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To: Bobby Yellin who wrote (39913)	9/2/1999 5:50:00 AM
From: Bobby Yellin	Read Replies (1) \| Respond to of 116972

biz.yahoo.com This also is beginning to make no sense to me.. if all this foreign money has been going into the Japanese market for a long time now and raising the yen and lowering the dollar and if in turn it starts making the exports of Japan less and less competitive in an already questionable recovery..which appears to be basically fueled by Japanese government's expenditure..and then if traders are waiting for the governments of US and Japan to intervene against the yen which will result in currency loss in the Japanese investments for the foreigners.. what is really happening..are currency traders in charge and don't care if they curtail the Japanese recovery and don't care if they help tank the US dow? It just sounds as if the governments are led around by traders and deep pockets.. who knows maybe the governments are trying to kill the hedgers who have used the yen carry trade..wonder why they don't try to kill the gold carry trade.. it just seems that their inactions have allowed these beasts to control so very much..still haven't read anything about the world governments establishing global rules for hedging.. one country just can't do it..money will flow to offshores which have easy rules

To: Bobby Yellin who wrote (39913)	9/2/1999 8:29:00 AM
From: Alex	Read Replies (3) \| Respond to of 116972

Hi Bobby. Central banks buying gold would probably be seen as just adding to the overhang : - ). Only in the gold market. Regards, Alex

To: Bobby Yellin who wrote (39913)	9/3/1999 2:23:00 AM
From: d:oug	Read Replies (1) \| Respond to of 116972

