-->(…)
There are all sorts of untoward rumours circulating about
"funds" that are in trouble, and we've no doubt but that there
are one or two that are indeed in some sort of problematic
situation that shall require"assistance" of some sort. Prices
cannot fall this far this fast without one or two rather sizeable
commodity trading groups finding themselves in an untoward
position. We'll not speculate on who is in difficulty, nor shall
we speculate on how problematic shall be the situation, for
simply put, we know not. We know only that rumours are
circulating, and we suspect that there is more than mere
conjecture involved. If we must speculate, we'll point to the
"long only" commodity funds as the most likely area of
difficulty... how could it be otherwise?
(…)
What we need to understand about what has happened is
that it will take weeks, and perhaps months, to overcome the
damage done in the past several days. The"Funds" in
question tend to follow rather simple moving average
systems, despite what they will try to tell us are highly
sophisticated, mathematical systems created with the help of
highly educated mathematicians. The harsh reality is that
when the smoke is blown away from these systems, they are
at the core rather simple. The markets have fallen so swiftly
that the real damage to their moving averages has lagged
far behind. They are long, but their sell signals have not yet
been elected. They will be, however, in the future. Thus, we
face days... weeks... of liquidation of their long positions, and
that liquidation shall weigh heavily upon prices, keeping
them from bouncing too far. It is a system and a problem of
their own devising, and it weighs heavily upon their
shoulders... and upon the shoulders of the doctors, lawyers,
accountants, dentists et al who"bought into" the
"commodities-as-an- asset-class" thesis with alacrity. Now
they are being spanked, and it hurts... badly:
(...)
Confusion still reigns regarding the central bank purchase
earlier this week. There are any number of rumours still in
the market as to which legacy central bank of Europe bought
the gold in question and for what purpose. If we must
speculate, we'll suggest that it was one of the newer EU
nations who needed a bit of gold to bring its reserves closer
to the levels of the other countries there, and that it was not
Italy as so many had thought possible.
(…)

Gruß, Sil
<ul> ~ The Gartman Letter, Friday, January 5, 2007</ul>

-->da kommen mit allergrösster Sicherheit noch ein paar 'Amaranth' dahergerannt!


Emerald.


PS:
Die Frage heute von H.P. stellt sich dann erst gar nicht mehr! Geld kann man
durchaus immer wieder einmal verbrennen. Da es in manchen Fällen sowieso nur
virtuell vorhanden war, braucht es dazu nicht einmal ein Feuer'