|
PureBytes Links
Trading Reference Links
|
You might find this interesting.
>From: lepatron@xxxxxxxxxxxxxxxxxxx
>To: trdoptions@xxxxxxxxxxx
>Subject: Charles Peabody / Murray Pollitt / Marshall Auerback
>Date: Thu, 22 Jul 1999 20:09:42 -0400
>
>Le Metropole members,
>
>Murray Pollitt of Pollitt and Co. has served commentary
>at the Man Ray Table.
>
>It is very well written and right on the money.
>
>"At this juncture both the words and deeds of policy
>makers vis-à-vis gold smell increasingly suspect. One
>thing seems clear: the IMF acts more and more as an
>appendage to the US. The IMF advocates gold sales,
>the IMF dealt with Asian and other crises in a fashion
>which seemed to help corporate America, and recently
>the IMF sponsored a conference to discuss, of all things, "dollarization"
>in Argentina. We always thought the
>IMF was there to help its members pro rata, but there's
>nothing pro rata about dollarization; to make it work
>you must cede economic control of your country to you
>know who. And what's really behind the Bank of England
>gold sales? The London Spectator recently suggested
>Goldman Sachs, but there's probably something bigger."
>
>Café member, Marshall Auerback, who is vacationing in
>Italy, had an article published today in the National
>Post. It also has been served at the Man Ray Table,
>is very well written and, yes, right on the money.
>
>"It is important to note that the proceeds from the
>IMF sale will not be used directly to relieve the debt
>of the poor countries. The fund will not spend its
>capital endowment. It will simply use the interest
>earned on the sale's proceeds to help fund G-7 debt
>relief for poor countries. Thus, the financial
>logic behind the proposed sale makes little sense."
>
>Café market update:
>
>Charles Peabody called to give all of you his latest take:
>
>"For the entire decade of the 1990's, the TED spread
>has remained mostly below 100 basis points. During
>the Russian/LTCM debacle in the fall of 1998 this spread
>spiked up to 105 basis points. Today the spread ( at
>about 90 basis points ) is approaching those panic
>levels. It is also worth noting that the TED spread
>is wider today than at any point during 1994 when
>the Fed literally doubled interest rates over a 12
>month time span. This widening in spreads, combined
>with similar action in the asset back market, tells
>me that the liquidity in the system to support
>financial assets at current price levels is insufficient".
>
>Charles went on to say that despite massive
>intervention, the dollar broke down vs. the yen today.
>"This is the mirror image of the lack of liquidity
>to support U.S. financial asset markets. Capital
>flight is now out of the U.S".
>
>This is very important news for the gold market
>scenario and fits into Midas's thinking for months
>now regarding the "raison d'etre" of the Bank of
>England gold sale. The bullion boys and the
>orchestrators of the lower gold price had run of
>supply and excuses to whack gold. The "big account"
>at Goldman Sachs needed a reason to be such an obvious,
>visible seller and wanted to attract company for its
>selling of gold. With the BOE sale announcement, no
>one would even think as to question why Goldman Sachs
>was selling so much gold - EVERYDAY.
>
>But, in addition to protecting the short positions
>of the bullion dealers, our "officialdom" wanted to
>get the price of gold down and discredit gold as much
>as possible before the S hit the fan. The gold market
>manipulators are clever, ruthless, desperate, and knew
>what was coming in the markets. They did not want gold
>hovering around $290, a key "gold carry" level and creating
>some overdue excitement. Remember, gold share activity was
>at 6 year volume highs the day before the BOE
>announcement.
>
>Not when they knew the dollar was going to "crapola".
>The trade deficit number was known to the gold cartel
>"big honchos" for some time. $30 billion in intervention and
>the yen is higher than when it started. That is very
>telling of what is to come. The bonds cannot hold any
>rallies, the CRB Index has formed a massive double bottom
>with oil, base metals and the grains moving higher.
>The gold lease rates are triple what they normally are and
>physical gold demand is soaring with Y2K looming on
>the horizon now.
>
>So, they bashed the price of gold some $38 and
>completely demoralized the industry. So much so
>that even Newmont Mining stated today that it is
>going to hedge gold production one year out. At
>these levels? Another good grief.
>
>But now the time has come and they cannot keep the
>dyke from breaking. They have run out of fingers.
>Their dam is leaking like a sieve. Charles Peabody, Murray
>Pollitt and Marshall Auerback all understand that
>something is not right in U.S. financial land and
>they are bringing it to your attention at your Café.
>
>As Midas has been saying for weeks, our time is
>at hand. That does not mean we fly tomorrow, but the
>pressure cooker in this "collusion crowd" is about
>ready to blow. It won't be long now until the jukebox
>will be playing our tunes!
>
><A HREF="http://www.lemetropolecafe.com/scripts/products.cfm";>Le Metropole
>Cafe</A>
>
>All the best,
>
>Bill Murphy
>Le Patron
>
>
>
>
>
>
>
>
>
______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com
|