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I went long on Friday at (Dec - 271.00)....my broker
wanted me to go long two weeks ago at 256...should've,
could've and would've.
JS
--- Larry Muir <trdoptions@xxxxxxxxxxx> wrote:
>
> might be interesting to some
>
> >From: LePatron@xxxxxxxxxxxxxxxxxxx
> >To: trdoptions@xxxxxxxxxxx
> >Subject: BULLETIN !!! - GOLD UP $6 - NEWS OUT !!!
> >Date: Sun, 26 Sep 1999 21:31:42 -0400
> >
> >Le Metropole members,
> >
> >Washington - Dow Jones - Sept 26
> >
> >Fifteen European central banks led by the European
> >Central Bank Sunday pledged to not enter the market
> >as a seller of gold with the exception of sales
> that
> >have previously been decided...
> >
> >In a joint statement issued by the central banks,
> they
> >said "gold will remain an important element of
> global
> >monetary reserves."..
> >
> >The gold sales already decided will be achieved
> through
> >a concerted program of sales over the next five
> years,
> >said the banks...
> >
> >Annual sales won't exceed about 400 metric tons and
> >total sales over the period won't exceed 2,000
> tonnes..
> >
> >THE SIGNATORIES TO THE AGREEMENT HAVE ALSO AGREED
> NOT
> >TO EXPAND THE GOLD LEASINGS AND THE USE OF GOLD
> >FUTURES AND OPTIONS OVER THIS PERIOD...
> >
> >Switzerland and England are included...
> >
> >European Central Bank President Wim Duisenberg also
> >said the central banks agreed to the 400 metric ton
> >annual ceiling because it was an amount that
> wouldn't
> >disturb the market and that he thought the market
> >could absorb such a sale…....
> >
> >"The current situation is characterized by
> uncertainty
> >an that uncertainty by itself led to a lot of
> volatility
> >and a downward trend in the gold price." Duisenberg
> >said...
> >
> >He said central banks want to see stability in the
> >market, but he also said they're "not trying to
> >prop up the gold market."..
> >
> >Nonetheless, Duisenberg indicated his expectations
> >for a bullish reaction to the announcement: "I
> >think the gold market will interpret the ceiling
> >as being less than they feared...End
> >
> >At the moment December Comex gold is trading at
> >$275.70 up $5.90 and has traded up to $277.
> >
> >This explains what I told you in the last Midas
> >du Metropole about the scoop I received that some
> >hedge funds had swiftly left for Switzerland this
> >week to discuss the gold market. They MUST have
> >known this was coming and, as I told you, are
> >very concerned about finding the gold they need
> >for their short positions - either for buy
> >back or borrowing purposes.
> >
> >More on all this tomorrow in Midas. Stay tuned and
> >be informed. A multi year bull market in gold is
> >ahead of us. There is a lot of money on the table
> >now.
> >
> >All the best,
> >
> >Bill Murphy
> >Le Patron
> >http://www.LeMetropoleCafe.com
> >
> >Hot off the wire services:
> >
> >Top Financial News Sun, 26 Sep 1999, 8:40pm EDT
> >
> >Duisenberg Says Europe's Central Banks Won't Add
> >to Planned Gold Sales
> >
> >ByHellmuth Tromm
> >
> >European Central Banks Pledge to Limit Gold Sales
> >(Update1) (Adds details throughout. GSEV for a
> >special report on the IMF meetings.)
> >
> >Washington, Sept. 26 (Bloomberg) -- European
> Central
> >Bank said they will limit the sale of gold in the
> >coming five years, trying to bolster gold
> >prices which have plunged by a third in the past
> >three years.
> >
> >In a statement issued on behalf of the 11 euro
> >region central banks, plus the Bank of England, the
> >Swiss National Bank and the Swedish Riksbank,
> >European Central Bank President Wim Duisenberg said
> >central banks won't add to their already announced
> plans
> >for limited gold sales. The banks together
> >account for 50 percent of all official gold
> reserves,
> >a Bank of England official said.
> >
> >Duisenberg said already decided gold sales will be
> >achieved through a concerted program over the next
> >five years, and annual sales won't exceed
> >about 400 tons with total sales over the period not
> >exceeding 2,000 tons. He stressed that they agreed
> >gold will remain an important element of
> >global monetary reserves.
> >
> >Most of the gold sales will be accounted for
> >by U.K. and Swiss sales, with about 300 tons coming
> >from other banks who have decided to sell but
> haven't
> >yet announced their intentions, Duisenberg said.
> >``The purpose of this action is to give certainty
> to
> >the gold market,'' Duisenberg said. Central
> >banks who hold ``a substantial part'' of their
> reserves
> >in gold are also concerned about ``keeping the
> value
> >of that gold where it is.''
> >
> >Fading Lustre
> >
> >Gold prices have dropped by a third in the past
> >three years as central banks, including those of
> >the U.K. and Switzerland, sold reserves and on
> >traders' concern that other governments would
> >also sell. The precious metal lost its shine as
> >a hedge against inflation, and banks switched to
> other
> >investments, such as government bonds that
> >offer higher returns.
> >
> >Duisenberg added that the central banks also agreed
> >not to expand their gold leasings and their use of
> >gold futures and options over the five-year
> >period. The agreement will be reviewed after five
> years.
> >
> >The European central banks' announcement comes
> after
> >an agreement by the International Monetary Fund's
> >policy-making Interim Committee agreed to
> >revalue 14 million ounces of the fund's gold
> >reserves to help finance a $40 billion debt-relief
> >program for some of the world's poorest countries.
> >
> >The IMF gold, however, will be sold in off-market
> >transactions designed to have minimal impact on
> >gold prices, which have been falling, and to defuse
> >protests from gold- producing countries, some
> >of whom are meant to benefit from debt forgiveness
> >in the Heavily Indebted Poor Countries initiative,
> or
> >HIPC. HIPC is jointly run by the IMF and World
> Bank.
> >
> >IMF, US Gold
> >
> >IMF gold accounts for 10 percent of official gold
> >reserves while the U.S., which opposes selling its
> own
> >holdings, holds another 30 percent. ``We have
> indications
> >that the U.S. is not changing its attitude,''
> Duisenberg said,
> >who added that the U.S. was ``involved'' in the
> >European discussions.
> >
> >The European central bank president also said
> >it was ``pure coincidence''that the European
> central banks' announcement
> >came shortly after the IMF
> >initiative was agreed. ``The only reason is that we
> >were all together'' for the IMF and World Bank's
> >annual meetings.End
> >
> >All the best,
> >
> >Bill Murphy
> >Le Patron
> >http://www.LeMetropoleCafe.com
>
=== message truncated ===
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