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Technology Stocks : Amazon.com, Inc. (AMZN) -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (79706)	10/5/1999 9:13:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

AMZN: THOMAS WEISEL P decreased estimate for fiscal year ending 12/99 from $-0.85 to $-0.96 on 09/29/99 AMZN: THOMAS WEISEL P decreased estimate for quarter ending 09/99 from $-0.26 to $-0.29 on 09/29/99 AMZN: THOMAS WEISEL P decreased estimate for quarter ending 12/99 from $-0.22 to $-0.29 on 09/29/99 AOL: SOUNDVIEW TECHN increased estimate for quarter ending 09/99 from $0.10 to $0.13 on 09/29/99 AOL: SOUNDVIEW TECHN increased estimate for quarter ending 09/99 from $0.10 to $0.13 on 09/29/99

To: Lizzie Tudor who wrote (79706)	10/5/1999 11:56:00 PM
From: GST	Respond to of 164684

edited out a double post -- sorry.

To: Lizzie Tudor who wrote (79706)	10/5/1999 11:57:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

Liz: Our market got where they are because of leverage -- credit expansion. This includes all aspects of the money supply. That is how AMZN ended up doing what Henry B. said it might do. So is this level of stock prices at risk -- and why talk about gold? You say there are 'tons to be dug up'. Ahhhh. But the issue being talked about by every heavy hitting money manager in the world is GOLD LEASING. In the next five years, the central banks have said they will limit sales to 400-500 tons per year. But in the past few years they already leased 8,000 to 10,000 tons of their gold -- understand this clearly, THEY DID NOT SELL IT, THEY LEASED IT. But guess what, the people they leased it to, THEY SOLD IT -- the gold has already been 'sold'. So where is the gold? It never moved from central bank vaults, they say they did not 'sell it', but yet it is sold. How can it be 'sold' and 'not sold' at the same time? It was sold as 'contracts' on the assumption that nobody would ever take delivery. Now, in effect, the central banks are asking for it back. Why? Because there is a rapidly growing supply-demand deficit for actual, real, hold-it-in-your-hands gold. Now on top of that deficit there are thousands of tons of 'paper gold' and people wanting to take delivery based on these contracts. Where will the gold come from to pay back the central banks if the central banks are the only ones who own the gold in the first place and if they are not going to sell it -- get it? These contracts increasingly look like they could go into default. And where did the money go when the gold was sold? It went into bonds -- which is why bonds must now be sold to fix this mess. But forget about the equivalent of 8,000 tons of gold being liquidated -- multiply that times the amount of borrowing done against the gold short position -- more like the impact of 50,000 tons of gold or more -- get it? This dries up liquidity -- the stuff that supports AMZN's stock price in the stratosphere. AMZN, along with every other dollar denominated financial asset, is at the top of the house of cards, and gold and bonds are at the bottom -- get it?