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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: long-gone who wrote (35202)	6/11/1999 8:50:00 PM
From: Ironyman	Respond to of 116762

A year or a day,,,, what ever!... In the very worst case, gold could hit 240. When one looks at the price of mining stocks and takes a hard look at inflation, this is what an oversold gold market must look like. This is a once in a lifetime situation! ...Never again will we such an inflated stock market with gold at this level.

To: long-gone who wrote (35202)	6/12/1999 1:07:00 AM
From: PaulM	Respond to of 116762

Remember When Gold Hit $272 in August? Just Before the LTCM Bailout? See a similar pattern? Back then hedge funds were taking losses because of an unexpected Russian default. So the reason given for gold's fall was "deflation." LTCM was getting margin calls and was about to unwind its positions (the notion that these positions included a gold short position were just "rumors," of course). So naturally, the Fed, which managed to find that its banking supervision responsibilties included bailing out hedge funds, somehow took care of LTCM. I say "somehow" because we were never told what the bailout participants agreed to, were we. However, immediately following the bailout, we got an inkling of what some of LTCM's positions were, as the dollar saw perhaps its greatest ever one day drop against the yen. Gold also appreciated a teeny bit because of "delta hedging" and thereafter remained flat. Fast forward to now. The carry traders are getting cremated with a combination of falling treasuries and a stronger than expected yen. Once again, they're getting higher than expected redemptions, and maybe a few margin calls. Once again, the price of gold is falling (lucky thing). This time the reason given are UK gold sales (as well as some imagined Greek and Danish sales). Who you gonna call? Naturally, AG, and again today we get rumors of an emergency hedge fund get together. Not hard to figure out what's going on. The question is, will the shorts be forced to cover this time around, or will the Amazing Greenspan do some more magic? Frankly, I don't know, but $30 drop or no, the smell of blood is in the air.