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

To: long-gone who wrote (88256)	7/23/2002 7:18:31 PM
From: SBerglowe	Read Replies (3) \| Respond to of 116741

WHY GOLD TANKED TODAY?? JPM!!! I am copying this from another chat site. I am not "Steve" This just from kitco board @ 15:28ET Many here today have asked for any kind of confirmation as to where the heavy selling in Gold initiated. OK. About 1:30 PM, while speaking with my commodity broker about the large drawdown in POG and POS, he chirps up, under no prompting on my part, 'OK, Steve, you know where all the commotion in the markets started from today? It was due to JP Morgan shorting Gold to protect the banks.' I said 'How can you KNOW who was putting on the fresh Gold shorts." And he replied that amongst the pros nothing stays secret for long and the entity who enters a massive long or short position is soon known by the traders in the pits ( and thus the brpkerage houses ) . So I continued to ask him, 'Were they lightening up a long position?' and you could almost hear him jumping off his seat. 'Oh no, they were already short, they just went more short to protect their interests.' At which point we both agreed that this strategy only work in the short term. His words, 'This type of action NEVER works in the long run.' In other words - It WILL blow up in their face. I bleed today too boys and girls - so I hop e that this ditty gives some hope... THIS REALLY MAKES ME * VERY * UPSET, but I am NOT SURPRISED! Also: "When I look at the broad market, especially Citigroup and JP Morgan the writing is on the wall that the end of the manipulation in the Gold market is very close. They both have broke down on volume today. Folks, You don?t have the two biggest banks in the world break down on volume without heavy problems in the next few years. As I heard Jim Sinclair say in an interview this week. They will burn the store before they give up. That is what you are seeing today. The banks know they?re done and their obituary will be written in the Gold market."