Runs on Gold starting in LA? : LUSENET : TimeBomb 2000 (Y2000) : One Thread

This one of several posts I have seen on the gold boards this evening. Evidently people are starting to line up outside gold dealers tonight! Wow if this is true hold on to your hats! (If not go back to sleep!) I have seen that several 24/7 online gold houses will not sell till the morning quotes are in......

Things will get worse before they get better....

Date: Sun Oct 03 1999 19:21 RFMG (Poster on Golden Eagle -) ID#413218: Said that a local news show in California was showing people lined up in front of a local coin & bullion store waiting for it to open. The spinmiesters may loose this one.

-- Helium (, October 03, 1999


Oct 03, 18:36

My options broker ,who is from LA California, sent me a memo this morning that the local news was showing people waiting in line to get into local bullion and coin shops. Since we know that fads and fashions most always start in Southern California, Hang onto your hats boys and girls. This bull is way beyond a cat the cabal wants to keep in the bag. It is a rip snortin, sidewinding beauty that is very robust. I am glad I am long on Gold. I suggest not to wait to buy on dips for awhile. Buy now.....

Trading to begin at 7pm EST

-- Helium (, October 03, 1999.

Does anyone (Andy?) know how much bullion coin purchases affect gold prices? I thought most of it was in wopping great bars, shipped between banks. Surely a few million Gold Eagles affect the market about as much the proverbial fart in a jacuzzi?

-- Y2KGardener (, October 03, 1999.

I'm sorry, but that's bizarre. As a bona fide contrarian, I guess I'll have to swear off gold.

-- Mara Wayne (, October 03, 1999.

here we go again mara. better get some extra clorox to clean up this next round of bull.

a platinum kiss to ya'

-- corrine l (, October 03, 1999.

Y2k gardener the way I see it its pressure. Supply and Demand. The little guy wants 100 1 oz. Gold Eagles then the next guy in line wants more so on and so forth. then the gold eagles run out kinda like silver eagles. Then people in new york want them (you know all good things start in California) and around the world it goes. The price goes up because the little guy has to start buying 1 oz bars and whathaveyou.

This can only mean that Gold Mining Stocks are going to take off Like an internet IPO.

Have you read Veronsky's essays over at Gold Eagle? There one really cool one about How gold mining stocks outperformed everything else on the stock market during the great Depression.

Ease the seat back...

-- David Lee Roth (Diver Down@Van Halen.ou812), October 03, 1999.

Gold up 1.7 at 5:10 PDT $307/oz

-- Helium (, October 03, 1999.

According to the Kitco charts, the market is open in Sydney and gold is holding steady at about $304. Hong Kong markets will open soon. I've seen the price start fluctuating wildly when HK opens and this may or may not be the case this time. It may make an interesting evening's entertainment.

-- nothing (, October 03, 1999.

Yup, the sheeple are all lining up for gold. Run up the price and KABOOM!! Down she goes. hehehehe I'll remember you all when I'm spending cash next year and your gold is at 150.00 an ounce.

-- (, October 03, 1999.

Ravy, fanatical jealously will only get you an ulcer and high blood pressure. Go for it!! Many of us have gold and cash. Eat your heart out...

-- suzy (, October 03, 1999.

And we will remember you, Sicko, when you stand there with your pathetic "Will look less pathetic for food" sign. Moron.

-- King of Spain (madrid@aol.cum), October 03, 1999.

King of Spain - I like that. Nice idea for a sign. I might give him some homemade chocolate cake made from my food supplies if his sign looks like that...

-- psychotic (y2k@doom&, October 03, 1999.

Its 9 PM EDT, and the kitco graph is broke. Gold is 308.30


-- dave (, October 03, 1999.


Well in is not the US but Karachi, and it is unusual....

Dear Friend of GATA and Gold:

From this further dispatch from the Karachi newspaper Dawn, it seems that the suspension of the gold market there is due to the bankruptcy of the forward sellers and that they are looking to be bailed out. My guess is that they called the Federal Reserve in Washington but Alan Greenspan was already on the phone, arranging a similar bailout for former Treasury Secretary Robert Rubin's old firm, another big gold short, Goldman Sachs.

Any GATA members in Kentucky? Keep an eye out for any tractor-trailers around Fort Knox.

Today Karachi, tomorrow ... the world?

