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This is a story unfolding.
>From: LePatron@xxxxxxxxxxxxxxxxxxx
>To: trdoptions@xxxxxxxxxxx
>Subject: Dr. Ravi Batra - "Crony capitalism" and "The Crash of the
>Millenium"/Panic Gold Spread Trading
>Date: Fri, 6 Aug 1999 19:32:57 -0400
>
>Le Metropole members,
>
>Highlights of Cafe member Jay Taylor's interview with
>Dr Ravi Batra has been served at the Kiki Table
>
>"Crony capitalism" and "The Crash of the Millennium"
>In the August 5th, 1999 issue of J Taylor's Gold
>Resource & Environmental Stocks, a monthly newsletter
>(www.miningstocks.com), editor Jay Taylor interviewed
>economist and best selling author, Dr. Ravi Batra. Dr.
>Batra's new book, "The Crash of the Millennium" will be
>available at Barnes & Noble on August 24th. Previous
>works by Dr. Batra that made the best seller lists
>include: The Downfall of Capitalism and Communism,
>The Great Depression of 1990, The Myth of Free Trade,
>Ravi Batra's Forecasts, The Stock Market Crashes of
>1997 and 1998, The Asian Crisis and Your Future and
>Surviving the Great Depression of 1990.
>
>
>8/6 Dow Jones N Y: Panic Spread Trades in Gold
>
>"Precious metals were trading mixed late Friday, with
>panic spread activity dominating the gold session, market
>observers and participants said.
>
>While gold's range was narrow and its gains slim, the
>market saw heavy selling of the spreads, thought to be
>because of liquidity problems, traders said.
>
>"We saw panic selling of the spreads," said one precious
>metals trader. "They were buying the nearby and selling
>the forwards. They've over lent positions." he said,
>explaining that some participants ar heavily short and
>don't have the metal to cover their positions.
>
>"They've been trying to cover some of their risk," He added.
>"They do that by selling the switch on Comex and offering
>the London forwards lower. That's what the market's focusing
>on right now. The long forwards are just trying to cover."
>
>As a consequence, six-month lease rates - the most expensive
>period - rose Friday by 50 basis points to roughly 350
>basis points, he said.
>
>Lease rates indicate the cost of borrowing gold......
>
>I will be putting out a Midas over the weekend to go
>into what is going on here. It is very exciting for gold
>bulls, but stock market bulls had best beware.
>
>Along that line, I take no glee in what is coming regarding
>the stock market. My brothers and sisters will be hurt
>badly in their line of work when the "bubble" breaks.
>All I can do is warn them.
>
><A HREF="http://www.lemetropolecafe.com/scripts/products.cfm";>Le Metropole
>Cafe</A>
>
>All the best,
>
>Bill Murphy
>Le Patron
>
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