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<DIV><FONT size=2>Dec S&P's</FONT></DIV>
<DIV><FONT size=2>In trying to figure out where this correction will end I use
the following technique. If the market has truly turned from a bull to a bear
it may now begin to trend, the last decline should be helpful determining
where this most recent decline should end. Allow me to explain. </FONT></DIV>
<DIV><FONT size=2>The top on July 16th was at 1444.80 it carried down to 1287,
for a move of approximately 158 S&P points. If I project that decline onto
the most recent high on August 25, 1999 of 1403, I will get a projection of
1245.00 (1403-158=1245). Bradley has a turning point on Tuesday so I would not
expect a bottom until then. Anyone else have any other projections to what
price we might find a bottom. Happy trading. </FONT></DIV></BODY></HTML>
</x-html>From ???@??? Sun Oct 17 18:04:57 1999
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From: "Larry Muir" <trdoptions@xxxxxxxxxxx>
To: realtraders@xxxxxxxxxxxx
Subject: Re:Stocks: Gold mine share holders
Date: Sun, 17 Oct 1999 13:58:31 PDT
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Status:
If you own gold mining company shares this might interest you. if not maybe
not.
If you don't like the gold market don't read any further.
delete this.
>From: LePatron@xxxxxxxxxxxxxxxxxxx
>To: trdoptions@xxxxxxxxxxx
>Subject: TORA! TORA! TORA! GATA'S RIGHT FLANK LAUNCHES SURPRISE OFFENSIVE
>AGAINST THE HANNIBAL CANNIBALS
>Date: Sun, 17 Oct 1999 08:52:18 -0400
>
>TORA! TORA! TORA!
>
>GATA'S RIGHT FLANK LAUNCHES
>SURPRISE OFFENSIVE AGAINST
>THE HANNIBAL CANNIBALS
>
>Sunday, October 17, 1999
>
>At 7:50 a.m. Central Daylight Time today the Gold Anti-
>Trust Action Committee launched a surprise strike
>against the Hannibal Cannibal gold bullion dealers and
>their closet allies. We intend to catch them flatfooted
>in a Pearl Harbor-type assault.
>
>The focus of GATA's attack is the Denver Gold Group
>Gold Conference convening today at the Westin Hotel in
>Denver, Colorado. Among those in attendance will be the
>bullion dealers that colluded to drive the price
>of gold down to an unnaturally low price, as well as
>their primary accomplices, the extremely hedged gold
>producers. The conference continues through Wednesday.
>
>Participants in the conference begin arriving
>today in Denver and will not be ready to counterattack.
>
>But for this surprise strike to work, GATA requires a
>little help from every gold stock shareholder in the
>world. Now is the time to stand up for your investment
>and for the gold cause.
>
>This conference is a prestigious one. Its managing
>director, Michelle Stell, has done a marvelous job
>organizing it since she came up with her idea 10
>years ago. Most big gold producers and many smaller
>ones will be there, along with bullion dealers, gold
>fund managers, and gold analysts. The conference will
>be a "Who's Who" of the world gold industry.
>
>When the Gold Anti-Trust Action Committee was formed,
>we came up with a battle plan to take on Hannibal
>Lecter and the other Hannibal Cannibal bullion dealers.
>Our plan was patterned after the tactics of the
>ferocious South African Zulu chieftain, Shaka. To
>defeat his foes, Shaka positioned his troops in a
>diamond formation. The point made a thrust in the
>middle of the enemy position, and then the diamond's
>left and right flanks would suddenly flare out and
>attack from the sides. The resulting formation became
>known as "the enveloping horn."
>
>The "point" of GATA's attack was our retaining the law
>firm of Berger & Montague of Philadelphia, the premier
>anti-trust law firm in the United States. Our lead
>attorney at Berger & Montague, Merrill G. Davidoff, has
>extensive knowledge of the gold market. The firm is
>assisting our investigation of the manipulation of the
>gold market, and the bullion dealers know that with
>Berger & Montague, we are a force to be reckoned with.
>
>The forces of GATA's left flank have been letting the
>Internet, the news media, and the U.S. Congress know
>about the manipulation of the gold market. GATA
>officials have gone to Washington and conferred with
>three committees with jurisdiction over economic
>matters. We remain in regular contact with them.
>Further, GATA's associates in Europe were instrumental
>in getting the price manipulation issue raised in the
>House of Commons when the Bank of England began to sell
>gold to bail out the reckless but influential gold
>shorts.
>
>The forces of GATA's right flank have been working to
>mobilize gold producers against the manipulators and to
>get the producers to cover their forward sale hedges.
>Meanwhile we have been encouraging gold company
>shareholders to invest in good producers that are only
>modestly hedged or have no forward sale positions at
>all. This part of our plan does far more than suit our
>own purposes. For only by changing their stock
>allocations from heavily hedged to lightly hedged and
>unhedged producers will investors participate fully in the
>coming bull market in gold.
