mlsoft, I posted this on the mining board a bit earlier. ============================================================
Found this Murphy response to a Tim Wood piece on Mining Web and thought you might enjoy reading it.
It appears to be Bill Murphy's La Metropole cafe's James Joyce Table offering for today 5-21-03 While being a bit lengthy, it is very consistant with his daily output:
Greenspan joins Soros & Snow in gold's breech Date 2003/05/22 Thu 04:01 GDT
Name Bill Murphy Email Address midasnh@aol.com Subject Hi Tim: GATA was right all along =========================================================== May 21 - Gold $371.70 up $5.80 - Silver $4.69 down 6 cents
$400 Gold Is Right Around The Corner
If you don't know where you are going, you will wind up somewhere else. --Yogi Berra
What a day! The last time I can recall gold trading like it did during this Comex session was right after the Washington Agreement was announced on September 26, 1999. As mentioned often in this column, some huge buyers have emerged of late to take on the crooked and increasingly desperate Gold Cartel.
Gold was all over the place early, trading $1.90 lower early on. It was all downhill for the cabal from there on in. Gold quickly streaked towards $370 and was rebuffed on the first try, but as it approached that level again, gold began trading wildly. The sequential trades were 50 cents to $1 apart. The buying forces seemed just as determined to take gold above $370 as The Gold Cartel was to prevent that from occurring. Gold set back for a bit, then, all of a sudden it BLEW through $370, shooting all the way up to $372.60.
There was one significant change of pace in the make up of the traders on the buy side. Surely the cabal and other big shorts were doing all they could to keep gold from taking out $370, but some of their rats may be leaving the ship. The big BUYERS today, and they bought all day long, were MORGAN STANLEY and GOLDMAN SACHS. Can a gold buying panic be too far off?
This is only the third time gold has closed above $370 in around six years. This is no minor event. As mentioned in last night’s MIDAS, when gold did so earlier this year, it flew up to $388. If Mike Bolser and I are right, it will do so again and take that mark out. $400 gold is right around the corner. It is our take that gold has now breached a key derivatives point in which many of the shorts and their counterparties will go into panic mode. Credit committees of various banks and gold companies must be close to forcing their traders to cover their gold derivatives shorts. Who knows what can happen to the gold price as that kicks in? In doesn’t have to happen instantaneously. Complacent bullion banks and certain gold producers might not fully realize the imminent danger they are in. At the moment, they might only put this issue on the agenda for their next scheduled meeting.
The gold price explosion we have long talked about, and pounded the table on recently, ought to be here. RIGHT NOW! My guess is if not now, VERY SOON. The Gold Cartel’s days of ripping us off appear to be over. They are now in survival mode. Every man for himself. The game for them is to initiate their exit strategies, if they have one. This is loverly.
The cabal is in a big mess. Think of the basics:
*Mine supply is 2500 tonnes per year and going down. *The yearly supply/demand deficit is around 1400 tonnes. *The central/bullion banks are short around 15,000 tonnes.
In addition, the gold fundamentals are a "10+" and the so-called strong dollar policy has been declared KAPUT! The Gold Cartel and other shorts need to supply anywhere from 60 to 110 tonnes of gold per month into the physical market to keep the price from rising. As soon as they slow down, gold moves up. If they ever stop and try and cover, GOOD GRIEF. That’s their predicament and that’s one of the main reasons gold is going to go to $1,000 per ounce, or higher. All the rants from me over the years of what is coming for gold and why are coming to pass. FINALLY!
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