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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (176)	6/7/2002 10:41:12 AM
From: Jim Willie CB	Read Replies (3) \| Respond to of 89467

gold in USA is primarily a papergold game we specialize in futures contracts note the action on Wednesday with afterhrs dumping that battle was all fought on the futures market Asia is primarily a metalgold game but Tokyo is into both metalgold and papergold ToCom is having a big gold year in futures, mostly long London is primarily a papergold game but Germany and Russia are heavy into metalgold and Arabs and Indians all big big into metalgold this is a titanic struggle, in early skirmishes take tremendous heart in the metal resilience this week that was major league strength this week, bouncing back pressure is building, and be assured of that consolidation is underway metalgold defended the amateurish papergold attack at #320 it will be harder to knock down #320 next time we are at #325 now, and in now way ready to push #330 weakness in US stocks only fortifies the consolidating support at #320 that is my opinion and interpretation it seems the whole world is looking to see if stocks and dollar rebound from this low support area it may bounce, but I think very weakly, like all previous the real action now is with the USdollar it is stuck between 110.5 and 112, jerking around my take after reading several opinions out there is that consensus thinks this range will hold and possibly provide a base for a good bounce above 112 maybe it will, but I dont think so I say it will catch its breath, for assault soon downward and take gold higher with it, but only after a couple weeks summertime is the LOW season for gold if we tread water and withstand assaults this early summer... GREAT as for Barrick, they are not in the gold production business they are a very large hedge fund, which gambles on gold please read that Barrick hedge article I put on thread early yday it exposes a dire situation for Barrick all attempt to acquire a smaller gold unhedged producer failed recently that exposes them to higher gold prices in a huge way !!! they are facing margin calls now from JPMorgan they have lied to shareholders about their hedgebook all evidence regarding the margin call puts their words to lies every $10 rise in gold means $125M in further losses on hedgebook their hedgebook has moved from +$50M to -$275M in one quarter (from memory, dont hold me to those numbers) they will be dead with gold at #400 Barrick senior management is the most arrogant in gold industry they all came from finance, not mining watch them die, with joy, since they deserve it they have been tools for JPMorgan for ten years they alone are responsible for gold down $20-30 lower than it would have otherwise they can be pointed to for bankrupting many gold firms they deserve to die / jim