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Strategies & Market Trends : Strictly: Drilling II
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To: jackjc who wrote (8092)2/19/2002 4:03:59 PM
From: russwinter  Read Replies (2) of 36161
 
Even if this Bundesbank story is true it doesn't mean a thing in terms of Washington Agreement supply. The British have one more auction and then it will be somebody else's turn to give gold away. No change in CB supply. It was 400 tons a year before with Britain selling and it will be 400 tons if Germany takes a turn.

I agree that this is a ramp job, probably so that JP Morgan and Citicorp don't have to fight on the gold front. They have troubles enough elsewhere. I would imagine China, Japanese cunsumers and the companies seeking to close out hedges step up into this little gap. Write naked April or June 290 puts for a rebound.
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