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>From: LePatron@xxxxxxxxxxxxxxxxxxx
>To: trdoptions@xxxxxxxxxxx
>Subject: Martin Armstrong and Princeton Economics International Scandal
>Builds
>Date: Thu, 9 Sep 1999 13:00:29 -0400
>
>Le Metropole members,
>
>The Martin Armstrong - Princeton Economics International
>scandal is picking up steam. It is important for us to
>monitor this situation because two highly reliable
>sources have told us that he is mega short "borrowed
>gold." One foreign source told us that Martin
>Armstrong is short up to 20 million ounces of gold.
>The other source, U.S based, says he believes Armstrong
>is short 8 million ounces. Either way, the numbers are
>significant and cannot be easily covered.
>
>(Republic Bank of New York (Republic Securities) clears
>PEI's business, and has suspended the chief of is
>securities operation, James E. Sweeney.
>
>Tokyo - Dow Jones - Sept. 9 -
>
>"The Financial Supervisory Agency Thursday ordered
>Cresvale International Ltd. to stop selling bonds
>issued by its U.S. parent for six months, citing
>investor protection concerns, Kyodo News reported.
>
>The ban on sales of the dollar-denominated Princeton
>bonds took effect the same day.
>
>Cresvale International, formerly the Tokyo unit of
>Britain's Cresvale investment banking group, was
>acquired in 1995 by Princeton Economics International
>Ltd., a global investment and economic research company.
>
>Princeton Economics International issued bonds through
>a paper company set up in the Cayman Islands. Cresvale
>International has sold about Y120 billion in the
>Princeton bonds to dozens of companies in Japan, saying
>that customer assets are under SEPARATE custody by a
>U.S. securities company.
>
>But the FSA's inspection of Cresvale International
>in May found NO evidence of such practice.
>
>The financial industry watchdog decided to impose
>the sales ban to protect investors, fearing losses
>on their assets, Kyodo News said…."
>
>A Reuters story today added the following," Analysts
>and sources close to the situation told Reuters that
>regulators are investigating whether Republic inflated
>the value of futures and other derivatives it held for
>Cresvale International and investment manager
>Princeton Global Management."
>
>According to Café sources, Martin Armstrong has not
>been seen in the gold and silver pits for some time
>and the word on the Comex floor is that his financial
>operations are in trouble.
>
>According to a Wall Street Journal article last Friday,
>Republic had advised U.S. law enforcement and
>regulatory authorities in May of its findings.
>"Spokesman for the U.S. Attorney's Office for the
>Southern District of New York in Manhattan did not comment."
>
>Knowledgeable parties close to the Café and very
>familiar with law enforcement have told us that it
>is highly unusual for the U.S. Attorney's Office to
>be involved and just as highly unusual that information
>of this nature was let out in the public domain. That
>same party suggested that the investigation must be
>in more advanced stages and that it could be
>very significant.
>
>I repeat that our camp hears that just 4 hedge fund
>operations (Soros, Tiger, Moore Capital and Martin
>Armstrong) are short 30 million to 50 million ounces
>of gold. There is no way that amount of gold can be covered
>in a pinch without driving the gold price sharply higher.
>Unless of course the U.S. government and the N.Y. Fed
>decides to bail out them out.
>
>The rumored gold position of LTCM was swept under
>the table. If Armstrong is short as much "borrowed
>gold" as we think he his, it will not be that easy
>to do. That is so because U.S. law enforcement is
>involved as well as so many investors. That is why
>we are pressing on with this story. If it becomes
>publicly known he is mega short gold, it could start
>a gold buying stampede - especially, if all his
>trading activities have been frozen.
>
>For those of you that did not read my Labor Day
>weekend piece, "Café Des Scandales," at the
>Mattisse Table, the following is an excerpt from
>a May 14 letter from Martin Armstrong to GATA and
>our Secretary, e-group leader, Chris Powell:
>
>"I hate to tell you, but gold will drop to under
>$200 before it turns. I find it extremely one-sided
>how a Buffet and company of tagalongs is not a
>manipulation because they buy, while selling is a
>manipulation. The very guys you argue are manipulating
>gold down were big sellers of gold and buyers of
>silver during the Buffet rally. GS or not, the
>economy simply does not support your position. And
>I do not want to hear how I am short or some nonsense
>to try to discredit my views, because it is not true.
>PEI owns a 51 percent stake in a public gold mine in
>Australia. That is my long-term view; it does not
>change my short-term view.
>
>You cannot make a case for gold manipulation when
>central banks are willing sellers. They have
>demonetized gold and that is a simple fact of life.
>If you want a free market, then don't stand in the
>way of this bear market. Let the central bankers
>sell everything they have and then there will be
>no overhead supply to worry about. You cannot
>argue manipulation and take the position that
>these guys are not allowed to sell what they have.
>The banks know what is coming and if they sell
>ahead of the central banks, so be it --
>that's a free market."
>
>MARTIN ARMSTRONG
>Princeton Economics
>
>Japanese regulatory authorities have seen enough to
>shut down part of Martin Armstrong's financial
>operations in that country. They have concluded that
>one of his financial entities has been lying to
>regulators. Is he lying to GATA about his gold
>position too?
>
>All the best,
>
>Bill Murphy
>
>Le Patron
>Chairman, Gold Anti-Trust Action Committee
>http://www.LeMetropoleCafe.com
>
>
>
>
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