Andy,

Does this mean gold will go up or down?

Link:

http://www.mrci.com/qpday.htm

Special gold options link: http://www.mrci.com/special/gold.htm On 9/28/99, somebody bought approximately 60,000 December gold 390 calls. On 10/21/99, there are approximately 162,692 Dec calls between the 260 and 400 strike prices. These options all expire on 11/12/99. Gold's implied volatility has traded at all-time highs over the last month and the current open interest is close to all-time highs.

-- Forum Regular (Here@y2k.comx), October 23, 1999

Answers

Something going on this week. Options expiration date is Wednesday. Ashanti is trying to "get clean" by Monday 5.30 pm London Time. Rumours of the 79 Tonnes of kuwaiti Gold being delivered to the Bank Of England... !!! Rumours of an AuPEC Gold Cartel being formed. A guess, but gold could go to $400 sooner than you might think...

500 by November?

Posted Thursday, October 21, 1999 at 09:51 AM EST

by James Turk

Freemarket Gold & Money Report

As expected, aggressive bidding emerged at the Bank of England auction on September 21st. Also as expected, once the $262 resistance level was broken, Gold was driven quickly higher by a missive short covering rally.

Is the rally over? No, not yet. In fact, I think it is only beginning. Here are my targets. At a minimum I expect Gold to touch at least the $350-$360 area. At a maximum? Well, who knows? But I would not be surprised if this rally climbs all the way back to $500, a price not seen since 1987. What's more, we won't have to wait long to reach these higher prices.

The peak price of this rally, whatever that level turns out to be, will I expect be reached within the next 4-5 weeks. What? Gold at $500 by November? Yes, it is a realistic possibility.

A bear trap has been formed, which has developed pretty much as expected. What happens now? Everyone who sold Gold when it broke through the major 17-year support zone below $280 must now buy it back, It's a classic bear trap, and it was formed during what in all likelihood will prove to be Gold's bear market low. In other words, I don't think we will ever see Gold once again trade under $280 per ounce. A bold statement?

I don't think so because we know that Gold is fundamentally very undervalued. When looked at from this point of view, all I'm saying is that we will never again see this extreme level of undervaluation, which is not an unreasonable conclusion. So far Silver has been very quiet, letting Gold take center stage. However, don't be lulled into complacency because beneath the surface, Silver is bubbling along, and is very near a boil. The lid is about to fly off this boiling pan as well. Silver is ready to break out of its massive 13-year accumulation pattern. We could see my long-standing $10 target by November, along with $500 Gold.

-- Andy (2000EOD@prodigy.net), October 23, 1999.

Andy

I just got through reading all the rumours going around in the usagold forum and gold-eagle.com...

Bought some gold when it was going in the $260 range during the summer and was excited to see the events unfold within the last month. While it was disappointing to see gold drop to the low $300s recently, I do realize that this is just the beginning... and I can't wait!

Thanks a bunch Andy!

-- Forum Regular (Here@y2k.comx), October 23, 1999.

Andy, I also want to thank you. I bought Gold and Silver and enjoying the ride as well. I never would have gotten into this if it weren't for you. Even if G and S don't go up I still feel secure knowing I have barter bait. Thanks!

-- Debi (LongTimeLurker@shy.com), October 23, 1999.

See thread:

Question re: Gold Futures comment on MRCI quote site

Jerry

-- Jerry B (skeptic76@erols.com), October 23, 1999.

"Andy I just got through reading all the rumours going around in the usagold forum and gold-eagle.com..."

Buying on rumors?????????? As KOS would say, "You moron!!!!"

-- (Don'tListen@to.rumors), October 23, 1999.

Hey Don't Buy On Rumours,.

You quoted me saying "Andy I just got through reading all the rumours going around in the usagold forum and gold-eagle.com..."

And you said "Buying on rumors?????????? As KOS would say, "You moron!!!!"

If you opened your mind to understand what I wrote, I said that I JUST GOT THROUGH READING all the rumours going around in the usagold forum and gold-eagle.com..."

If you had ANY english comprehension, you would notice that I said "Bought some gold when it was going in the $260 range during the summer...

I did not say I was BUYING based on rumours.

Who is the MORON NOW?

-- Forum Regular (Here@y2k.comx), October 23, 1999.

Not to mention that your too chicken to use your regular Forum Name here...

Is that because your ashamed of all your posts??

-- Forum Regular (Here@y2k.comx), October 23, 1999.