..."This is not a Comex problem as far as I know. From what I am hearing, it is an OTC problem, where few people really know what is really going on behind the scenes. The firm that expected delivery was stunned. It was about to be "floored." According to our sources, this firm then got a phone call from the Federal Reserve requesting that they do not pressure the shorts into making delivery and that they would make sure that the longs received their gold. I am not privy as to exactly how that would happen."...

http://www.kitcomm.com/comments/gold/1999q4/1999_10/991001.143317.crazytime.htm

-- ng (cantprovideemail@none.com), October 01, 1999

Answers

"They" can only keep this up for so long, then it will only be worse!

-- todays Tom Sawyer (RUSH@2112.rockon!), October 01, 1999.

I love a party!! Maybe these guys will be livening up the next few weeks for us as we watch them try to keep their house of cards from collapsing. It's certainly not a house of gold, it's all a bunch of IOUs....

Watching with morbid interest...

-- psychotic (y2k@ doom&gloom.com), October 01, 1999.

I used to think that the Antitrust action re gold was just disgruntled brokers who could not abide the fact that most investors prefer paper assets. But this intervention on the part of the Fed indicates the gold dealers maybe right.

-- K. Stevens (kstevens@ It's ALL going away in January.com), October 01, 1999.

This is potentially explosive. BUT, I would like to see confirmation as to what is actually happening. Unfortunately, I don't have a line into the FED any more...and I'm not seeing this in the financial news. But if it broke there, it would be devistating!

-- Mad Monk (madmonk@hawaiian.net), October 01, 1999.

Much as I do believe there is some truth to the manipulation of the gold market by TPTB, (after all, how better to stifle the only REAL, TRUE competition to the NWO funny-money we may yet see), but I just finished reading the EWFF newsletter, and I can say some generalities about its update on the long-term price, and near-term, for gold. The long down-wave IS intact, and will lead to gold in the $120-$180 level perhaps a few years out.

What we are seeing now is an A-B-C wave(consonant=corrective=corrects PART of the trend of ONE WAVE LARGER.). This wave will have a B "spike" that goes no higher than $400 US! SORRY! I can't be more specific due to copyright--I have the number(s). As for the BIGGER picture, well, it's not pretty. In a mania, the ECONOMY peaks COINCIDENT with the market peak. It did so in 1929! So there will be no warning for those who don't know this fact. The market peaked at DJIA 11,366 in AUGUST, so we are already into a decline of SECULAR proportions. We are into GC WAVE FOUR, and the lesser waves have already turned turtle.ALL technical indicators are showing the same thing--big trouble. Take your pick--S&P500, NDX, A/D LINE, RUSSELL 2000, DJTA, DJUA, ... For some reason, probably due to this mania, the much revered, and EXTREMELY accurate, DOW THEORY signal gave a pronounced SELL when the DJIA hit below 10,549 in the 3rd week of SEPT. Yet who noticed?

-- profit_of_doom (doom@helltopay.ca), October 01, 1999.

profit of doom,

Your full of sh#t. You don't know what your talking about!! Gold will go to the moon. No doubt about it!!

-- Hello (profit0f@doomiswrong.com), October 01, 1999.

Here here - so full of it that he's just exploded and this forum is covered in it.

-- Y2KGardener (gardens@bigisland.net), October 01, 1999.

Troops:

Go. Read the article. Someone find us a company name, a holding not ready to deliver their short position............

Get th ename published. Watch the birds fly. Watch the markets try a 2 and a half in a pike position.

Night Train

-- Jes an ol footballer, lookin fer some glittery light (Nighttr@in.lane), October 02, 1999.

Old news to me and fellow forum gold buggers :)

A word to the wise.

Saturday (tomorrow) may be your last chance to stock up on eagles at local coin shops.

I have a hunch that there may be a default on Monday.

You have been warned :)

-- Andy (2000EOD@prodigy.net), October 02, 1999.

Well, it's wierd, but Gold will go UP. And I (humbly) will say that I have been long an S&P Put Option since Sept. 13th. I agree that technically, the Market is headed DOWN.

-- Gregg (g.abbott@starting-point.com), October 02, 1999.

profit_of_doom, sir, in 18 months roaming the forums yours is the first post I see that touches on the wave theory. For my part, I follow Elliot's Wave, which closely coincides with your postings. Seemed so lonely to be the only one, among family and friends wallowing in a mania, to see the preclear logic of waves in relation to boom and busts in the history of markets. Please remember that most people live today, with no reference, or idea of the past. And their only defence, to say something is full of Sh#@!, when understanding is lacking... And I see gold at$80 an ounze. And to top it off, I have accumulated a sizable bag of the metal, not for investment pourposes, but for medium of exchange; that will be there as a foundation for my family, for years to come, no matter what happens. Bull markets are full of geniuses, and in them, hope springs eternal...But, bubbles prick...

-- Trick Pick (Picky@zephyr.net), October 02, 1999.

Profit of Doom is regeritating the Elliot Waver stuff just published by Prechter on Fri. I respect Prechter, and highly recommend his new book, but as his stock market top call back in '87 demonstrates, its far from an exact wave count or market timing science. I will say though Prechter has been pretty good on precious metal wave counts up until now.

-- Downstreamer (downstream@bigfoot.com), October 02, 1999.

for another EW view on the metals: http://members.home.net:80/augery/wrapup.html (Site is updated each weekend. )

-- argh (argh@nowhere.com), October 02, 1999.

Downstreamer,

You are absolutely correct on Prechter and the Elliot Wave. I was once a trader in the metals for much of the 1980's. Prechter was quite the "guru" up until he blew the stock market debacle. He also failed to see the other downturns and in fact was "retiring" from the biz, or so I thought. During the 1990s I've followed the markets less zealously but, frankly, I thought Prechter was gone for good. Now I see he's back. I'm surprised anybody would follow him after he gave up on the Wave models back at the turn of the decade. I take little stock in what he says now. Regardless of Y2K... IF the manipulation of Gold is as extensive as it is now being reported then nobody's technical theories will hold water. The fundamentals will always override technicals when the markets have been artificially manipulated to an extreme. It seems that gold has been artificially manipulated for 20 years and therefore when exposed finally could totally invalidate any Wave theory because the Wave was not allowed to develope naturally therefore the theory itself becomes invalid as a predictor until the price actions return to normal market balance. This means that gold could indeed see $400 or $500 or $1,000 an ounce before resettling.

Then of course, the gov't could also simply come in and outlaw gold ownership completely and take all the marbles and go home. They can do this because ... they own the guns.

-- R.C. (racambab@mailcity.com), October 03, 1999.