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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (55847)	12/2/1999 9:32:00 AM
From: Roebear	Respond to of 95453

George S. Cole O/T, I rolled out of most of my AEM yesterday for a teeny loss. I thought you might enjoy these posts from D.A. this AM at our previous favorite site: *** The hope for gold is as it always was. There is a great physical imbalance in the market and at the end of the day there will not be enough to go around. Even as we speak, the gold coming in to run ( ? ) the stops is disappearing into Asia, never to be seen again. We already know that the ECB is getting out of the game. The Bank of England now has to resort to putting the arm on Kuwait to get 80 tonnes of material to loan into the market, and poor Jordan is forced to dump 400,000 ounces. Talk about scraping the bottom of the barrel. You can be sure that the next move will come from left field, just like the last one. The mood will be just about like it is here now, hopeless. It will start with what appears to be a dead cat bounce of a couple of bucks, then it will unexpectedly follow through. Five days later the fireworks will be over, and many who have been following this thing for years waiting for 'the big one' will be on the sidelines, or buying at 375 only to be tortured for ANOTHER six months. The London 'clearing' numbers are Bu$$@#$t. They are mostly the result of forward - forward rebalancing and rolling. Look at it this way. If the loan position is on the order of 8000 tonnes and the average lease term is 3 months, then transaction volume of 64000 tonnes a year would be generated, just from rolling over the leases ( a buy in of the expiring forward and a sale of the new one 4x a year or 8x ) . This is about 2 billion ounces a year. It is meaningless. If someone took 3 billion dollars right now, and tried to buy 10 million ounces of physical gold on the spot market, the whole thing would blow up. *** George, the italics are mine: The deal with Jordan and Kuwait (rather close ties with US here also) reminds me of the spin the oil spinmeisters put on at times, such as the Strategic Reserve (SR or Spin Reserve) etc. I now believe the yellow junk will be firmly held in check until after the New Year. Best Regards, Roebear

To: Crimson Ghost who wrote (55847)	12/2/1999 10:43:00 AM
From: Braddock Bull	Read Replies (1) \| Respond to of 95453

OSX Follows BHI Down Looks like a 5% down day for the OSX on BHI's little news. Maybe we can give back all of yesterday and more! HAL is close. Ahhhhh the oilpatch... such a collection of weakhanded small investors and opportunistic short sellers there never were! I actually expect a rally a little later, but it just goes to show you the lack of confidence that still dominates this sector. Capex, earnings, daytrates... no news, no boom boom. Brad

To: Crimson Ghost who wrote (55847)	12/2/1999 11:32:00 AM
From: ItsAllCyclical	Respond to of 95453

George Cole, great audio link yesterday. Thanks again. I especially liked his y2k comments on oil and the labeling done by the media referring to all OPEC agreements as "THE" OPEC agreement rather than the production cuts of 1999. Mexico, Norway, Russia joining OPEC was just one of the things that made this agreement different than past agreements. He correctly points out by giving it the same name it's tarnished with the same brush as past failed agreements. For that reason most people are still waiting for it to collapse not realizing how much events have truely changed.