Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: t2 who wrote (1406)	7/4/2002 1:36:06 PM
From: Jim Willie CB	Read Replies (2) of 89467

article: North American Banks Under Growing Pressure From Gold Derivative Positions minesite.com an excerpt: No signs of panic here from Ms O'Connell, just a report on a volatile market. Nobody in their right mind expects the price of any commodity, be it gold or pork bellies, to go up in a straight line. Profit takers always make an appearance and a correction results. In the gold market there is the added influence of international official intervention against leading currencies. In her gold commentary Rhona O'Connell said that, " The Fed and the ECB are both reported to have intervened in the currency markets last Friday in order to bolster the dollar, which looked above ¥120, but is now again below that level and under some pressure." Those with longish memories will remember just how useless such intervention proved to be in the last currency crisis - if anything it provided fuel for the flames.<i/> / jim

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