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To: Horgad who wrote (65036)	3/7/2001 10:07:51 AM
From: russwinter	Respond to of 116752

Comments on the pullback IMO the pullback has been driven by the decline in the Aussie $ and Rand over the last week. I am not so sure that this has contributed to more producer hedging, but it has taken those extreme hedgers off the hook for now in terms of the delta hedge (see my prior post). However, their problem has not gone away, it is still a lit fuse. It is also likely that the rally ended when the Cabal managed to find a source of gold hidden away in some obscure vault somewhere. Might not even be a CB, possibly private stocks were tapped, especially with lease rates where they are. The point is that nothing has changed, physical gold is in tight supply (witness today's lease rates). With lease rates high the incentive to engage in carry trades and forward hedging simply doesn't exist. It's a game of chicken, and I'm still convinced that the proper conditions exist for a powerful gold (and resource) rally.

To: Horgad who wrote (65036)	3/7/2001 10:18:48 AM
From: Alex	Read Replies (1) \| Respond to of 116752

The Free World............. <<THE European Court of Justice ruled yesterday that the European Union can lawfully suppress political criticism of its institutions and of leading figures, sweeping aside English Common Law and 50 years of European precedents on civil liberties.>> telegraph.co.uk

To: Horgad who wrote (65036)	3/7/2001 11:18:51 AM
From: lorne	Read Replies (1) \| Respond to of 116752

Hello Horgad. In your recent post about the latest gold rally the article said >>>" However, one US writer reports that the WGC recently sent out a letter to its sponsor members about problems in the physical gold market. Jay Taylor, who edits a gold newsletter, said the council's letter complained that the Bank of England had for several days not lent any gold. This, added the WGC, was unprecedented as the bank's short-term lending was vital to the London market."<<< I'm I reading this wrong? It sounds as though the WGC does not want a gold rally?? Lorne