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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: scotty who wrote (39812)	6/14/2000 3:10:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 42523

i know...that was the reason for yesterday's spike in Asia. what spurred the rally on the COMEX today remains a mystery so far...possibly disbelief regarding the inflation data from BLS.

To: scotty who wrote (39812)	6/14/2000 4:06:00 PM
From: Ken Benes	Respond to of 42523

Can you imagine, covering a hedged position of only 300 thousand ounces of gold could cause a 7 dollar price spike in the pog. Hey barrick, and the other big hedgers, the market is screaming at you, cover some of your positions with physical gold and not a flim flam swap of paper instruments. Imagine one to two million ounces of hedges being covered with physical buying, there would be a significant breakout. Why won't the big hedgers do it? Shareholders should be screaming at the most egregiously hedged producers, cover your positions or I will dump your stock. Covering two million ounces of hedged gold might just force the hands of the big bullion banks, along with GS, MS, and ML. Unfortunately, if the move was big enough, it might bring down some of the producers as their derivatives implode. That is an excellent reason, why it will not happen. Ken