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

To: Bill Murphy who wrote (26564)	1/20/1999 7:57:00 PM
From: PaulM	Read Replies (1) \| Respond to of 116759

Bill, my first thought after the bailout-consortium was put together was just that: markets would be manipulated from this point on. The Fed admitted as much, though the label wasn't used at the time. But the explicit intent was always to ensure that one of the consortium--which just happened to comprise the entire American financial community--didn't take a position contra LTCM. That meant each member could not take advantage of its knowledge of LTCM's position for its own benefit. Or in other words, collusion. It also meant knowing the positions of the rest of the consortium vis a vis LTCM. Of course, from the Fed's perspective, the alternative was financial collapse.

To: Bill Murphy who wrote (26564)	1/20/1999 8:02:00 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 116759

Another great article, Bill. A trade that will make a man a good living will cease to be profitable if everybody in town does the same. The short positions on gold amount to nothing other than a reverse sort of pyramid scheme. And like all such schemes, they eventually break down. Better to be the first one in than the last. And the same will be true when the trend reverses. They will do their best to manage an orderly retreat, but chances are they will break ranks and gold will get it's run. It is almost inevitable. Even if they try to manage it up by ten cents per day, people will note the trend and jump on board, grabbing that last little bit of cheap gold available and the orderly retreat will turn to disorder, breaking ranks and a rout for the goldbugs. Every dog will have his day and they have been waiting a long time. Remember, unlimited demand for gold and silver coins with the year 2000 stamped on. They are collectors items as soon as they are minted.>>>>