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Nov. 14 - Gold $397.30 - Platinum $769.00 - Silve


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#1 goldsmith

goldsmith

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Posted 17 November 2003 - 03:46 PM

Nov. 14 - Gold $397.30 - Platinum $769.00 - Silver $5.39
The Great Sucking Sound Of $400 Gold
"What a long, strange trip this has been"
...Jerry Garcia, The Grateful Dead

GO GATA!!!

Had to go out to breakfast this morning when I saw
the reaction to the stunning .8% increase in
the Producer Price Index number this morning.

Gold traded as much as $3 higher prior to the Comex
opening in overseas trading and was up $1.70 when
the number came out.

Since only a .2% increase was expected, the
knee-jerk reaction for gold should have been for
it to jump sharply, especially the way it has traded
the past week.

Nope, Gold dropped $1. Too much for me. How ridiculous
can you get?

A funny thing happened on the way to forum, however.

Seeing the euro start to weaken, the locals all jumped
on the short side, big time.

Gold was pushed down on the day, when out of nowhere
all the BIG GUNS started BUYING.

I am talking about Goldman Sachs, Morgan Stanley and Deutsche Bank.
Quickly Gold shot up over $2 on the session.

Gold sold off again and Goldman Sachs and the funds
bought everything in sight.

Very strange and it needs clarification because Gold
was capped all day by somebody BIG.

Sharp rallies were stopped cold.

It couldn’t be the funds.

They are in buy mode for the most part.

It had to be The Gold Cartel as this is their
Maginot Line.

If Gold takes out $400, they are in DEEP trouble due
to massive derivatives short positions.

Thus, Goldman and others must have received major
buy orders from producers or large hedge fund
customers, which can explain the Three cartel on
the early buy side.

My guess it was a producer by the nature of the
buying (spread through various trade houses) –
who wanted to cover some positions before Gold blew
through $400.

Late input: the cappers who kept Gold from going
through $400 were "Goldman Sachs, Morgan Stanley
and Deutsche Bank" – The Three cartell again.

Probably had JP Morgan Chase on the sell side too
in the Over The Counter market.

On the day funds were both buyers AND sellers.

Wild it was today! Gold rallied all the way up to
$398.90 at one point when The Working Group on
Financial Markets went into action to bail out
The Gold Cartel.

Went to the bank this time to calm down after
the cabal struck.

Sarge saw it this way:

Plan went into action at 10:58

Futures had gotten to $399.40, WAY too close to
breaking thru the $400 Maginot Line.

http://legacy.future...ld&style=single

At the same moment, DOW futures rally,

http://finance.yahoo...l=on&z=l&q=l&c=]]]]

US dollar index rallies, Euros reverse

http://www.kitco.com...uro_charts.html

and head south and gold gets its expected smack-down.

http://www.kitco.com...s/livegold.html

I love free markets.

London AM and PM Fix: $395.35 and $396.70

The comment from a good floor source was he felt a coming disconnect between Gold and the euro –

meaning Gold could rise on its own strong fundamentals.

This fits in with a comment cited in John Brimelow’s commentary below.

The Gold open interest rose 895 contracts to 287,896.
The December contract still has 181,847 open positions. There could be all kinds of fireworks should some of
the big longs ask for delivery.

The silver buying was more pronounced yesterday as
its open interest shot up 3061 to 107,331.

The Gold and silver charts are spectacular:

Gold daily
http://futures.tradi...com/chart/GD/C3

Gold weekly
http://futures.tradi....com/chart/GD/W

Silver daily
http://futures.tradi...com/chart/SV/C3

Silver weekly
http://futures.tradi....com/chart/SV/W

Key points of the day:

*The early buying by Gold Cartel trade houses
was powerful and aided spec buying forces.

*Silver popped up to $5.40 early.

When The Gold Cartel bashed gold with all they had,
silver barely budged.

It was a tip-off Gold would close fairly well.

*Interesting to note Morgan Stanley has not been
around this week and silver roars ahead closing
in 3 ½ year new high ground.

*There were no gaps left in BOTH gold and silver today.

We still have the big breakaway gaps ahead of us.

Could easily see gold coming in $402 bid on Monday.

Silver $5.50 bid. If not then, soon.

*The CRB continues to rise, jumping to 257.29, up
another 2.29.
Nat Gas starting to move again, climbing .315 MM BTU’s to 5.112.
Crude oil is on the move too.
It’s all the way back up to $32.37 per barrel, up 47 cents. But there is no inflation!

$400 gold is like a magnet at the moment.

I can hear a loud sucking sound out there calling
for Gold to climb to $400 and run from there.

The GOLD derivatives are Primed-EXPLODING and we
might just GO*^^^^^

- straight to and through not only $400 but $500,
$600, $700 and UP...

That is how it happened at the end of 1979.

If Gold takes out $400, the Gold derivatives neutron bomb
could off with such an explosive option structure
out there.

We're now in a primary bull market in Gold.

By Richard Russell
For..STREETWISE / THE GOLD REPORT...

http://www.theaureport.com/pub/co/42

Only a matter of time now before the magic $400 number
becomes a reality!

The GOLD derivatives are EXPLODING now and we
might just GO*^^^^^

straight to and through not only $400 but $500,
$600, $700 and UP...

That is how it happened at the end of 1979.

GOLD Stocks will be the way to riches.
"hold for the long-term,"
"and you’ll be rich."

Gold will be seen as the answer
to economic freedom...

HUI
http://bigcharts.mar...i&freq=1&time=8

Got Emgold EMR Shares?

By Richard Russell
For..STREETWISE / THE GOLD REPORT...

http://www.theaureport.com/pub/co/42

THE historic investment opportunity of a lifetime
is still in the start-play.

For investors looking to jump on board,
you have a gift.

GOT TO BE IN IT TO WIN IT! and WE ARE GOING TO WIN IT!

The Gold chart is very constructive:

http://www.tfc-chart.../charts/GDM.GIF

http://www.tfc-chart.../charts/GDW.GIF

Gold stocks will shine after bullion prices hit
a seven-year-high in London...

A GOLD SHARE BUYING PANIC IS COMING...

There is no way the little Gold share market
will be able to handle this buying without
the shares SOARING,

***To The Moon Alice, To The Moon!***

EMR has long way to hike Back UP...

http://cbs.marketwat...952&siteid=mktw

Consider EMR's splits to find - oversold - undervalued...
Splits:01-Sep-89 [3:25], 30-Mar-92 [1:5]
http://finance.yahoo...p=,e200,v&a=&c=

http://chart.bigchar...2841&mocktick=1

EMR is oversold / undervalued...
Starting a Strong Come Back...
Emgold Mining Corporation at...
http://www.ivarkreuger.com

The Gold shares are only getting to the launch pad...

http://www.house.gov...03/pr073103.htm

Lift off and rocket ride still to come...

It’s a red flag that tells the world
that intrinsic wealth is preferable to
fantasy wealth, and fantasy wealth is
what the central banks are now offering
to the world in the form of
fiat currencies, or paper.

Dollar Index Cash (NYBOT:DXY0)...

http://quotes.ino.co...=15&a=50&v=dmax

...lower highs and lower lows...going down hill..

The US$ fiat falling off the cliff...
U.S. Dollar Index (CEC)
Weekly fiat $$ Price Chart...

http://www.tfc-chart.../charts/USW.GIF

...the fiat US$ & Can$ will be only be
worth the paper its printed on?..

http://www.house.gov/paul/
Imo. TIA!