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

To: Alex who wrote (52060)	4/28/2000 9:56:00 PM
From: d:oug	Read Replies (2) \| Respond to of 116762

From: Alex Friday, Apr 28, 2000 Interesting read from Kitco kitcomm.com (click to Alex's post for url) From: Dougak Date: Fri Apr 28 2000 13:12 Cobra (A Repost of an earlier message) ID#34459: Copyright 2000 Cobra/Kitco Inc. All rights reserved Date: Fri Apr 28 2000 10:22 Cobra ID#34459: Cobra ( Time to get serious is Here and NOW) ID#34459: All should read Ted Butlers post at 06:10 ... am tired of being manipulated and robbed ... is EXactly what occurred in Platinum ... tantamount to Criminal behavior by the governing officials ... I'm tired of being SCREWED time & time again *************************************************** The Shorts ARE Different ... stunning display of a metals market going out of control ... New York Mercantile Exchange's April Platinum contract entered the Commodity Hall of Shame this week. At the end of trading in a futures contract, all trades must be settled. Longs must sell out or accept delivery. Shorts must buy back or make delivery. ... the put up or shut up time. No more bluffing. ... the shorts couldn't deliver, they had to buy back at any price... The real lesson here is that, just like the explosion of gold in Sept '99, and the default in TOCOM palladium, the April platinum disaster connects more dots in my central theme - naked short selling has manipulated the price and has created unstable markets... I am not against short selling. I am against short selling that must end in default. To that end, let me offer the only constructive solution to this serious problem, especially in silver. ... is for the authorities to adopt a simple rule - by first notice of delivery day, all shorts must certify that they have the ability to make delivery in that month. As it stands now... Shorts don't just write a check, like the longs, they must deliver physical material. Make them deposit physical material. These shorts are so arrogant because of current rules, that they'll try to bluff you till the last possible moment - just like TOCOM palladium and NYMEX platinum proved. By allowing shorts... - manipulation and disorderly market conditions. I can't believe how easy the NYMEX and CFTC are making it for me to warn about silver. Recently, I have pointed out that owning COMEX silver registered warehouse receipts is the best way to own physical silver in size. I didn't think the market would confirm that analysis so quickly. ... if you had a position in platinum, only by holding NYMEX platinum warehouse receipts would you have been able to cash in on the extraordinary movement in April platinum. This very same phenomenon will transpire in silver - dramatic premiums being paid for the real stuff, in good deliverable form. If you own physical silver in size, and it's not in COMEX warehouse receipts - you better ask yourself why. ... If the NYMEX allows the COMEX silver market to stay open, the shorts have lost a major escape route. All those miners and others who have obligations to return physical silver, are in exactly the same position as the hapless shorts in April platinum on the last two days of trading in that contract. When the final demand for silver comes, it will be for physical metal. Not more margin, metal. Real metal, not more contracts. Then, the market will invert dramatically for prompt silver, creating instant bankruptcies by the score. Let's see, it took a demand for delivery for 40 contracts to expose the shorts' bluff in platinum. How many contracts will it take in silver - 500? 1000? Anyone naked-short and bluffing on silver at these prices is crazy or crooked. And that certainly includes miners short years worth of production. As April platinum proved to anyone with half a brain, overnight the game can be changed to - give me metal, and give it to me now. What you have in the ground won't count. Only in the commodities markets are the shorts allowed preferential treatment, even though the law is clear that there is to be no favoritism between shorts and longs. Because the CFTC and the exchanges extend unfair benefit to the shorts, our markets have evolved into a sick pattern. The naked shorts manipulate prices until all supply is exhausted, then we explode in chaotic conditions. This sick pattern could be changed in an instant, if the CFTC and the NYMEX would do the right thing and level the playing field. Make the shorts certify their ability to fulfill their commitment, just like the longs have to. Shorts are different than longs. They have to fulfill their obligations differently. Make the longs show you the money. Make the shorts show you the stuff. It's only fair, and it should be the law. ************************************************ Mr. Butler has listed some E-Mail addresses of the Supposed enforcement officials ....sending them a letter may not do a dam bit of good. THE LIGHT OF DAY SURE AS HELL WILL......... SEND A COMPLAINT to everyone who has a barrell of INK and can PRINT a NEWSPAPER or get on a broadcast media. I SURE AS HELL INTEND TO DO IT. IF you want to see this bullschitt stopped .........TAKE ACTION OR BE A GODDAMN WHIMP THE REST OF YOUR LIFE. Permission is given to copy MY comments and do WHATEVER you feel you need to do with them................. SIGN THIS..................ONE WHO HAS HAD ALL I WILL TAKE ***************************************************** If EVERyone who see's this will join in and devote a little of their time to see that Ted Butler's message, " Press Release " is distributed far and wide we may see it in print somewhere. If enough of us put forth the effort, between now and Monday morning next.........Some things may change. Sharefin's web site has link's that enable anyone to send messages all over the world. Any News Organization is ALLways looking for news...... They like to get........... "PRESS RELEASE" "For IMMediate Release" Return to Kitco Homepage ----------------------------------------