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To: Ken Benes who wrote (54663)	6/19/2000 10:36:00 AM
From: long-gone	Respond to of 116820

<<As has been noted regardless of how much the cb's have loaned out, they still have enormous reserves abailable to fire at the market and the producers if they fail to stay in line.>> No, look at the price, better yet, look at XAU. they are becoming deaf to the noise.

To: Ken Benes who wrote (54663)	6/19/2000 10:39:00 AM
From: pater tenebrarum	Respond to of 116820

luckily Dale Henderson is not a Fed governor. his tune is nothing new...he's been singing it since '97. it is true that CB reserves are hanging over the market like the sword of Damocles. however, the Wash. agreement has defined the size of this threat to the market for the next five years, thus removing a great deal of uncertainty. imo it is wrong to assume that the CB bureaucrats can keep the market under control forever...five years is a long time, and the fiat system could easily experience a crisis of confidence during that time. historically fiat systems have ultimately all faltered eventually. we have now the most sophisticated and so far durable version of this system...and we have just experienced a decade of unprecedented growth in the money supply, globally. we'll have to wait and see what this ultimately means for gold...note that inflation adjusted it has already given back the entire rally since Bretton Woods. i conclude that the CB supply overhang is already priced in to some degree. i'd welcome a re-test of last year's lows...the 'gold is dead' mood should then be entrenched firmly enough to mark a secular turning point.