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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (118350)	8/25/2001 6:18:33 PM
From: yard_man	Respond to of 436258

The stuff is worthless -- I'll take it off your hands, man. <vbg> >>And therein lies part of the problem with the current price of gold, which has lost its shine and is still trying to dig out from 20-year lows hit in 1999 as central banks decided they didn't need to own as much to back up currencies. Gold no longer plays much of a monetary role. Money has become abstract, the global economy relies on electronic transactions instead of gold coin and transfers (see episode four, ``Cold Hard Cash''). The world doesn't know what to do with that small 63-foot-square pile of metal. << Went shopping today at Kohls -- please don't tell anybody on that demented CFZ thread. They offered me 10% off to take a credit card -- then I got a scratcher and got 30% off and they said I could use the 10% off again later ... Got a woman on the phone from Providian last night -- thought anybody who didn't want a platinum visa with balance transfers at 1.9% must be a total CLOWN! Got up early; couldn't sleep. Started listening to BBC --british fellow interviewing some big sh&t venture capitalist in silly valley -- guy sounded half sane at first -- started talking about the uniqueness of this 'downturn' being one that started with biz-2-biz commerce and is spreading to the consumer -- but then he invoked the name of that weenie Chambers and moaning about how terribly tight AG was -- like he didn't know what happened but everything went to sh&t after AG tightened so aggressively -- x times in so many months. Got addicts? Got withdrawals? Got the banks and credit cards short? <ng>

To: ild who wrote (118350)	8/25/2001 6:29:16 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

I think his comments are self-serving; I don't believe him.

To: ild who wrote (118350)	8/27/2001 12:31:41 AM
From: LLCF	Read Replies (1) \| Respond to of 436258

Europe gold grinds lower amid liquidation fears 8/24/2001 11:13:00 AM LONDON, Aug 24 (Reuters) - Gold prices fell below key support at $274 on Friday afternoon as funds started to liquidate long positions and the market tracked a weaker euro, traders said. By 1456 GMT spot gold was indicated at $272.00/272.50 a troy ounce, shedding more than $3 from morning levels and down from Thursday's New York close at $275.10/275.60. The metal was fixed at $272.80 a troy ounce in Europe versus $275.15 in the morning. Market players were split on bullion's direction. "There is no reason to panic. Personally, I see gold firming by the end of the day," a trader said. Will we ever get to know who shorted gold? Well, at the moment here is one guess at who the longs are: <<"There was some selling of gold by a central bank this week, the euro is not in its best shape at the moment so there is some pressure on gold prices right now," he said. But other traders said they were wary of the spectre of liquidation by COMEX speculators with long positions, which some traders estimate at around four million ounces, the highest since August 1993.>> Personally, I can't imagine that there are too many 'dumb' speculators buying gold futures... I mean, when was the public last in metals??? BWTFDIK, talking my position. Also, there's this from Kaplan: < As gold moved higher in recent days and the XAU completed a false bottom at 52, commercials have not only been selling gold short, but also intensifying their short positions in currencies including the Swiss franc, euro, Canadian dollar, and Mexican peso, and have recently gone short the British pound and Australian dollar, and even the Japanese yen. What all of this means is that the U.S. dollar is poised for a sharp move higher over the next couple of weeks, which will be negative for gold.> Wow, what do the commercials see??? And also begs the question... is this guy any good??? dAK