Bill Fleckenstein, the BEAR! Is he finally right? Message Board

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Strategies & Market Trends : Bill Fleckenstein, the BEAR! Is he finally right?

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To: Bill F. who wrote (8)	9/5/1998 9:53:00 PM
From: SkyDart	Read Replies (1) of 259

BILL: <<Re: Your Sept 3rd Rap on Hedge Funds covering Oil Shorts>> In your 9/3/98 Market Rap you stated, "These masters {hedge funds} have been short yen and short commodities" and now they have to all unwind at the same time----ie, a short squeeze of sorts in the yen, oil and precious metals due to derivitive covering. However, commodities almost always decline in an environment of deflationary pressures, rescession, rising bond prices, etc. With Russia and Latin America's economies in free fall, and world investors rushing out of equities into US treasuries [The "safest investment in the world"], and the resulting wholesale dumping [selling on the open world market] of oil, gold and other commodities in an attempt to create liquidity in these countries, how long can commodities continue to rise?

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