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

To: Bobby Yellin who wrote (30133)	3/16/1999 7:56:00 PM
From: Bill Murphy	Read Replies (4) \| Respond to of 116759

Update-Outrage,Gold Scandale 2 Le Metropole members, There is much to talk about regarding the precious metals markets. I will put out a Midas tomorrow as I am tracking down some leads and gathering additional information for you. So, I am just going to spout off on some of what we are looking into. It has been quite the couple of days for gold and silver players. I hope those of you that have an interest in the gold and silver markets have read, "Outrage-Scandale Gold 2", at the Matisse Table that was sent out on Saturday after I had a chance to review the Comex's Commitment of Traders Report. As soon as I saw those numbers, it was clear that one of the most obvious collusions in market history had just been orchestrated in a little over one week's time. We had thought a "major gold rally was imminent". Those numbers ( which showed 70,000 shorts had been lead like lambs to a slaughter and were set up so that they would cover as most all technical signals turned bullish )led us to believe that the "Goon Squad " had done it again and could now easily attack this defenseless bull. And that is just what happened! From Friday's close through today's lows, gold dropped $12 and silver dropped 40 cents. Today, gold closed down $3.80 to settle at $283, while silver ended today closing 10 cents off its lows at $5.04. Remarkably, the XAU held steady the past two days and closed today at 62.17 (up .77 for the day ). Do we have a bullish technical divergence here? The XAU has spent time under 60 the past few weeks, but has never closed under 60. The gold volume the past two days was very heavy at 95,000 and 75,000. There has been a serious attempt to bury the gold market. When Warren Buffet made no comments on silver on Saturday in his letter to this shareholders, there was also a serious attempt to rape silver too that began as soon as Australia opened on Monday. More on this tomorrow. In tomorrow's Midas we will also go into the following: 1. The strange and timely turnaround, public commentary by French President, Jacques Chirac ( what a great name ) about IMF gold sales. One day not possible, two weeks later very possible. 2. That, just as we have the strange resignation of the commissioners in euroland. Curious goings on here. 3. The predictable and on cue comments by President Clinton today about selling IMF Gold to help out the poor. This one really boggles me. Did not the IMF just pass the hat around for $40 billion to bail out Brazil?. The last time the details of IMF gold sales were discussed, it was to be about 5,000,000 ounces of gold or $1.5 billion. If Clinton and the IMF were so concerned about the poor ( and we all should be ) why did they not ante up $41.5 billion. 4. Why worry about GOLD SALES? Get that press: GOLD SALES. Get that producers: GOLD SALES. Here that specs: GOLD SALES after "THE GOON SQUAD" made sure your shorts were stopped out. Time to sell again specs, or worse. Many of you went from short to long. Now you have to liquidate longs and go short again. 5. Of course, all this was done after the Comex conveniently reduced its margin requirements Thursday for the writers of gold calls. This just happened to free up more of their capital to attack the market. And, of course, it is just a coincidence that we then have the two back to back most volatile days in a long,long time. Margin requirements are supposed to be reduced because of lack of volatility. 6. Just one minor detail folks- about these IMF gold sales. And this is a ground ball that I am running out after talking to Murray Pollitt of Murray Pollit and Co. in Toronto. Murray says the IMF gold is really pledged gold from the various countries. It was what Murray calls a double counting of gold reserves. That was news to me. Maybe that is why this came out today-Reuters-Washington-March 16- "The International Monetary Fund cannot make any decision on selling gold until its biggest shareholder, the United States, is authorized by Congress to approve the sale", an IMF spokesman said today. In other words, since U.S. congressional approval is needed to sell gold, and the IMF gold is U.S. gold, the same congressional approval is needed. If Murray is right and I am sure his is as HE JUST CAME BACK FROM AN IMF VISIT IN WASHINGTON, why do we not hear of this very important technical point? 7. Help the poor remember. Sure, how about support the greedy bankers in New York and help them continue their bailout of Long Term Capital Management. More on that tomorrow. The poor!!! The people being hurt by this bury gold policy ARE THE POOR in South and West Africa. Nelson Mandela and his regime in South Africa are being severly hurt ( see Matisse Table ). But it is more than just South Africa. It includes 5 to 8 more countries in that part of the world. Want to help the poor in Africa, Mr. President. Get the price of gold up $100. Not sure your cronies that bailed out Long Term Capital or the Counterparty Risk Management Group will take too kindly to your real desire to help these people, but you would show your true sincerity. Midas is tomorrow. Not today. Just gets me so doggone mad. The hypocrisy of the whole thing. The violin plays on while the fat cats stuff their pockets and play off of EVERYONE ELSE and do so while cavorting with governments that know they have big, big problems boiling beneath the surface. These two days were something to behold. The arrogance of "The "Goon Squad" is now obvious to all. GATA is going to do something about that. We cannot thank all of you enough for your support and contributions. As soon as we retain Berger and Montague, we are going to step up our investigation into this sort of collusive activity. Just like in Watergate and in the Paula Jones investigation, we are going to run down leads about this collusive activity- to build our evidence file ( information has already been sent to us ). Smoking gun time is right around the corner. For lemetropolecafe.com members that have been having problems with access: We are putting in some changes tonight that should solve the problem. If it does not, let me know tomorrow. All the best, Midas