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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: katarak who wrote (125847)9/26/2001 4:28:15 PM
From: pater tenebrarum  Read Replies (3) of 436258
 
ho ho ho, that's what you get for selling your own product short...friggin' morons. the Australian producers deserve what they're getting, every bit of it...their asinine extreme overhedging has been a major factor depressing prices, and i just knew this would come back to bite them one day.

and look here who says that he isn't worried:

<<Donald Eckert, global bullion risk manager at J.P. Morgan Chase ,said that low gold lease rates indicated there was plenty of liquidity in the market at the moment.>>

i hope JPM's board is sleeping soundly with this rocket scientist of a bullion 'risk manager'. what the low lease rates say is that there is no DEMAND for gold loans...no-one wants to sell forward even more and get caught with their pants down like Ashanti did. and that could easily set in motion unexpected dynamics, since without forward selling, a major source of artificial supply simply dries up.
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