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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Stephen O who wrote (1879)10/28/1998 7:39:00 PM
From: Bill Murphy  Read Replies (1) of 81019
 
Stephen,
As a Cafe member, you know what I think. Yes, this is the quiet before the bullish storm.
1. No one is bullish and the bulls that there are, look for $320 gold. Two years ago, if you called for $320 gold you would be called a screaming bear
2. Silver just popped 20 cents. with no fanfare. Comex stocks about to make a new low. Any of the rich could take out the entire Comex stocks and pay CASH.
3. The XAU popped over 5 yesterday on a $1.20 gold move. Why? My guess and opinion. Late on the day before Merrill Lynch announced that it was cutting out its commodity derivative operations in London and New York. Ted Arnold ( he is getting canned ) was the big bear and was dead right. For being right, he gets canned. This makes no sense. UNLESS, we have been right at www.lemetropolecafe.com in our analysis. Because of the hedge fund debacle,all plays like the gold loan ones are being scrutinized. Merrill does not want another Orange County. Their Chairman has said publicly it will take two years to sort out LTCM. The loans to LTCM are up in two weeks ( after the elections ). They know if gold does go up sharply, they cannot deliver the gold ( big tonnage ) except at much higher prices. Decision at the top: get out.
That is just the beginning of many like that when the accountants for various financial institutions realize what has been going on. Therefore, gold supply is going to dry up. The EMU will not sell much gold after the first.
Uptown for gold ( big time ) is right around the corner.
For what it is worth,
Bill
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