81

+0.9%

Nov 19 4:00 PM EST

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To: Abner Hosmer who started this subject	4/20/2001 4:10:28 AM
From: Square_Dealings	Read Replies (5) of 116762

What if the reason the Fed cut rates and pumped a lot of money into the stock market is that he found out how much credit is outstanding on gold derivatives? I think the amount of short positions held at firms like Goldman Sachs and JP Morgan is enough to put those banks out of business if forced to cover at much higher prices. Last year I read that Goldman alone was short $32 Bln of the metal. Did the fed (or Greenspan's banker buddies) see the draw down in COMEX stocks and figure out someone ( a foreign country like China for ex.) is quickly buying up all the real gold and silver in an attack on the US financial system? Why have the analysts at brokers like Lehman, Solomon, Goldman etc etc. all come out repeatedly downgrading gold and gold mining shares? They do this at a time when for the most part all the gold companies have been lowering costs to make money at 20 year lows in spot price. They also do it at a time when gold supplies (outside the central banks) are low and demand is rising. If you dont think over the last 10 years that gold demand surged with the rest of the economy then where did all the stuff at Tiffany's come from? Or where did all the gold plating come from on circuit boards and electrical connectors? So why has the price gone down over this same time? If corporate earnings are generally within expectations, then why was there an emergency 50pt rate cut? There's something rotten in Denmark. Could the emperor (Greenspan) have no clothes? M.

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