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To: Alex who wrote (53414)	5/31/2000 7:16:00 AM
From: long-gone	Respond to of 116762

<<On a more irregular basis, the BIS collects similar information for as close to the whole world as it can. Its last larger survey as of the end of June 1998 showed a total global figure for gold derivatives of $228 billion compared to a G-10 figure on the same date of $193 billion, indicating that at that time there was an additional $35 billion (or 3629 tonnes @ $300/oz.) in gold derivatives outside banks and dealers headquartered in G-10 countries. Accordingly, assuming a continuing difference of around the same magnitude, the total global gold derivatives market is on the order of 26,000 to 28,000 tonnes, more than twice the higher estimates of the net short physical position, and almost as large as the stated gold reserves of all the world's central banks put together.>> In the interest of truth, the last paragraph should also be read so as to not take the writer out of context.

To: Alex who wrote (53414)	5/31/2000 3:16:00 PM
From: Hawkmoon	Read Replies (2) \| Respond to of 116762

the total global gold derivatives market is on the order of 26,000 to 28,000 tonnes, more than twice the higher estimates of the net short physical position, and almost as large as the stated gold reserves of all the world's central banks put together. Don't we need to split those figures in half assuming that there are both long and short positions on either side of each derivative?? For every buyer there has to be a seller... the issue solely concerns the price at which the transactions occur. Regards, Ron