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

To: hunchback who wrote (32841)	4/29/1999 3:48:00 PM
From: Enigma	Respond to of 116789

I think it's because the threat of sales hurts the market - if it happens I think we may see history repeat itself - but it may not happen - if Congress says 'no' d

To: hunchback who wrote (32841)	4/30/1999 9:33:00 AM
From: hunchback	Read Replies (1) \| Respond to of 116789

Goldman-Sachs' IPO This is from Steven Williams' 4/29 article at geocities.com This forecast is taking into account the Goldman-Sachs IPO scheduled for late next week. Since I have been a strong believer that Goldman-Sachs is a main player in the Clinton Stock Market Plunge Protection/Manipulation Team, I am convinced that the market will not be "allowed" to fall too far before their IPO makes its grand entrance -- all of the Goldman-Sachs partners want to get rich, so they're looking forward to raping the suckers that buy into their bullish market hype. This will be their 2nd attempt for this IPO since they had originally planned to pursue the IPO last fall right after the July, 1998 peak and subsequently postponed it just before the 20% correction in the DJIA. This is the not the first Goldman-Sachs IPO in history. In John Kenneth Galbraith's The Great Crash - 1929, (see pages 64 and 65) we read about the organization of the Goldman-Sachs Trading Corporation, which went public on 12/4/28, and about which at a later date Mr. Sachs testified before a committee of the United States Senate that the firm sold 90% of the stock to the public at a price of $104. After the 1929 Wall Street Crash (including a 2:1 stock split), the price of the stock ultimately fell to approximately 1 3/4. The Goldman-Sachs Trading Corporation (GSTC) was an investment trust, a forerunner of the modern mutual fund. According to Galbraith, Goldman-Sachs' stock lost 97% of its going-public value in the 1929 crash, less than a year after its public offering. Deja-Vu perhaps? If you are interested in the details, here's the poop from the book: Goldman, Sachs, and Company (GS&C) created a new venture called "Goldman, Sachs, Trading Company" (GSTC) and originally issued 1M shares at $100/share on Dec 4, 1928 but GS&C bought it all and then sold 90% of it to the public for $104 [apparently thinking this was a way to make a quick buck -- they had not yet learned about the concept of "leverage" as it is used/abused today]. Only 2 months later (Feb 21, 1929) GSTC merged with a company called Financial & Industrial Securities Corp. -- the resulting assets were $235M. Just before the merger, Feb 2 the stock was $136.50 and 5 days later on Feb 7 it was $222.50 [and all this without a dot-com as part of the name!!]. Later the stock was split 2:1. Following the stock market crash of 1929, a Congressional Hearing was interviewing Mr. Sachs in which he was asked what the current price of the stock was, he replied "...Approximately 1 3/4...".

To: hunchback who wrote (32841)	4/30/1999 10:59:00 PM
From: hunchback	Read Replies (2) \| Respond to of 116789

Interesting IMF transcript April 27, 1999 from imf.org QUESTION: Mr. Camdessus, talking about the HIPC Initiative and ESAF, the statement reads on page 7, the last paragraph, "It also urged the Executive Board to adopt as soon as possible the decisions needed to ensure that the initiatives--meaning ESAF and HIPC--are fully funded." One, does that include the sale of gold? If so, what are the amounts being talked about? Thirdly, when do you hope to reach a decision about the sale of IMF gold? MR. CAMDESSUS: You read well, sir. This will certainly entail some sales of gold, and I must tell you that the Interim Committee meeting today has been particularly important, as we heard that there is now practically a unanimous consensus in the Committee for accepting that inasmuch as bilateral contributions do not cover the entire cost for the IMF of the HIPC Initiative, we should proceed--as we said in 1996--with the "optimization of our reserve management," which was code at that time for mentioning gold sales. On the amount of gold sales, initially we were considering the sale of 5 million ounces. Higher numbers have been pronounced by a few members of the Interim Committee. We will have to see what are the exact needs and where the consensus lies among the members of the Committee. When will this sale start? The decision will certainly be taken soon, because I have perceived from the members of the Interim Committee the wish of coming very soon to a finalization of the financial arrangements for funding HIPC. After that, after the decision, as you can imagine, we will proceed in an orderly and prudent way; it is certainly not our intention to proceed in such a way which could introduce disorderly developments in the gold market. We have a certain experience of sales of gold, as during the 1970s we sold three times or more the amount we are considering today. We did that in a very smooth and transparent way at that time. We intend to proceed similarly this time.