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jesse livermore's bucket shops

  1. yttrium

    3,816 posts.
    cso1 mentioned the following link to "Reminiscences of a Stock Operator" (pdf) on 16/03/02.

    http://www.stock-market-seminars.com/downloads/reminiscences-of-jesse-livermore.pdf

    or if you would rather save the pdf from the web page then try this link

    http://www.stock-market-seminars.com/downloads

    Any gold/silver bug who has not read this should do so IMHO, as I believe that it gives an excellent insight into the current conspiracy claims. Specifically, I think that Livermore's description of the bucket shops of his youth are similar to the derivative operations of today.

    Put simply, the claim of Gata is that certain parties have been leasing enormous quantities of gold bullion and dumping it on the market. These parties are claimed to have profited from this behaviour both from the interest contango from the sale proceeds and from derivatives activity (It is claimed that the gold price has been manipulated so as to maximise returns from such derivatives as futures and options contracts and even bullion certificate programs, for example). Gata also claims that these parties are close to running out of leasable gold.

    The above claim is the basis of a lawsuit by Blanchard & Co, the largest US based gold coin retailer, against Barrick Gold and JP Morgan Chase. http://groups.yahoo.com/group/gata/message/1348

    Maybe certain parties are manipulating the gold price. Maybe people prefer the convenience of derivatives. Maybe there is no manipulation of gold and silver. However, if there is any truth to the claims I would observe that the current situation with gold and silver is as much a result of people playing the derivatives game as it is of the bullion banks dumping bullion. If one side stops playing then there is no more game.

    Here is one Hotcopperite who looks forward to seeing the gold bugs beat the gold thugs!

    Billy

    SOME LINKS

    Gata Messages: http://www.egroups.com/messages/gata

    Ted Butler: http://www.investmentrarities.com/wc-arch.html (This is the link to the Weekly Commentary Archives. Alternatively, there is a specific link at http://www.investmentrarities.com )

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