>
>Ashanti Gold and Cambior were virtually destroyed this
>month because the bullion dealers had sold them
>extensive "structured deal" hedge programs that failed
>to take into account a quick and substantial rise in
>the gold price. Other gold producers that have
>made such hedging deals with the Hannibal Cannibals may
>blow up in the next quick rise in the gold price. Do
>gold investors want to take that chance by owning shares
>in heavily hedged producers?
>
>Chris Thompson, the chairman of the world's second
>largest gold producer, Gold Fields Ltd., had the
>following to say last Thursday after his company bought
>back the bulk of its hedged position:
>
>"Having looked at the fundamentals of the current gold
>market and the implications of the Ashanti situation,
>it seems inevitable to us that higher, if not much
>higher, gold prices are inevitable. Accordingly it
>seemed prudent to retrieve our hedge positions."
>
>A few months ago Thompson was the first major gold
>company executive to speak out about the nefarious
>activities of the Hannibals. On April 16, denying
>persistent rumors that that Gold Fields had recently
>sold a large amount of its gold production forward,
>Thompson said:
>
>"These rumors appear to be emanating from New York-
>based bullion dealers."
>
>Gold Fields was also the producer that bought gold at
>the second Bank of England gold action, thereby
>alerting the world that producers had begun to buy back
>their hedges and sparking the recent rally in the gold
>price.
>
>Thompson will be attending the conference in Denver. So
>will the top brass of the heavily hedged Barrick Gold,
>whose chief executive officer recently had this to say:
>
>"London, Sept. 17 (Reuters) -- Barrick Gold President
>and CEO Randall Oliphant today told gold miners to stop
>criticizing central bank gold sales and concentrate on
>how to survive in the current low gold price
>environment. Oliphant said that while he would prefer
>that the Bank of England did not sell its gold, he did
>not think that moaning was the right answer.
>
>"Oliphant said, 'The Bank of England tried to do what
>we asked them, which was to be transparent in what they
>did.'
>
>"Barrick runs the largest hedge book in the industry,
>with its entire planned production sold through to the
>end of 2001, some 13.3 million ounces as of July 22,
>committed at secured prices averaging $385/ounce."
>
>In a recent conference call, Barrick gave no indication
>that it was planning to cover its hedges, and then
>alerted its shareholders that in addition to its
>forward sales, it had written 4 million ounces of
>calls. I spoke to two major shareholders in Barrick
>prior to this conference call, and they said they knew
>nothing about these calls.
>
>Do you see what is happening here?
>
>One leading gold producer is taking action that
>supports the price of gold and thereby stands to
>benefit all gold investors.
>
>And another leading gold producer talks down the market
>and the whole gold industry, and refuses to take action
>that will benefit even its own shareholders in the long
>run.
>
>Barrick Gold will be represented at the Denver
>conference too.
>
>So I urge gold investors around the world to proclaim
>their support for the position taken by Gold Fields
>and to give notice to Barrick and its accomplices that
>if they continue to hinder an advance in the gold price
>and do not start covering their hedges: 1) Gold
>investors may boycott their stock, and 2) Their
>managements may be held personally accountable as a
>matter of law if the gold price rallies sharply before
>they have taken the prudent action that is their
>fiduciary duty to their stockholders.
>
>What fundamentals of the gold market does Gold Fields
>understand that Barrick does not?
>
>One must ask why Barrick and the other heavily hedged
>producers are listening to the bullion dealers who are
>advising them to remain short.
>
>These are same bullion dealers that failed to alert the
>heavily hedged producers to cover before the recent
>surge in the gold price.
>
>In the weeks before the announcement of the European
>central banks that they would cease cooperating in the
>gold carry trade, www.LeMetropoleCafe.com disclosed
>that government-to-government negotiations were under
>way and that their result could be very supportive of
>the gold price for a change, instead of harmful to it.
>Why were the bullion dealers seemingly so uninformed
>and unprotective of the producers they had induced to
>hedge so much, producers like Ashanti and Cambior? Or
>were the bullion dealers really so uninformed?
>
>The Denver conference will be crucial to the direction
>of the gold industry, and this is how I see it.
>
>There will be two camps. The modestly hedged and
>unhedged producers will be one camp, and the heavily
>hedged producers and the Hannibal Cannibals that got
>them into the current mess will be in the other.
>
>The Hannibal camp will seek to assure the mining
>companies that governments and central banks will
>intervene in the gold market again to push the price
>down, so the mining companies should not worry about
>covering their forward sales. The Hannibals will say
>that they have the cooperation of Eddie George at the
>Bank of England and he and others in government
>authority are intervening in the gold market at the
>moment.
>
>Indeed, certain "official sectors" are still trying to hold
>the price of gold down; I have reported as much over
>the past few days now.
