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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: Bill Murphy who wrote (2448)	12/8/1998 5:35:00 PM
From: J.E.Currie	Read Replies (2) \| Respond to of 81186

Date: Tue Dec 08 1998 15:57 BillD (Speaking of getting off the Titanic....) ID#258427: Copyright © 1998 BillD/Kitco Inc. All rights reserved This was stolen...er I mean taken from the USAgold SITE...fwiw... USAGOLD ( 12/8/98; 12:28:28MDT - Msg ID:1223 ) In the two paragraphs toward the end of the previous post... Where the name "Canon" appears substitute "Bryan"....One of these days I'm going to get an editor.... USAGOLD ( 12/8/98; 12:21:37MDT - Msg ID:1222 ) AUSTRALIA'S TOP GOLD MINING COMPANY SQUARES ENORMOUS SHORT POSITION I have received a private e-mail of great interest and importance from one of our fellow goldmeisters in Australia. According to a report authored by A. Canon Bryan for an e-mail newsletter service, the gigantic Autralian mining consortium ( number one in Australia and number ten globally ) -- Normandy Mining -- has squared its 4.1 million ounce short position. Says Bryan, "It all has to do with a chap named De Crespigny ( pronounced duh-crap-nee, I'm not kiddin' ) - CEO of Normandy - who has been painted as the kingpin of the mining industry Down Under, but not necessarily in a good way. Like Bill Gates, De Crespigny has his thumbs dipped in every possible plumb pie on the Pan Australian frontier. He has a lot of muscle and he likes to flex it often. He has an uncanny reputation for foisting his uncared-for aggression towards all those around him. I have always felt that a man such as Robert Champion De Crespigny would be most definitely be in the know with respect to all things golden, including the direction of its price. Realizing a giant short position is a clear signal to me that Mr. De Crespigny is a bull on the yellow metal. All this is to say nothing of actual physical ramifications that this acquisition has on the market place. We're talking about 127.5 tonnes, folks." "The timing seemed rather providential for Normandy." says Bryan. "I chalked it up to brilliant foresight but perhaps there was more at hand. I find that the background of this story, as with most Australian corporate strategy, leaves more questions than answers; the only unmistakable point being that De Crespigny has stepped forward and proclaimed his bullish stance. Can the rest of the herd be far behind?" USAGOLD NOTE: This interesting report follows on the heels of a meeting in London recently between Anglogold, Barrick and other producers on gold hedging operations. There was some sort of gauzy announcement about more transparency but we have been left for the most part wondering what went on in foggy Londontown that day. Don't forget, as well, the rumor about a single purchase at the open yesterday of 1000 gold contracts. At one point that had moved the market upward $5 even though the sale represented only 3 tons of gold! This gives you an idea what might happen if a scramble among the mining companies were to begin in earnest. In that same story Canon mentions the Barrick hedge book of roughly 9 million ounces. If the Canon story is true, the DeCrespigny decision could be an extremely important bullish development in the gold market. "I have always contended that it would take a momentous and very visible event on the part of the mining industry itself to spark a shift in the sensibilities of its following from bearish to bullish," says Canon. Perhaps this is it. To be sure the gold mining industry will take note. I wouldn't want to be the last passenger off the Gold Hedge Titanic.