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Gold/Mining/Energy : Gold's Six Month Base Near Completion
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To: Bill Murphy who wrote (18)5/19/1998 7:03:00 AM
From: Crimson Ghost   of 94
 
Bill: Hope you get your message across to the Australians.

The biggest mystery to me in today's gold market is CB leasing. I find it difficult to envision a long-lived gold bull as long as the CBs are willing to extend to huge volumes of gold loans at 1-2% interest. Some of these guys must be aware of the fact that these loans are costing them far more in terms of reduced gold reserve values than the minuscule interest income they receive. I am not normally a conspiracy theorist, but why would the CBs do this except to artificially depress the gold price for whatever reason?

Bottom line -- CB sales have been a major negative and the temporary cessation of these sales should trigger a decent rally. But the real 800 pound gorilla sitting on POG is cheap CB gold loans.
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