"I have a gut feeling that some of the recent spike in the POG was due, in part, to some/all of the bullion banks you mentioned above (1) covering a portion of their Au hedges and (2) becoming buyers in the spot market to pay back some of the Central Banks who had previously loaned them X amount of gold to help supress the cash market.
These 'guys' aren't stupid .... They, too, must see their peril. Greenspan's speech couldn't be clearer (for a Greenspan speech, that is <VBG>)and I think the Bankers are now realizing for the first time that they aren't big enough to stem the tide of us greedy goldbuggers."
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Dan...
I agree about the banks covering their hedges - if they are not doing so, they are absolute idiots after Greenspan's little talk.
That is interesting about Sinclair's sell recommendation - I was not aware of that, and it probably did move the market Friday. Thanks for the information. Still long here, and still bullish - I am in gold for the long term.
Take care, and again thanks for the information.
mlsoft
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