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Strategies & Market Trends : World Outlook
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To: Richnorth who wrote (562)12/27/1998 12:47:00 PM
From: teevee  Read Replies (2) of 49281
 
Hi Richnorth,

Can you find out what kind of medication Ted Butler is on? I'd like to avoid ever taking it.

<<<<The real physical market is in steep deficit - it just keeps chewing up the collateral and moving steeper into deficit.>>>

<<<The bottom line, however, is clear. Metal loans can't be paid back because we have a shortage and there is no material available to pay them back with. That's what makes it fraud. >>>>>

No other commodity is recycled like gold is. Almost every ounce that ever existed is still around in some form, and mining companies keep delivering more to the various piles every year and central banks keep buying it-so...the real physical market is glutted with oversupply.

Metal loans help offset central and commercial bank purchase costs of the steadily increasing stream of newly mined metal, provide a return on existing stockpiles of metal, and support prices at artificially high levels, as institutions who borrow gold for writing covered options and futures contracts are really playing zero sum games (less commission and lease rates) and have no intention of taking or making delivery. In brief, in addition to providing liquidity to gold miners and smoothing prices for users of gold in manufacturing, gold loans help cushion the gradual fall of the price of gold to it's historic price range-about 30 times silver (that is a price target of well below US$200 per ounce folks). This is humorously being underwritten by paranoid gold bugs.
regards,
teevee
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