Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: limtex who wrote (79369)	6/15/2002 8:31:05 AM
From: Chispas	Read Replies (1) of 99280

Limtex, for "what's changed", you may want to read.... <snip> "The Swiss weekly Weltwoche (World Week) says the price of gold has always been a fever thermometer for financial markets. On top of inflation worries and the Middle East conflict, there has been a loss of confidence into the US recovery and the US dollar. Aggressive gold purchases by the central banks of China, Russia and Japan in order to reduce US dollar dependency of their currency reserves, have also contributed to the rise of the gold price. That spells big trouble for JP Morgan Chase in particular and UBS, Deutsche Bank, Citigroup, Goldman Sachs and AIG, which for years have borrowed large amounts of gold from central banks betting on a steadily falling gold price. They sold the gold and bought high yield securities. That gold carry trade is now dead due to low interest rates and a rising gold price. They like Barrick, Placer Dome, AngloGold, Newmont and various." <snip> gold-eagle.com

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