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

To: TheBusDriver who wrote (52138)	4/30/2000 11:14:00 PM
From: Alex	Respond to of 116764

Wayne. The following quote is from Greenspans' own mouth. No one put it there, and it begs the question, the answer to which may be all too self evident - what did he mean? ********************************** <<Fed Chairman Greenspan said that he would control the gold market if he had to. He spelled it out on July 24 in little-noticed testimony before the House Banking Committee. The chairman was trying to downplay the risk that some derivative contracts might produce a squeeze on short sellers. He explained that there was no danger that the supply of oil to fulfill derivative contracts could be restricted. Then, he added, 'Nor can private counterparts restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise.' >> individualinvestor.com

To: TheBusDriver who wrote (52138)	4/30/2000 11:27:00 PM
From: philv	Read Replies (2) \| Respond to of 116764

In retrospect it has been obvious for a very long time. All the CBs are getting out of the PM business...they have been demonitizing gold and silver for a long time. Silver....look at the coins. They look good but they have no silver. When is the last time you have seen a gold coin in circulation? Greenspan's latest statement about "those of us engaged in replacing it".. (GOLD).. is a naked admission of what the Fed is doing. The last step will be to sell off the reserves at Fort Knox. (like most of the world's CBs have already done). Before you protest, I remember the discussions regarding those solid conservative wise Swiss, who would never ever sell an ounce of their gold. The question is not if, but how soon. That is their intent in any case, and they have gone a very long way in fulfilling that cause. The European Banks are selling off at a rate of 400 tonnes/year. No wonder the price is depressed to below replacement value. Given these facts, no wonder gold stocks have been the worst performing sector in the past years. Barrick makes more money hedging gold than mining it. Neither world calamities, world deflation/inflation or wild currency fluctuations seem to positively affect the POG. It seems to keep dropping regardless of what is happening around it. The market goes up, gold goes down. The market drops, gold goes down even more! Y2K....gold goes down. As Greenspan has said in previous testimony, the FED stands ready to lease gold in increasing quantities should the price rise. Pretty bleak outlook when the CBs have such a large amount of gold to dump or lease into the market, and when the psychology against gold has been so carefully advanced these many years. Gold bugs have seen it all and lost. The latest and final hope is on a collapse of the US dollar or a complete collapse of the world's monetary system. The question many are asking is who is buying? The answer to that question provides the only faint hope. Phil