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

To: IngotWeTrust who wrote (87456)	6/26/2002 9:40:48 PM
From: goldsheet	Read Replies (1) \| Respond to of 116796

112% of NAV is too much to pay to alleviate storage concerns. (IMHO) CEF has traded at a discount for years, so there is nothing new or special about it that suddenly makes it more valuable, other than newcomers to the gold markets rushing into it. (sign of a top ??) Putting bullion into a closed end fund does not make it rare the way a numismatic coin that happens to contain gold is rare, so they are VERY different things.

To: IngotWeTrust who wrote (87456)	6/26/2002 10:03:45 PM
From: goldsheet	Read Replies (1) \| Respond to of 116796

Surprised no one posted the Murphy stuff from MiningWeb, so I will do it and suffer the slings and arrows of rabid goldbugs <grin> My thoughts: 1) Knew he borrowed Veneroso's gold work to develop LeMetropole and promote himself, but did not know he had borrowed earlier copper works. 2) For someone who has been screaming for years for full disclosure by mining companies and bullion banks, I did not see any of this information in his biography at either of his websites. (I guess it is an off balance sheet hedge) 3) Gives the appearance his noble cause for "truth and justice for all" may just be a "personal vendetta for him" against those he thinks did him wrong. Extract: Murphy has never been enamoured of the institutions and the feeling is clearly mutual. But the antagonism is building to a new level after information was distributed about a CFTC sanction on Murphy for exceeding position levels during a stint in the copper pits. Murphy shrugs it off: "I have been waiting for that to show up for years. They must be desperate now. "In 1987 copper was 59 cents. I studied a Frank Veneroso copper study he did for the World Bank in which he felt the price of copper was going to explode. It did, to $1.46 by the end of the year. I made a fortune and then lost it. I made enemies then too. "A group of bullion banks went after me and got the copper market down to 88 cents. I got killed. After they got me out, copper went right back up again. I swore that if I ever got a chance again, I would make them pay for ganging up on me. I had to pay the second biggest Comex fine ever (Bunker Hunt paid the highest at the time). "I was also thrown out of the industry without admitting guilt, etc (for unspecified trading violations); that drill. I had no money left to fight the charges. I was a broker for many years in the futures industry and only had one complaint with all that happened in copper. My only other complaint involved a customer tax straddle. I made enemies then too." Nevertheless, the fine will harm Murphy's image as gold's knight with no interest above truth, honesty and fair play. FULL STORY: mips1.net