Ladies and Gentlemen, I thought I'd start a new Gold thread to post on in case the price of Gold makes the evening interesting...

-- nothing (better@to.do), October 03, 1999

Answers

The price of gold is always entertaining as long as it's moving.

-- cody (cody@y2ksurvive.com), October 03, 1999.

Will a gold pin puncture the stock market bubble?

-- Randolph (dinosaur@williams-net.com), October 03, 1999.

Well, watch it live at:

http://www.kitco.com/gold.graph.html

or at

http://forex.freeservers.com/main2.html

on this one select gld(gold), 10 minutes, and then "REQUEST"

These sites were down earlier, but now up and running. Gold now 307.50 at 10:00 pm EDT.

dave

-- dave (wootendave@hotmail.com), October 03, 1999.

Ah! But look at the slope of that line. Looks like 307.5 and heading upward. Wish we had some news on what is going on over there...

-- nothing (better@to.do), October 03, 1999.

Here's a good graph for minute to minute updates:

http://mrci.com/qpnight.htm

I think you need to combine it with the Kitco line graph to see which direction and how fast gold is or isn't moving.

-- b (b@b.b), October 04, 1999.

Has any one tried closing out option positions since Comex quit taking limit orders? I can just imagine the horrible fills one would get trading at the market. Is this just temporary? I've always thought the NY markets were tougher to trade than Chicago but this borders on criminal. I've heard that the floor has written so many calls that Comex may be in danger of going bankrupt. How the hell does that work?

-- Harvey Wilson (harv@hotmail.com), October 04, 1999.

Harvey - this is the situation, from another forum...

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.

-- Andy (2000EOD@prodigy.net), October 04, 1999.

...just made a big jump to $312... 02:00 PDT

-- Y2KGardener (gardens@bigisland.net), October 04, 1999.

0430MST Gold at $315 :)

-- Andy (2000EOD@prodigy.net), October 04, 1999.

Just to let you know, you can put limit orders into the gold options pit and I have over the last days with good fills. IT IS YOUR BROKERAGE FIRM TRYING TO COVER THEMSELVES, as I have 2 separate brokers. One will do limits and one won't- a REALLY big discount broker in Chicago is the one who won't do limits as they appear to have lost control and I last heard that they won't even let you transfer gold options over to another brokerage. And if you look at the bid-ask on the option reports, it appears to me the market orders have been used as a license to steal- my opinion. I have gotten great service from my "small" broker on this whole trade WITH LIMIT ORDERS. His name is Bob Baird at 800-643-1155. Mike

-- mike (CHIMDOC@aol.com), October 04, 1999.