Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (69635)	5/20/2001 3:15:24 PM
From: Rocket Red	Read Replies (2) \| Respond to of 116761

Got this off of CSW Forums Author: durban -- Date:2001-05-20 11:22:11 Subject: Some Excerpts from an Article..... "If I am right, this is only the "jacks for openers" as in a poker game. The gold price has exploded ever since the Dow Jones story appeared on the eve of the GATA African Gold Summit. Adam Aljewicz's Dow Jones wire story was picked up all over the world and gold rallied $5 that day. I was informed by senior Comex traders after the close that today that it was the dealers who were the big buyers, not the funds. Word is spreading all over the investment world about GATA and the Howe Complaint. A very well known fund manager called up some hot-shot financial man today and asked him why gold was so strong. The answer back to him was: "the lawsuit." What is happening is that the exposure that GATA received at the summit, on the South Africa Broadcasting Company and in the Parliament in South Africa is taking hold. Word is spreading that GATA is right. Word is spreading about the enormous short gold position which cannot be covered - that Frank Veneroso's gold loan numbers of 10,000 to 16,000 tonnes are the correct ones - not the rigged, inept 5,000 tonne number of the bullion dealer lackey group, GFMS. The serious question process at government levels is JUST beginning to happen in sub-Saharan Africa. Just as importantly, because of the exposure GATA received in Durban, awareness of the gold scandal is growing, The Gold Cartel knows that they cannot stand the spotlight because we have the goods on them. The dealers must sense that the game is ending and many want out. Yesterday, the new Gold Cartel ringleader, J.P. Morgan/Chase was a massive seller. The open interest on Comex was up a significant amount - some 7,858 contracts, still leaving the total number at only 117,249 contracts. As I stated in the last Midas, there is room for 125,000 contracts to come on the long side before things get overdone. While The Gold Cartel only includes a few bullion dealers, you can be sure that others know exactly what has been going on. They also know that GATA is gaining momentum, big time MO. Once they saw $275 and J.P. Morgan/Chase's selling of yesterday overpowered on a Friday afternoon, they began buying frantically. They have to know NOW, as I have been saying for awhile, that The Gold Cartel will lose. Today's price action suggests it may closer at hand that most could have ever imagined. All those new buyers on Thursday were mostly specs and they are way ahead now. Gold will have to drop $15, or so, before they would be stopped out. This is a big, big win for them. A home run trade so far. Many will buy on dips with that kind of cushion. They might have to add on strength. One Comex floor trader said that he would not be surprised to see gold come in $300 bid on Monday. Plugged-in sources confirmed to me today that the information reported to me in South Africa that I passed on to The Cafe about the Chinese buying gold in size is correct. Word of that is now spreading among gold producers. I also have confidential information that Middle East gold buyers are also stepping up to the plate. Some combination!"