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

To: Alex who wrote (47304)	1/20/2000 12:15:00 AM
From: Casaubon	Read Replies (2) \| Respond to of 116762

I think that people are at least entitled to a truthful answer to their questions about Greenspans comments on cb's standing ready to lease gold into any rally. It's not like they put those words in his mouth. What did he mean? My personal opinion is that the comment was meant to imply that an orderly market environment would be maintained just as the bank would try to maintain order were there a run on a bank. I think there was a lot of talk about a large short position and Greenspan did not want any big players to have a field day by causing a squeeze on physical metal. Just my opinion based on how greenspan has handled situations historically and based on my interpretation of all the stories floating around about price manipulation etc.

To: Alex who wrote (47304)	1/20/2000 6:26:00 AM
From: long-gone	Respond to of 116762

Senator asks Fed, Treasury chiefs to clarify metals policies By Jon E. Dougherty WorldNetDaily.com January 19, 2000 Sen. Joseph Lieberman, D-Conn., has asked Treasury Secretary Lawrence Summers and Federal Reserve Chairman Alan Greenspan to answer a series of questions about national gold policy, in response to an inquiry from a precious metals research group. The questions posed by the Gold Anti-Trust Action Committee initially were published as an open letter to both officials in the Dec. 9 issue of the Capitol Hill newspaper Roll Call. The public inquiry was titled "What are you doing with America's gold?" and was addressed specifically to Greenspan and Summers. Since its initial publication, however, GATA Chairman Bill Murphy said, neither official has responded. Because both agencies have remained silent, Chris Powell, GATA secretary/treasurer and managing editor of the Manchester, Conn., newspaper, the Journal Inquirer, contacted Lieberman and asked him to intervene on the group's behalf. In his letter to the officials, Lieberman mentioned GATA's unsuccessful bid for answers and asked if both men would address them "at your first opportunity." So far neither official has responded to the senator's request either. GATA, which has been monitoring U.S. and global gold policies and markets for months, believes some elements within U.S. government financial circles may be intervening in the gold market to assist major bullion banks in keeping the price down because, they say, there are "millions" of ounces of gold loans on the books -- far more than exists in the world. Murphy said such an action, if it is occurring, "is a clear and illegal violation of the Fed's purpose clause." Murphy and GATA initially warned congressional leaders over a year ago that the organization believed there may be some concerted effort to depress gold prices, but few listened, he said. However, after a brief gold price surge in October, Murphy said, he could sense that there was "near panic in the gold loan industry," which strengthened his belief that gold prices were artificial. Today, though prices have stabilized again, Murphy said he still believes some of the world's most influential central and bullion bankers have attempted to manipulate the gold market to their advantage and the advantage of key investors, by depressing the price of gold while making short-term loans on millions of ounces of non-existent gold.

To: Alex who wrote (47304)	1/20/2000 8:32:00 AM
From: Enigma	Read Replies (3) \| Respond to of 116762

That remark by Greenspan needs explaining - also the actions by the B of E. But I think we've seen a shift with the announcement last year by the 15 banks. Ken is all wet in my opinion about hedging - it's a reality we have to deal with - some got it right others got greedy and over-extended and they have paid the price. But what we have seen on this thread by Ken and a few others - Gata included - is a vendetta - against one company - trying to force it one way or another to change its policies. And the first casualty of this campaign as in all wars is the truth. A string of false statements. As far as I'm concerned the irony of all of this is that I would like the POG to rise as much or more than most. There is also an incredible naivite about manipulation - as if our money isn't manipulated all the time - the role of the Fed in the everyday lives of Americans, interest rate policy, etc. Anyway, Alex I don't want to get into an argument with you! e