"We looked into the abyss if the gold price rose further. A further rise would have taken down one or several trading houses, which might have taken down all the rest in their wake. Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we have now succeeded. The US Fed was very active in getting the gold price down. So was the U.K."
Eddie George, Governor Bank of England, in a conversation with CEO of Lonmin, September 1999
Stocks were weaker today, continuing the slide from yesterday for the quad witch option expiration.
They did recover some of their losses into the closing hour for the weekend.
The Dollar was choppy and weak, but managed to close almost unchanged.
Gold and silver were a little stronger but closed almost unchanged.
Next week is a Comex option expiration for gold, for the October contract.
The physical inventories in Hong Kong Comex warehouses remained very thin.
Have a pleasant weekend.
