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

To: John Hunt who wrote (34394)	5/23/1999 8:12:00 PM
From: lorne	Respond to of 116764

Hi. John. From kitco chat. Some Midas comments: For some time now we have alerted Cafe members that our plugged in sources have told us that it is known among the inside crowd that various bullion banks have staggering exposure to an upside move in the gold price. In other words, because they have so much gold out on loan, that if the gold price were to shoot well North of $300, they could be in danger of going under - tapioca city. Near, or at, the top of our list is Credit Suisse. Yesterday, Credit Suisse was all over the news for obstructing an investigation in Japan. It is our understanding that: 1. Their business operations have been suspended in Japan 2. A Managing Director may not leave the country and may face criminal charges 3. Two sources have told us that Credit Suisse employees are shreading documents all over the world. 4. They have big derivative problems, especially in Brazil In other words, an immense scandal is brewing. Earlier this month, this Zurich based Bank was ordered to pay $240,000 to Sweden's stock exchange after one of its traders was "found to have manipulated stock prices". Midas believes the BOE gold sale announcement is tied to this sort of a financial crisis which is brewing behind the scenes. Officialdom and the bullion banks are DESPERATE to hold the gold price down. Goldman Sachs is leading the bear charge and continues to bash the market. Yesterday, even we heard that they were looking for size in the OTC market. It is our understanding that Goldman Sachs has a staggering 1000 tonne short position on its books. This is too big a subject to deal with in depth at this point in time. But, take heart in this grueling, brutal time. There are many events, or happenings, that could send the gold price into orbit in the near future. Our day might not be as far away as you might think. As I go to mail this, it has crossed my desk that Lehman Brothers is also being investigated in Japan. The stories about market manipulation are growing at an expotential rate. It would appear the manipulation has grown ever since the Long Term Capital Management bailout and we strongly believe there are many other Long Terms out there that could blow at any time. To close out this little ramble, we have yet to receive a promised letter from the Senior Counsel of Long Term Capital Management denying any involvement whatsoever in "the gold carry trade". I wonder why? lemetropolecafe.com Le Metropole Cafe Have a great weekend Bill Murphy Le Patron