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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (531)6/19/2002 1:54:42 PM
From: Mannie  Read Replies (1) of 89467
 
Hey Jackass, you still on the beach?

I saw Volt dissing gold yesterday, figured there was something being said behind the curtain....

*** On average, gold shares rose nearly 100% over the
last 12 months. But Harry believes this is only the
beginning. From a recent article, written with James
Sinclair:

"That potent ingredient [for the gold market] is the
Mother of All short positions in market history; the
size of the gold short spread derivative position. The
unique characteristic of that position is not only its
size but also its ownership. The gold producers are
responsible for only 11% of this mammoth short position.
89% of the $280,000,000,000 (figure from the IMF & BIS
reports) is from sources that have nothing whatsoever to
do with gold production. These rogue sources are
borrowing money, using the mechanism of gold about which
they understand little. It also represents pure short
spread positions of the carry trade. Due to the fact
that the notional value of the derivative
$280,000,000,000 becomes real value at a gold value of
$354, we can expect risk control programs to be buyers
of gold whenever the momentum indicators turn positive
and the market is over $305.

"We now have a golden convocation of all the technical
and fundamental factors that constitute a long term bull
market in gold plus a potent ingredient (the derivative
short spread position) that offer us years of a positive
gold market."

Duck & Roll...
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