Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: long-gone who wrote (33894)	5/14/1999 11:10:00 AM
From: Ken Benes	Respond to of 116790

The CPI numbers were released today, however, they have been known to others for awhile. You can assume that the BOE announcement last week was timed for a couple of reasons. First, gold had already moved above 290 with the expectation that the PPI,CPI numbers were going to be friendly. Secondly, Fed knew the numbers were not going to be good. They had no choice, they needed a sledge hammer to hit the market. The sale by the BOE was it and everyone but the gold producers figured it out. To get the market on much firmer footing, a sledge hammer is going to have to hit the major gold producers. That sledge hammer should come from the shareholders reminding them that they own the companies, not the central banks. On CNBC a market analyst commented this morning that the gold market was dead because the producers were turning out more gold than ever at lower costs, and they were more than willing to sell everything including their gold rolexs forward at a higher price than spot and still make a good buck. He did not talk about the bennies that management also gets from the investment bankers etc. Gentlemen, the gold companies are the biggest part of the problem. Even the tent dwellers in the middle east have been able to figure out that they have leverage over the oil market. The producers walk around like battered victims complaining about anything and everything and yet they are ready and willing to jump into the first limo that pulls up(provided by the hedgers) to imbibe in a little cheer. Ken Ken