Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (38832)	9/25/2003 12:59:23 PM
From: Jim Willie CB	Read Replies (2) of 74559

a view on gold and crude oil yesterday's OPEC production cut announcement has many rings to it they may expect Iraqi production finally to come online I doubt it, and anticipate more bombings you got 300 miles of pipelines in desolate northern territory OPEC probably has two things in mind one is the potential for new supply hitting the market this includes Russia, who is making grumbles lately Russia is the highest cost producer outside Alaska two is domestic fiscal stresses of their own Saudi is not a strong economy, with heavy ongoing deficits they are having internal troubles fighting AlQaeda badboys they certainly see economic slowdown showing up with reduced crude oil demand in sales so they reduce production to shore up prices these guys want a constant managed revenue stream I believe they want to gain some oil revenues in time for the GREAT FALL OF THE HOUSE OF SAUD so gold jumped over #390 yesterday most attribute it to the crude oil news I attribute it more to the Japanese Yen breakout this past week this has brought out the Wall Street big guns to defend gold against a rise they are hitting the gold market, mostly with futures paper attack but gold is still over $385, which is high in my eyes we are fast approaching a dangerous critical $400 level the expected crush of gold shorts has been a long time coming large speculative long positions are now evident we have a battle of the titans underway large commercials versus large speculators usually comms win I believe they are losing control, since on the other side is now large Asians, including probably the Chinese Central Bank not much really profound in this message just want to get it on paper am I missing anything significant? I believe western women should be urged to wear gold jewelry under their skivvies that would increase demand, but for what? / jim

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