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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: Walt Deemer who wrote (9699)	12/31/2001 7:38:00 PM
From: High-Tech East	Respond to of 19219

Russell also adds ... <<What do I think of the Blanchard & Co. turn of events? I think if my old friend, Jim Blanchard, read the above, he'd turn in his grave. I think that Blanchard & Co. is probably not doing well in the gold business and they're smart to get out of it. I also think that Blanchard & Co. is dead wrong about gold. But "to each his own." My guess, however, is that gold will be around and considered to be money long after Blanchard & Co. ceases to exist.>> Ken Wilson

To: Walt Deemer who wrote (9699)	1/1/2002 11:56:49 AM
From: Square_Dealings	Respond to of 19219

The gold "club" is disolving. Very good contrarian signs imo. 12/31 15:42 Gold Through the Eyes of a `Club' Member Had Ups and Downs By Claudia Carpenter New York, Dec. 31 (Bloomberg) -- Frederic Bogart, head of global precious metals at HSBC Holdings Plc, is retiring today. His career is a road map for 35 years of ups and downs since the U.S. made it legal for the public to own bullion. When Bogart started in the gold business, U.S. citizens were prevented from owning the metal, and prices were fixed at $35 an ounce. Prices began to rise after deregulation in the 1970s and peaked at $873 in 1980 during a period of high inflation. Prices have fallen most years since then, trading at $279 an ounce today. ``The gold business in the last 30 years is a club, and I would say Fred in North America is one of the founding members,'' said Timothy Green, a gold historian in London who published ``The World of Gold'' in 1994. ``Fred has done some of the coolest things on the gold desk that anybody's ever done.'' Bogart, 65, joined Republic National Bank in New York in 1967, working with the bank's late founder, Edmond J. Safra. HSBC Holdings Inc. acquired Republic two years ago. ``The only way I could see a comeback for gold is if all the major currencies collapsed at the same time -- and not even that would send gold to $800,'' Bogart said. ``More and more, gold is trading as a commodity. The price is dependent on demand in the world jewelry business.'' In the first week of 1975, when gold was trading around $170 an ounce, the U.S. began auctioning bullion from its reserves. According to Green, Bogart successfully put in a series of bids between $150 and $155 an ounce, or about 10 percent less than the market price. ``It was a great coup for Republic, and from that point, Fred and Edmond Safra as a team were absolutely formidable in the gold market,'' Green said. Bogart confirmed Green's account of the transactions. Selling at the High On Jan. 21, 1980, when gold reached its peak, Bogart and Safra sold the bank's entire inventory of the metal. ``In my view, having been 33 years in the business, that's one of the best and greatest decisions anyone's ever made in the gold business,'' Green said. ``Gold has never been that high again.'' Gold has lost a third of its value since 1996, as sales of bullion by central banks added metal to the market at a time when tame inflation gave investors little reason to buy. Gold trading volume in London fell in July to the lowest level since records began in October 1996, according to the London Bullion Market Association, which sets the gold price in London. At the same time investors were losing interest in gold, the ``gold club'' itself was losing members. In October, Credit Suisse First Boston said it was quitting the London gold fix, Goldman Sachs Group stopped trading gold in New York this year and J.P. Morgan Chase & Co. has exited the business of warehousing precious metals in its New York bank vaults.