OT: gold-eagle article - price of gold&silver going "to the moon"?greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
-- Jack (jsprat@eld.~net), October 03, 1999
Every thing seems to like to swing to the extreme lately, stocks, oil, and now the possibility of the metals. Who is in charge here? What do these investors think of these returns ? If you are on the right side, yeah baby, if you are on the wrong side, well whats wrong with a little mental depression.. it only makes you angry and eventually more humble. Gold and silver were the first ones 20 years ago to start this crazy up and down style. Will they do it again? It appears that extremes are in style now these days.
-- Charles Jeffra (CJeffra@AOL.com), October 03, 1999.
Both the silver pin and gold pin can prick the stock market bubble.
-- Randolph (firstname.lastname@example.org), October 03, 1999.
gidsek (from ANOTHER site) ID#423377: Copyright ) 1999 gidsek/Kitco Inc. All rights reserved I swiped this, credit to Ray Patten.
I can't work these numbers, but take it FWIW
Ray Patten ( 10/3/99; 11:30:48MDT - Msg ID:15271 ) Possible Comex bankruptcy.
On Thursday, my commodity broker said that only market orders were allowed in the Gold options pit...no limit orders. I scaned my 38 years of commodity trading experience to try to remember a similar occurance, but I could not. I thought "These guys must be desperate." Then I looked at the numbers. As of Thursdays close, there were about 525,000 Gold calls outstanding. The floor traders or locals are the people who usually wright or sell us options. They have been getting our money for the last three years. As of September 21st, the committment of traders report said that the large traders were long only about 25,000 contracts. That means that the locals could be naked short over 400,000 calls. With an open interest of just over 200,000, where are they going to find the liquidity to get hedged. If Gold were to go up to $400 per ounce, their loss could be upwards of $4 billion. That could be enough to bring down the exchange.
I've had the idea for a long time that if Gold was ever freed, it would go straight to about $475 without a decent thechnical correction. It now looks to me like it will be there before the end of this month.
It's pay back time, but i'm not going to stay for the last tick. It may be that if the exchange closes, I may get nothing.
-- Helium (Heliumavid@yahoo.com), October 03, 1999.