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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginmike who wrote (210544)12/19/2002 1:26:24 PM
From: Earlie  Read Replies (2) of 436258
 
MM:

Like most on the thread, I am neither a gold expert nor a gold fanatic. That said, I sense that a gold price at or above $330, represents a nightmare for the bullion dealers (massively net short) and the central banks (how do we replace the leased gold that has disappeared?). Given that, I expect every weapon at their disposal to be brought up on to the decks and employed with all dispatch. In other words, there will be a massive effort to get gold back down under $330.

Will they prevail? Who knows, but it is going to be one heck of a battle to watch and it is a battle that will take place over the next few days. If the price of gold holds up here, the bankruptcy courts would have some very high profile new visitors on their steps so the fruits of this battle are enormous.. Personally, I think that they will manage to force it back down (at least for a short while), based on a belief that the costs of losing this battle would be unthinkable to the U.S. government if it did not prevail. That said, who really knows. The genie has gained a whiff of life outside the bottle and in the end, markets are never controlled by mere governments. (g)

Hand me that shovel, fill some more sandbags and stay close to the foxhole during this firefight. (g)

Best, Earlie
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