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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (34788)10/29/1998 1:37:00 PM
From: Thomas M.  Read Replies (2) of 132070
 
I'm sorry for being unclear. LTCM is not short gold, the world's central banks (and somewhat the producers) are. There is a massive (~8000 ton?) amount of gold that has been sold forward into the market, referred to sometimes as the 600 pound gorilla sitting on the market. The idea by the conspiracy theorists is that the central banks want to keep gold down to mask their money printing. What I (actually Bill Murphy) meant was that this trade is like some of the trades LTCM was in, in that when it is unwound, it will be a cataclysmic event. What I found intriguing about his post was that he has perhaps seen a clue that the unwinding is about to begin.

Tom
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