Please post this as seems useful.

CHRIS POWELL, Secretary Gold Anti-Trust Action Committee Inc.

* * *

Trading in gold remains suspended

By A Staff Reporter


KARACHI, Oct. 2 -- Forward trading in the local bullion market could not be resumed after about a week's suspension as the traders failed to reach a settlement on the pricing formula.

The office-bearers of Karachi Sarafa Jewellers Group (KSJG) have been in session on Saturday to reach an amicable solution with a view to resume trading but failed to reach a positive outcome.

A spokesman of the KSJG said that another meeting will be held on Monday so that trading can be resumed either on the same day or in the same week. The Group last quoted the official rate at Rs 4,732 per 10 grams on Sept 25, 1999 and till then the forward trading in bullion market has been in turmoil owing to spiralling international prices.

Sources said that bullion traders are not inclined to disclose the actual reason of suspension in trading since last one week.

In the meantime, a massive heart attack led to the death of a senior bullion dealer who could not sustain the shock after suffering heavy losses in forward dealing.

Some dealers, market sources said, were optimistic that international prices would come down but their anticipation proved wrong and the prices touched above $300 per ounce from $255-260 per ounce in the last 20- 25 days, resulting in huge payment default.

These sources said that outstanding payments have reached over Rs two billion from the blank sale of gold but the amount is too high to clear by the defaulters. There is no immediate confirmation of the actual default figures. "This is for the first time in the history that physical trading has remained suspended for a week in a row just to bail out some of the speculators who refused to follow the rules of the trade," they added.

Suspension in trading has caused a stir in the gold market and the traders have resorted to quoting higher prices on their own, ranging between Rs 5,500-6,200 per 10 grams.

A bullion dealer said that skyrocketing prices have affected the sales in the jewellery shops and buyers are anxiously waiting for the price fall.


-- Helium (, October 03, 1999.

Strange. I haven't heard or seen any local coverage regarding this. Maybe I just missed it or maybe they're not putting it on the air to control the situation?



-- Michael Taylor (, October 03, 1999.

This certainly goes a long way to corroborate all the stories from GATA, and on the street, that there is FRANTIC action by Greedspin in the background to bail out his buddies from their "gold carry trade" scheme that they have propogated for several years. On the topic of gold itself, there is nothing to say that gold CANNOT have a parabolic run-up in price, which would look the same on a graph as the DJIA of the past 5 years.

The general equation of a parabola is Y=aX^2 +b, and the simple fact is that throughout history,whenever there has been a parabolic rise in ANYTHING(and this includes natural populations), that item CRASHES...NO EXCEPTIONS.

The graph of the DOW now pales the 1929 one.

we already have the precedent in 1929 for the DOW, but I don't think, that if gold takes off due to a massive short squeeze that is not able to be manipulated by the FED, that it will be time to get out of gold UNTIL we have seen that massive parabola curve on a price chart. This would indicate a mass psychology attitude being all-pervasive (remember 1980?), and NO-ONE left to buy any more gold.

Are those reports about line-ups getting any air-time?

Got gold?

Got milk?

Got moo-lah?

-- profit_of_doom (, October 03, 1999.

Hi Helium and fellow GOLD buggers!

I have been predicting COMEX to close for a few days now. This fits in. Seems like word has got out...

From another forum... read and digest...

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 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.


Got gold?

Can you hit an all night pawn shop in Vegas and buy some?

Last chance...

-- Andy (, October 03, 1999.

It's interesting that the price of gold tends to stay steady as it starts the trading day in Australia, but rockets upward when it hits the Hong Kong trading day. It REALLY looks like Australia is in cahoots with the rest of the well-heeled caucasian world to keep the price down. Those Chinese in HK must just refuse to get with the program. They must be into the free enterprise and open, non-manipulated market thing. Damn Chinese.....

Love Gold

-- nothing (, October 03, 1999.

To the shorts: When you live by the sword, you die by the sword.

-- Bill (, October 04, 1999.

"In the meantime, a massive heart attack led to the death of a senior bullion dealer who could not sustain the shock after suffering heavy losses in forward dealing."

RIP. It's maybe not a good industry to be in, if you have a delicate heart.

OTOH: Anyone who dies in 1999 is gonna miss all the fun.

-- be still (my@beating.heart), October 04, 1999.

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