Well, as a prop trader in an portuguese investment bank, i have
a 264 long position (just roll over for aug contracts on friday)and waiting
for the 360 mark. It seems like a good panic buying.
it feels good!
Like a stock trader that finds unconfortable to be short in the stock market
(to short human capacity of invention is not natural), being short
a quasi fixed commodity against a pure printed concept is totally crazy!!
Best regards
CG
>From: "Mark S. Ohberg" <[EMAIL PROTECTED]>
>To: "e-gold Discussion" <[EMAIL PROTECTED]>
>Subject: [e-gold-list] Re: I was shocked to see the following
>Date: Sun, 20 May 2001 20:55:15 -0400
>
>jpm worte:
> >You could say .. a dramatic "trend" has been established, and nothing
> >particularly dramatic will happen for a few days now.
>
>It is out of control. There is not enough to cover the paper gold the
>short positions are scrambling to CTA (cover their Xsss). When Hong
>Kong markets opens AM, gold will pass $300. Many pit traders who are
>too young to experience this, will not be able to control price in the
>regular fashion. The fear factor has been set into motion, Europe is in
>a panic because of the onslaught of the Euro. The only safe way is
>gold. Whether Japan is doing it or not, central bank buying of gold
>is a key element in a gold story that hasn't been told. There have been
>huge, undisclosed central bank sales over the past two years. At that
>same time, it
>is apparent that the market has absorbed these sales through central
>bank purchases and other untracked demand.
>
> In other words, if the gold supply has been far higher than anyone
>believed, then the demand must have also been far higher than previously
>thought. And if
>demand is that high...and the great majority of central bank supplies
>are about to be cut off by the establishment of the European Monetary
>Union...then the resulting
>supply/demand imbalance will assure far higher gold prices. No one who
>had gold wanted to sell it today at the coin show. Those bullion prices
>were up $10 since since my sell price on Thursday. They expect it
>higher still.
>
>Let me reiterate Strong demand at Britain's auction of 20 tons of gold
>on Tuesday was 3.7 times oversubscribed.
>
>Rgds.
>MSO
>
>
>
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Best Regards,
cnovaish
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