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

To: IngotWeTrust who wrote (75683)	8/30/2001 10:41:51 AM
From: Enigma	Respond to of 116764

Rose, Ole 49er, Gold Tutor (that a laugh!) there must have been others? - I guess you've had more monikers than a cat has lives? And no doubt you've been 'outed' time after time. And your spite and bile is known to many on these and other threads. HOWEVER - that's as may be. Actually I didn't work for a predecessor company of Barrick but one which it took over, and I left 2 years before this happened. I never met Munk, but I have to say that his achievement in building Barrick has been staggering. And there has been a great deal of envy and ignorance displayed about Munk and jealousy no doubt. And even thinly displayed anti-Semitism - as in 'conspracy of bankers, Goldman Sacks, Rubin, Monk'. As the years went by there were fewer and fewer people I knew there. But the people I knew spoke highly of Peter Munk - on a professional and personal level. Did I say that Non a Bean was the only person I like to insult? Not true - at least not as far as you're concerned. The story I told you was completely private - it was in response to a message you sent me - private if I recall - about the death of a senior Barrick executive I'd worked with in the other company. And I never worked as an acountant for that company - even thought I trained as an accountant. Of course the moral of the story is this - never trust a stanger and never trust Rose AKA all of those other things. And there is an etiquette about private messages - they should stay private. You know that - we all do. But we had a disagreement on this thread about something or other and you couldn't help reverting to type. Most people have avoided tangling with you - 'cross Rose at your peril, etc.' And I guess you come back under a new alais hoping for a fresh start. Nosmo King was a comedian - I guess we all take this too seriously at times. My problem with Ken Benes is that he is incapable of realising that major undertakings such as the Goldstrike Mine in Nevada required hedging in order to obtain the financing. And hedging has become a fact of life for most of the major players. He cites the oil industry, diamonds even (can't remember) but the underlying structures of these industries and the political realities are completely different. So the man is either obsessed (birds of a feather?) or lacks intelligence. A bit of both perhaps. But, Rose, gets your facts right before you shoot your cannons off in all directions. You may seek to destroy Nosmo as you've tried so hard to do with others - often on a cruel, personal basis, but dear Rose, Nosmo doesn't give a damn! NS

To: IngotWeTrust who wrote (75683)	8/31/2001 12:36:29 AM
From: Alex	Read Replies (2) \| Respond to of 116764

The BIS on the Cabal............ BIS banker speaks on gold: Giacomo Panizzutti's estimates of central bank gold lending implicitly contradict conspiracy theories Financial Times; Aug 31, 2001 By ADRIENNE ROBERTS The question of how much gold has been lent out by central banks - anemotionally charged topic in some circles - has received its most authoritative answer so far. Giacomo Panizzutti, head of foreign exchange and gold at the Bank for International Settlements - the "central bankers' central bank" - said this week he estimated that 5,200 tonnes has been lent to the market. This number, which includes 500 tonnes of lending from private stockpiles, confirms estimates already made by mainstream gold analysts. And, although the BIS official did not explicitly say as much, the estimate contradicts conspiracy theories that the official sector has undermined the gold price by pumping more than twice that amount into the market. The interview with Mr Panizzutti, speaking in his private capacity rather than on behalf of the bank, was published in the London Bullion Market Association's quarterly The Alchemist yesterday. This is the first time a highly placed gold official has explicitly put a number on gold lending. His comments come at a time when the 15 European central banks who signed the 1999 Washington Agreement on gold are under mounting pressure to publicise their lending levels, and some analysts think the interview might have been an unobtrusive way of doing this. Mr Panizzutti said he believed the Washington 15 had lent 2,119.32 tonnes, which is the amount they had lent at the time of the agreement and a total they pledged not to exceed. These nations hold 15,316 tonnes of a total 32,500 tonnes held by the official sector. A further 12,118 tonnes are held by the US, the IMF and Japan, whose policy is neither to sell nor lend gold. This leaves 5,066 tonnes of official reserves held elsewhere. Mr Panizzutti argues that even if half of this had been placed in the market, official lending would not be far from 4,700 tonnes of gold. Analysts find the timing of Mr Panizzutti's comments interesting in light of an impending ruling by a Boston court. A group of gold enthusiasts called the Gold Anti-Trust Action Committee (GATA), believes that at least part of gold's price weakness can be attributed to a conspiracy between the BIS, top officials at the US Treasury Department, the Federal Reserve Bank, and investment houses. In December 2000, GATA backed a lawsuit filed in Boston accusing the BIS and its alleged co-conspirators of co-ordinating "the sale and leasing of gold and the sale of gold derivatives to keep the price of gold low and thereby disguise inflation weakness in the US dollar, as well as prevent losses on gold short positions held by certain banks". The case is now at a critical stage as the Boston district court prepares its ruling on whether the lawsuit goes to discovery or is thrown out. BIS directors will no doubt be watching with interest to see whether the judge takes Mr Panizzutti's comments to heart. Copyright: The Financial Times Limited globalarchive.ft.com