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The reason gold prices are low is as follows:
Banks have tons of it sitting in vaults doing squat. So they lend it
to the guys pushing derivatives. You buy a gold futures contract
expecting that wogs slamming jets into the WTC should get a steep
rise in gold prices. Nothing happens. The gold lending bank books a
couple percent interest on an otherwise wasted asset. To insure the
price stays low, the very banks and institutions who lend the gold
also short a bunch in order to drive prices down. So when your
contract expires unexercised, the banks and institutions make out all
around. A couple of years ago George Soros bought a bunch of futures
contracts and said " I want delivery". You could hear the assholes
puckering in boardrooms all over the world. The Fed actually stepped
in and allowed non-delivery on the gold futures contracts. Gold,
which had spiked from about $271@oz. to about $330@oz., drifted back
down to the subproduction cost price of $285@oz.
Do you really think Gold is as important as Drugs, Oil and Arms in
the big equation. I'll take the latter three over the former any day
of the week and twice on Sunday.
I think that if two or three generations of businessmen see no
glitter in gold, the behind the scenes guys will hoard it all for
themselves while the rest of us look upon it as a vestige of ancient
commerce with about as much use as the appendix in the human body.
--- In [EMAIL PROTECTED], David Goldman <[EMAIL PROTECTED]> wrote:
> I was wondering about something. Is it reasonable to assume that
the drug
> trafficking industry is involved in controling gold prices to
accumulate
> large positions for themselves?? Would this explain the slow rise
in gold
> prices despite the faltering western economy??
>
> David Goldman
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