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Gold/Mining/Energy : Zappa Resources ZPA vancouver -- Ignore unavailable to you. Want to Upgrade?

To: Alan Whirlwind who wrote (2954)	5/8/2002 9:15:07 AM
From: Alan Whirlwind	Respond to of 3198

Gold derivatives might take JP Morgan under: (from Gold-Eagle Forum)... JPM derivatives (son-of-curtis) May 08, 09:08 Interesting message on CNBC Europe. Reported rumor of JPM gold derivative mess. Said head of department was fired. Also 310 closes 5 days in a row would be a major problem Hung Fat and Dr. No teasing gold bears by buying every dip. Also from South Africa traders today speculation on to Barrick and JPM and crises of covering 23 million oz. This is going to be big if true. Looks like Reg Howe was right all along. Le metropole is back after many hours. eom (oz123au) May 08, 09:07 J.P. Morgan Chase up the wazu in bad gold derivatives (H2O) May 08, 09:04 Received the following in cyber-mail: "This morning I received a phone call from the best of sources in South Africa. The source has a friend who spent some time recently with two J.P. Morgan Chase senior bankers. The friend was told by the Morgan people that they have "lost control of the gold market and that the gold derivative department was a mess." The two Morgan people felt it was so bad that J.P. Morgan Chase -- the bank itself -- might not make it through the year. They suggested that my source buy $330 February gold calls. Separate from these two Morgan bankers, my source received the following from a futures and options broker in London who works for one of the Gold Cartel bullion banks: * The gold derivative department of J.P. Morgan Chase is being investigated. * The man who ran the department has been fired. * This was discussed on CNBC Europe, but was called "still a rumor" by the program host. * It appears the "conspiracy guys" were right all along. A Canadian source of mine later confirmed that the man who ran Morgan's gold derivative department had indeed left the firm. Morgan is putting a different spin on the reason for his departure. What you expect from a bunch of lying crooks? Subsequently, another outstanding source informs me he hears that Dinsa Mehta, former long-time chief bullion dealer at Chase Bank, was fired two weeks ago. Mehta was the one who went nuts a couple of years ago when Reg Howe revealed Chase's gold derivative position asreported to the Office of the Comptroller of the Currency. Mehta called in his accountants and others to find out how that disclosure happened. It was that discovery that led to GATA's Gold Derivative Banking Crisis report. Frank Veneroso, Reg Howe, Chris Powell, and I presented that document to the speaker of the House, Denny Hastert. The following day I delivered it to every member of the house and Senate banking committees. Too bad they did not pay more attention to what we had to say. This is a bombshell and confirms what Midas and Jim Sinclair have alerted Café members to: * The Gold Cartel is not in control of the gold market. The longs, led by Hung Fat and Dr. No., are teasing the Gold Cartel and eating their lunch, buying the dips. * A gold derivative banking crisis is not far off. * Panic gold producer buy-backs cannot be too far off either. * The price of gold is going to explode. * There is no telling what can happen to those bullion bankers and gold producers that have too much gold derivative exposure."