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>From: LePatron@xxxxxxxxxxxxxxxxxxx
>To: trdoptions@xxxxxxxxxxx
>Subject: Harry Bingham - On The Economist, Daewoo, European Credit, Edward
>Chancellor, etc
>Date: Wed, 22 Sep 1999 16:03:16 -0400
>
>Le Metropole members,
>
>The erudite Harry Bingham has served commentary at
>the Kiki Table that covers the waterfront on a
>variety of related subjects.
>
>"The Economist"
>"Daewoo"
>"Korea"
>"The European credit markets"
>"credit overall"
>"Edward Chancellor - "Devil Take the Hindmost"
>
>Today's gold market action from Midas:
>
>Gold roared out of the box today, opening strongly. We
>learned this morning from a bullion dealer that
>"Hannibal Lecter" (Goldman Sachs) was in their selling
>yesterday like they had never seen. 8,000 contracts was
>the number on Comex alone.
>
>Today, they handed the baton off to fellow "Hannibal,"
>Chase Bank, that took on all comers early up to the
>$265.30 level, basis the Dec. contract. The locals were
>all foaming at the mouth to get short and they did.
>Trapped short! - as they had to cover late when gold
>refused to break going into the close. December Comex
>gold finished at $265.40 - up $3.60.
>
>The only reason gold did not finish higher was that
>"Hannibal Lecter" showed up offering 2,000 Dec. contracts
>at $265.50 on the close. He was taken out. Then he
>offered another 1,000 contracts. It was late in the
>day and that worked.
>
>The open interest only went down 4700 contracts yesterday.
>The market was looking for a 10,000 drop in the open
>interest on Comex (this past year the open interest
>often dropped 10,000 contracts on a $2 rally). That is
>BULLISH as new buying came in. That is what we have
>wanted to see for some time.
>
>We also received feedback this session that producers
>were buying the back months and covering some hedges.
>
>The physical gold market is on fire. The gold market
>fundamentals have not changed in two days. They were just
>as bullish two days ago when most of the mainstream
>gold analysts were telling you how bearish the gold
>market was.
>
>The only change in the past two days is PERCEPTION.
>
>It is of interest to me that word is now spreading about
>the gold market exposure of hedge funds because they have
>borrowed so much gold to finance their trading operations
>and investments.
>
>The Cafe has alerted you for weeks that we have heard
>that just 4 hedge funds (Soros,Tiger,Armstrong and Moore
>Capital) may be short 30 to 50 million ounces of gold.
>
>Yesterday, I reported further confirmation of Tiger's
>short gold postition from a good source. You might recall
>I mentioned how nervous this Tiger investor was because
>Tiger is short gold.
>
>I also suggested that it would be only a matter of
>time before some hedge fund sharks stepped up to
>the plate to take on the vulnerable hedge fund shorts.
>
>Awhile back, I pointed out that the highly regarded Tudor
>operation was buying thousands of December gold options with a
>$260 to $265 strike price. That trade looks awfully good
>today. Yesterday, Tudor was a big buyer of futures.
>
>One of the new top guns at Tudor, Dwight Anderson, just
>happens to have been a big wig at Tiger until very
>recently. Hmmmmm.
>
>It is Cafe time. Make a reservation if you have not done
>so and check in for a full membership. The party is
>just starting.
>
><A HREF="http://www.lemetropolecafe.com/scripts/products.cfm";>Le Metropole
>Cafe</A>
>
>All the best
>
>Bill Murphy
>Le Patron
>www.LeMetropoleCafe.com
>
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