>
>It is obvious. On Friday the U.S. Producer Price Index
>was up a whopping 1.1 percent for the month, far
>greater than any estimate. The dollar and the U.S.
>stock market fell hard, but gold was held to a $2 gain.
>
>All week gold rose on markets around the world only to
>sell off in New York as Peter Fisher and Co. at the New
>York Fed and others moved against it. They have long
>experience at this and are pretty good at it - in the short
>run.
>
>Yes, the Hannibals will talk gold down to all who will
>listen. Why?
>
>Derivativesville! The bullion dealers and many of their
>clients have massive option exposure on gold. If gold
>rises above $325-$330 area, it will cause them terrible
>problems, as many owners of the calls the Hannibals
>have sold could ask for the actual gold. This could
>cause massive buying and drive the price sharply
>higher.
>
>The Hannibals are a frightened lot now. Having long
>denied that the price of gold was being manipulated
>down, their apologists now are bleating that the world
>financial system will be engulfed in chaos if gold
>rallies further and governments don't move to suppress
>the price again. The Hannibals want government to bail
>them out again. Meanwhile these same bullion dealers are
>putting the heat on Ashanti CEO Sam Jonah, whose
>company they have helped to ruin. These people are
>hypocrites of the first order.
>
>Yes, the Hannibals will be at the Denver conference
>talking gold down -- just long enough so they can cover
>their short positions to protect against a bull market.
>They don't want anyone to know this. (Quietly, some
>are forming gold vulture funds to take advantage
>of the infant bull market in gold).
>
>This is exactly why hedged producers should be
>buying back their forward sales.
>
>Yes, some central banks are putting liquidity into the
>market now, if only to prevent it from seizing up. That is
>good. Gold producers can buy back their forward positions
>without running up the gold price too much. But these same
>producers may not have another solid opportunity. Everyone
>knows that the short position and supply deficit of
>gold are so huge that there is significant exposure to
>the upside. How can a prudent chief financial officer
>of a gold producer keep his company heavily short at
>this time and still be fulfilling his fiduciary duty to
>his company's shareholders?
>
>So, gold share investors, man your battle stations.
>
>In an accompanying mailing GATA provides you with
>contact information for the gold companies
>participating in the Denver Gold Group conference. We
>ask you to contact them to support the Chris Thompsons
>of the gold world.
>
>With enough urging from shareholders, other gold
>companies will close out their hedges too and the gold
>price should rally sharply.
>
>The fax number at the Westin Hotel is 303-572-7288. Of
>course callers outside the United States will have to
>add the appropriate prefaces for international calls.
>
>The Westin's fax number is connected to backup fax
>machines to avoid logjams.
>
>If you can't send a fax, you might leave a message for
>the representative of your favorite (or least favorite)
>gold company. Just call the main phone number at the
>Westin: 303-572-9100.
>
>The chief executive officers of the gold producers are
>the ones who usually attend this conference. The people
>on the list we are sending you are just our best
>guesses as to who will be there. If you want to know
>exactly who is representing a particular company at the
>conference, you can always call the company directly
>or check with the hotel.
>
>GATA urges all gold company shareholders to send faxes
>to two gold companies at the Westin, or to send email or
>regular mail to 10 companies at their headquarters.
>
>When you are finished, please contact two other gold
>shareholders and ask them to do just what you have
>done. Them ask them if they would find two other gold
>shareholders to join us in this effort, and so forth.
>We can reach hundreds of thousands of gold investors
>if everyone does just a little bit here and the chain
>holds.
>
>In your faxes and letters, you might urge the gold
>companies:
>
>1) To ask Chris Thompson of Gold Fields why he believes
>the gold market's fundmentals are so bullish.
>
>2) To ask the bullion dealers why any producer should
>stay short when there is such upside potential because
>of the enormous short positions that have not been
>covered yet.
>
>3) To ask if there is even one bullion dealer at the
>conference advising producers to cover.
>
>Of course ask you might like to add your own questions
>as well. Just remember to be courteous in everything
>you do.
>
>The manipulation of the gold market by the bullion
>dealers is the great financial scandal of our time. It
>has inflicted devastation on many countries and
>millions of people -- gold miners and their dependents
>and gold company shareholders, and, really, everyone
>who was not part of the scheme to deny the world the
>benefits of gold's traditional monetary function as the
>truth teller about paper currencies and as a
>competitive form of money in itself.
>
>Gold investors now must fight back.
>
>These next few days are the time to act and Denver
>is the place.
>
>YOU can make a difference. If the producers at this
>conference start covering their hedges, the gold price
>will go up, probably way up. Isn't that what we
>all want? Isn't that what THEY are SUPPOSED to want
>too?
>
>"Carpe diem" -- "Vox populi, vox Dei" -- "So be it."
>
>Go get 'em.
>
>BILL MURPHY, Chairman
>Gold Anti-Trust Action Committee
>
>
>
>
______________________________________________________
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