Bobby <<I can't believe nobody commented on this.>> The Time Is Now. Its now friday 2am est and I see a couple posts about this new and should be ok approach for the IMF gold sales to pass thru the USA Congress. But no no no no no and a Big NO, ain't going to happen. Follows is GATA news from Bill Murphy via Le Metropole Cafe. (off/on topic) Those who say GATA puts out lies and garbage and we should trust places like banks, especially when THEY tell us all is going very good and show us the FACTS to "prove" it, welllllllllll read on. ... back to their same old tricks. All of a sudden they are floating talk that the IMF is finalizing plans that outline a proposal for central banks to buy some of the Fund's gold reserves, freeing about $2 billion to ease the debts of the world's poorest countries. Well three cheers for the Cafe's John Brimelow. Here is what he had to say about the latest IMF gold sale scheme: New York, Sept. 2 (Bloomberg)------ John Brimelow, director of international equities research at Donald & Co. in New York, comments on the International Monetary Fund's plan to possibly sell gold to direct buyers rather than in the open market. The IMF is considering gold sales from its reserves to finance debt relief for the world's poorest countries. "If the IMF takes an "off market" approach, that means instead of going to the marketplace and offering the gold to all and sunder they will negotiate with a specific buyer, " Brimelow said. "Any large party could negotiate directly, a central bank, a hedge fund, or another parastatal institution. Its rather like a block trade in the securities business." This approach "can avoid pressuring the market," although that's assuming the person (who) buys the stuff hangs on to it," Brimelow said. "If they don?t sell it or they don't lend it then it?s a transaction that won't damage the market." The problem is, "central banks don't report what they are lending. There's no way of tracking it,"' Brimelow said. If the IMF sells gold to central banks that lend it to the market, "through the back door, the IMF would be achieving the same effect as selling the gold" directly to the market, he said. "It seems to be a thinly camouflaged version of the original plan and I don't think it's going to fly," Brimelow said. The key obstacle would be getting consent from the U.S. Congress, which has so far blocked direct market sales. " I think the IMF bureaucracy is displaying extraordinary arrogance and even stupidity in its dealings with Congress. At a very deep level it doesn't understand how the American political system works." John has it nailed. The IMF and their "Hannibal Cannibal" cronies don't give a tinker's darn about the poor. 36 out of the 41 poor gold producing countries have already asked them not to sell this gold. Yet, they persist in the charade. Why? Because their buddies, the bullion dealer, "big money crowd" gold shorts, are desperate to have gold supply hit the market and all they care about is keeping the gold price down. These devious crumb buns need the IMF gold supply to cover their gold shorts. Our team will do what we can to shut them out of their nefarious plans. All my contacts in the Joint Economic Committee and Senate Banking Committee, etc. have left for the Labor Day weekend. I will contact them all next week and send them John Brimelow's comments along with a few of my own. Bank Scandals. One after another. Why there aren't more people looking into the biggest banking scandal of all time - the manipulation of the gold market and orchestration of low prices. It blows my mind. We have had Credit Suisse being shown the exit from Japan, The Bank of New York under siege for siphoning the money of the Russian elite and Russian mobsters out of that country, and today word of two more big banking scandals. The first was First National Bank of Keystone in West Virginia. They have been touted in the past as one of the most profitable banks in the country with a reported capital ratio of 16.5%. That ratio purports them to be one super sound bank. But low and behold, the Office of the Comptroller of the Currency just abruptly shut them down. It turns out that half of their $1.1 billion in assets, or $515 million of them, were phony. One day a banking "King", the next day a banking "Disaster". What was the difference from one day to the next? Simple - the truth came out. That is what is going to happen in the gold market... The second big story of the day was about GATA nemesis, Martin Armstrong and his Princeton Economics International. Martin has publicly decried GATA and of what we speak. He is known as a mega short term gold (looking for sub $200) and silver bear, putting his money where his mouth is as far as we can tell. Sources tell us one of his hedge funds is short 20 million ounces of gold. He is the most vociferous silver bear in the world and constantly expounds that the price of silver is headed for $2.80 and pontificates that silver ranks as the world's worst investment. The funny thing here is when the price of silver shot up last year to $7.80 after the Warren Buffet silver buying news, he ranted and raved that the silver market was being manipulated. Then, he called for a CFTC investigation. There was no basis for what he had to say and the CFTC told him so. Not that the CFTC would have a clue what is going on in the metals market's anyway. How quick were they to pull the trigger on the big Sumitomo copper scandal? Months ago I told the Cafe sources told me that Martin Armstrong's operations were under scrutiny. This is what the press had to say today: Sep. 2 - New York - Reuters - New Jersey Firm lies at heart of Republic probe "At the heart of a regulatory probe that ie expected to stall a merger between Republic New York Corp. and Britain's largest banking group, HSBC Holdings Pic, are the U.S. bank's dealings with affiliates of a New Jersey economics forecasting firm. Republic's brokerage unit came under regulatory scrutiny for allegedly mispricing investments for one of its clients, Princeton Global Managements and Princeton affiliate Cresvale International, sources close to the situation told Reuters on Thursday. The company that owns these two entities is Princeton Economics International, a forecasting and derivatives trading firm that is based in Princeton, New Jersey. The bank, which is cooperating with Japanese as well U.S. regulators, said it fired the management of its futures trading operations and suspended the head of its Philadelphia-based securities unit, James Sweeney. Princeton Global is an investment company owned by Princeton Economics and helps Japanese institutions hedge their foreign currency transactions. Princeton Economics also owns futures broker Cresvale Investments, the Tokyo office was investigated by Japanese authorities in May. Cafe members might like to know that Republic has been the known silver and gold floor broker for the honorable Mr. Martin Armstrong. Plus you might also like to know that that Mr. Armstrong's prediction is that the yen will go to 278 to the dollar. Get the picture. Mr. Princeton is mega short the yen and mega short gold and silver. We know what is happening to the yen shorts. Martin Armstrong has berated us publicly for our views of what is going on in the gold market. What goes around comes around. Boomerang time here and only a matter of time before this guy blows up and is carried out. Bloomberg reports that, " Martin Armstrong is considered to be the biggest individual silver futures trader on the Comex division of the New York Mercantile Exchange." I will send the stretcher to the Comex for him. Seriously, the question that needs be answered here is why was Republic marking up the value of the hedge fund. What is there to hide? Is Martin Armstrong's group in serious trouble? Certainly he has some sort of big problems. How easy will it be for him to cover his massive gold and silver shorts if he has to? Does he call Alan Greenspan like ... Midas Bill Murphy GATA gata.com Le Metropole Cafe lemetropolecafe.com