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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (69968)	11/2/1999 6:50:00 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

Les, I wonder why there are so many conspiracy minded individuals. (g) Wayne

To: Les H who wrote (69968)	11/2/1999 6:56:00 PM
From: Merritt	Respond to of 132070

Les: <<: 'The average net daily clearing turnover in London rose by 2% in September to 37.1 million ounces (1154 tonnes), the highest level this year.' In isolation that figure may not mean much, but when you remember that annual new mine production of gold is about 2500 tonnes a year, it means that total production of all the world's mines is sufficient to keep the market supplied for only about two and a half days (yes, days) of trading in the whole year.>> <<Alchemists tried to turn base metal into gold. Modern-day rocket scientists seem to have turned it back into paper,>> It seems our reporter isn't above a little verbal version of alchemy in turning trading volume into contracts outstanding, or at least giving one that impression. I'm not trying to minimize the finagling that appears to have occurred in the gold futures market, or the possible repercussions, but misleading journalism isn't much help in trying to develop a clear picture from, what to me is, a nebulous market.