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Gold/Mining/Energy : Gold Price Monitor
GDXJ 118.97-0.9%Dec 24 4:00 PM EST
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To: long-gone who wrote (69538)5/19/2001 12:41:13 PM
From: russwinter  Read Replies (2) of 116825
 
Excerpt from Doug Noland (Prudent Bear)weekend commentary. He asks the key question, and regular readers here know what I feel the answer is:

""A strong perception holds that there is little risk associated with the Greenspan Fed’s aggressive rate cuts. This is but one more example of the consensus view being way out in left field. We are certainly watching the price of gold carefully, with bullion rising almost $20 this week. While it is a very key commodity, it’s trading has for some time been distorted by aggressive central bank selling and untold supply created in the derivatives market. Such market dynamics, like those that pervade throughout financial derivatives, create great potential for speculative excess, instability and inevitable dislocation. We have expected that a rush to unwind derivative speculations would at some point create panic buying of the actual underlying metal. Has the Fed’s extreme aggressiveness set off this process? Will a dislocation in the gold derivatives market precipitate other derivative problems, perhaps in the swaps or currency markets? Is the dollar similarly vulnerable to a derivative market dislocation? It is certainly our view that the Fed is pursuing the course of greatest risk, the senseless perpetuation of the Great Credit Bubble.""
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