International Precious Metals (IPMCF) Message Board

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Gold/Mining/Energy : International Precious Metals (IPMCF)

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To: Larry Brubaker who wrote (23998)	11/1/1997 1:52:00 PM
From: John D. McClure	Read Replies (1) of 35569

*OFF TOPIC* Larry, FWIW... I stopped by my favorite coin dealer today to pick up a gold bullion coin to add to my small stash of silver. He told me the same type of thing that I heard over on Kitco from several posters across the country, which is that they can't keep gold in stock anymore. It seems while Joe Average is telling the pollsters that he is not worried about the markets gyrations, he is also stocking up on the P.M.'s. Doesn't surprise me one bit. It is simple human nature. I don't put any stock in polls of course. I also heard that Comex gold stock levels are dropping fast and that, at present rates of drawdown, within two or three weeks there could be ZERO physical gold to cover all those derivatives the paper-pushers love to use as a gold substitute and for shorters to borrow against. It seems one Comex warehouse is empty already from what I read. If any of you can confirm or disprove this please do. If true, this could be an explosive situation. The Central Banks will be forced to sell more of their gold, but I wonder if they can because of those infamous gold leasing arrangements they got into long ago. Yep, things are going to get real interesting from here on folks. Did you know that although the Chinese people are now allowed to own gold, they are limited to purchasing CHINESE gold. This should help keep their production from spilling out onto world markets. Yes, most Chinese people are poor and you would think unable to spare the money, but most folks in India are pretty poor too and yet they still manage to scarf up quite a lot of gold and silver regularly. *JDM* Long John

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