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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (51137)	5/8/2002 10:58:09 PM
From: Cactus Jack	Respond to of 65232

wstera, I agree that JPM would be greatly assisted by others before it were allowed to implode, and also agree that it would try to unwind its derivative situation slowly without getting crushed. I saw someone speculate today that such a gradual unwinding may be the cause of gold's rise the past several months. Makes sense to me. jpgill

To: Sully- who wrote (51137)	5/8/2002 11:26:45 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 65232

JPM dont just walk away, without getting creamed they have tens of thousands of underwater short gold futures contracts their base price is somewhere under 300 all very secretive, deadly, disastrous silver alone is 70,000 short contracts among JPM, Citi, GS gold is much more as for Wstera's reference to JPMorgan bailout, dont count on it they will lie all the way to the bankruptcy court Enron didnt get bailed out at roughly the same mktcap that BKcy had fallout all the way thru energy markets the JPM fallout will have fallout thru the banking industry, the derivatives industry, the precious metals market, the mortgage industry heck, maybe they will get bailed out but it doesnt matter, visavis precious metals the contracts will be made good JPM will have to cover all 150,000 to 200,000 contracts and gold will launch over 400 overnight I think they will do their exit slowly, quietly if not, they will cause a stormy feeding frenzy just like Barrick would/will within a year or two, all major and minor currencies will be exchanged for some form of gold gotta love it watch Argentina for a clue 75% currency devaluation in just a couple months !!! / jim