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Gold/Mining/Energy : Agnico-Eagle Mines Ltd. - AGE (U.S. AEM) -- Ignore unavailable to you. Want to Upgrade?

To: Roebear who wrote (1235)	11/7/2000 7:42:52 PM
From: Robert J Mullenbach	Respond to of 1612

This is going be be very interesting. Hope to add MDG to fold soon. XXXXXXXXXXXXXXXXXXXXXXXXX Le Metropole Members, Ed Bugos has served colorful, graphic commentary at The Hemingway Table entitled, "Declining Dollar Utility." "The point is that the fabric of our current monetary system has been worn very thin. We really do not have to look far beyond an inspection of the conspicuously deteriorating quality of the nation's debt structure, which has been holding together only by virtue of its own ability to continue to grow, and which really represents the fabric of the dollar dominant global monetary structure. We need to explain the incredibly meteoric rise in oil prices better than with some babble about how OPEC can withdraw 3 million barrels a day (from a market which consumes 25 times that each day), which it then replaces, and cause oil prices to more than triple in under two years? Why couldn't they have done it before? They would have lived much better over the past ten years." "The reason is that they did not have the advantage of declining marginal dollar utilities working in their favor, which they undoubtedly have today. That is why it is working this time." "And while Wall Street, the financial media, and the Fed explain this by pointing to either the wealth effect (rising aggregate demand) or supply side imbalances in the oil market, the reality is that the dollar has little objective utility outside its use as a medium of exchange in the field of global finance." One to read while waiting for and contemplating the US Election results. MINI MIDAS The Bank of England sold its bi-monthly tranche of 25 tonnes of gold at $264.30 per ounce which was "a price above market expectations." The sale was 3.3 times oversubscribed. At 7:15 EST, spot gold immediately shot up $2 on the day when the news broke. But, as has been the case for almost every single trading day in the past 7 months, the Gold Cartel sold gold off in the US and eventually it closed down 60 cents on the day. Their ironclad rule that no positive gold news is to be tolerated and followed by positive gold market action was once again enforced. I can't remember the last Midas commentary I wrote that did not mention this historically unprecedented price action phenomena. No market has ever traded like this before - that of being higher in Asia, Europe and early in the US - and then ALWAYS selling off in the US to close at lower price levels. Statistically, a free market cannot do this. Maybe gold will trade differently after the US elections, but up until the election the Gold Cabal has left a consistent track record that must be sorted out some day when the gold scandal breaks. The CFTC is going to have some explaining as to what they were doing while all this was going on. The Gold Cabal must be a bit hard up though. I thought it was bad enough when they recently called on Bangladesh to mobilize its THREE tonnes of gold. That had to be the bottom of the barrel. But not so fast Midas, one should put nothing past these greedy, pathetic crooks. Fifteen minutes after the bullish BOE auction results were announced, Reuters put out this wire story from Colombo, Sri Lanka: "The Central Bank of Sri Lanka said on Tuesday it was considering looking at using gold instruments to help manage its reserves. "We are looking at gold derivative instruments such as futures, options and swaps," the bank's Deputy Governor W.A. Wijewardene told a news conference. "Sri Lanka holds TWO tons of gold…….. END." Is there anybody out there with ONE tonne? If so please contact the US Fed/Treasury, Chase Bank, JP Morgan, Deutsche Bank or Goldman Sachs. Have they got a deal for you! Dec crude oil closed up 54 cents today at $33.40 per barrel with the WTI basis widening over Brent. Much higher oil prices are on the way. The API numbers should be out shortly. Keep this in mind when reading Ed Bugos' latest: IRAQ:Ceyhan oil loadings halted 12-24 hours on euro dispute: UN New York--Nov. 7--1226 ET--Iraq suspended loading of crude oil Tuesday at the Turkish port of Ceyhan until letters of credit for the purchase of oil are converted from U.S. dollars into euros, a U.N. spokeswoman said. The suspension is of loadings, at a port that handles more than a third of Iraqi oil exports, and is expected to last 12 to 24 hours, she said.