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here is a good newspaper article
trading analysis: be long gold..
>>Subject: John Crudele - NY Post - THE FIX WAS IN: BRITS ROLLED ON GOLD
>Date: Mon, 4 Oct 1999 12:18:43 -0400
>
>>
>At the moment, the price of gold is trying to take out
>the critical $315 area. If it can close above $315 spot
>look out. One month lease rates are over 5%. Bullion
>dealers are fealing great stress.
>
>"
>This just in:
>
>THE FIX WAS IN: BRITS ROLLED ON GOLD
>By John Crudele
>
>New York Post
>October 4, 1999
>
>
>THE price of gold soared last week after a number
>of Central Banks said they won't unload extra gold
>onto the open market for the next five years. The
>precious metal jumped to $329 an ounce, up almost
>30 percent.
>
>We outsiders will probably never know what prompted
>the statement by the 15 governments. But it is very
>interesting that an outfit called the Gold Anti-Trust
>Action Committee, headed by former pro footballer
>Bill Murphy, recently hired lawyers in Britain and
>enlisted the help of Parliamentary members to find
>out if the price of the precious metal was being
>purposely kept down.
>
>Why England? Because the Bank of England announced
>last May that it was going to sell tons of gold on
>the open market. Whenever there's a big seller like
>that it obviously keeps the price down - whether
>it's gold or dog biscuits.
>
>"It just raised the whole issue of what was going
>on. It's real simple," said Murphy. "The powers
>that be went to the English government and said
>we can't let gold go above $290."
>
>That, of course, isn't the way markets are supposed
>to work. So Murphy's group - headquartered down in
>Houston but reaching farther through an website -
>pestered members of Parliament to bring up the
>gold sale for debate, which occurred this past June.
>
>Senator Phil Gramm, chairman of the U.S. Senate
>Banking Committee, got a copy of the Parliament
>debate in July. Was Murphy the one who started the
>ball rolling that eventally caused the 15 banks to
>announce that they were laying off gold? We'll never
>know. But it's as good a guess as any right now.
>
>It looks as if someone manipulated gold prices again
>last week. Despite being at $329 an ounce in the early
>part of last week, gold closed at just under $300 an
>ounce on Thursday. The strike price on gold futures
>contracts just happens to be $300 an ounce. The very
>next day gold went back up to around $311 an ounce. End
>
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