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

To: C Hudson who wrote (41797)	10/1/1999 2:40:00 PM
From: long-gone	Respond to of 116759

<<In essence, the shorts were declaring "force majeure" - WE CANNOT DELIVER.>> WOW

To: C Hudson who wrote (41797)	10/1/1999 2:42:00 PM
From: Bobby Yellin	Read Replies (2) \| Respond to of 116759

wonder why gold didn't fly today- many most have heard the same rumor

To: C Hudson who wrote (41797)	10/1/1999 3:34:00 PM
From: russet	Respond to of 116759

In the last Midas, I reported to you that several sources told me that the Federal Reserve was "jawboning" futures commission merchants not to pressure firms to "deliver gold." In other words, they know that the gold is not there for the shorts to deliver and, as I have long suspected, it appears that they are protecting the positions of certain bullion dealers and of other financial institutions that are short gold. This corroborative information is clear evidence that the gold market has been manipulated as the Gold Anti-Trust Action Committee has alleged. If this is true, then the Fed can do two more things to cut the legs out from under the gold rally. First, it could jawbone the European CB's to relax the lease rate (already back down to 4% from 10%) and promote more sales and leasing of gold, after all, who monitors these things to ensure they are living up to their agreements. The second thing they could do is lease or sell U.S. central bank gold until the shorts are safely out of their positions. Lets face it. As long as these huge amounts of gold are in the Central bank vaults,...these dumb turkeys can manipulate the gold market any way they want. It's clear to me that many people had advanced knowledge of the European Bank action because they covered their shorts a week or two ago. Who do we sue? Who do we go for to get justice? Don't answer, anyone owning mining companies as a long term investment over the last few years knows the answer,...and feels great pains in the behind like me. Nice rally though. I'll take it, even if it was because of those central bank crooks. I notice lots of people are laughing at Barrick and thinking they are losing money. Don't laugh too hard. They aren't sweating at all yet. Their leasing is done using long term lease rate contracts, locked in at the very lowest rates for many years. They care little if the lease rates go up in the short term. At the end of the lease contract they can just roll it over, albeit at a higher rate if the rates stay up, or close it out by increasing and stockpiling production in anticipation of closing the contract. Most companies can't do it, but Barricks balance sheet and cashflow allow them to get this special treatment. Barrick is not speculating as much as they are attempting to smooth out, or hedge, the ups and downs of the price of gold, and maintain a steady cashflow from operations. They are not really doing this to play the gold carry trade. If POG increases they will prosper along with all the other gold companies and to the same extent as the most unhedged ones. Their portfolio of low cost properties and ever increasing production will allow them to get out of any leasing problems unscathed. Normally it's DoubleD's job to set the ABX detractors in their place, and it's my job to beat up on ABX, but I notice he isn't posting, so his computer must still be down, or maybe he is taking a vacation with his winnings of this week, so I will fill in (gggggggggggg) :-)))) Of course it may cost him...I might ask him to say something nice about Homestake's great buy of ARP (LOL).