The price of gold, in our opinion, seems to be winding up for a further upward move from its November "intermediate bottom".
Bear's Lair
Bear Markets always follow Bull markets and a severe stock market correction is long overdue. Bears Lair will spot, monitor and analyze the stock market correction as it develops.
It was not long after the Gold Anti-Trust Action Committee was formed almost two years ago that I sent out a missive elucidating GATA's strategy to defeat the Gold Cartel:
It has long been observed that the stock market is the only trading avenue in which low prices repel potential buyers and high prices attract them.
The June 1972 break-in at the Democratic headquarters in the Watergate building in Washington, DC, seemed at the time suspicious to even the casual observer of government intrigue.
Never in history was gold manipulated down as extensively as it was under Bretton Woods agreements.
The following Complaint was filed on December 7, 2000, in the United States District Court for the District of Massachusetts, Boston, Massachusetts. For publication here, the original document has been converted to HTML format.
The price of gold, in our opinion, has finally successfully completed a fourteen month test of the move from its 1999 "bottom" of $ 254 an ounce to $ 324 an ounce in early October 1999.
The Canadian dollar saw a strong rise during 1999. See the Finance Dept website.
On Oct. 24th (the weekend) I wrote an article titled "Newmonts Big Clue" for GOLD-EAGLE.
November 15, 2000
The Crash of 1987
Memo To: Bob Woodward, Washington Post
From: Jude Wanniski
Re: Alan Greenspan, the Maestro
A recent discovery has shed new light on our understanding of economic cycles.
Just how low can the NASDAQ go? The answer, based on the factual, historical record, is 87%. 87% is what the New York stock exchange lost in value between October 1929 and its eventual bottom in 1933.
1. Gold is Undervalued. Right now, the price of gold is trading at $266 per ounce. The following figures put the current price of gold in historical perspective:
Has the euro bottomed? Is it likely to rally any time soon? Will it survive in its current form? For those who wish to skip the following 1500 words of opinion and analysis the short answers to these questions are no, yes and no.
A true bear market is like being sandpapered to death. It takes at least one step up for every three steps down. And so far, this bear is pretty much following that precedent.
Nobody can say that our local volcano didn't give us plenty of warning before it exploded in 1980.
The tragedy of the Kursk reminds us of the shambles that is Russia. It follows upon the embarrassment of Chechnya. And both of these, it is reasonably deduced, result from the failure of the Russian economy.
From time to time we like to take a break from the routine of covering all the various capital markets and focus specifically on gold.
To: Al Gore
From: Bob Rubin
Subject: For your consideration
Dear Al,
Over the last two weeks, gold has traded sideways in a narrow range between $264 and $267, closing at $265.70 on Friday. On an intraday basis, bullion reached a low of $263.25 on November 7, the day of the Bank of England auction.
1. "If a gold standard had never existed, it might be necessary to invent something of the kind". This quotation from a monograph by Dennis Robertson (Money, 1928, p.
Once upon a time there was a very greedy king. This king wanted to own all of the gold in his kingdom. Aside from its beauty it was, after all, money.
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The total world's holdings of gold could be transported by a single solitary oil tanker.
