Gold Pit Gold Pit: Swimming in a Pit of Gold
by Joel Bowman
The Rude Awakening
Wall Street, New York
Tuesday, November 29, 2005 Joel Bowman recounts his experiences in the legendary Gold Pit at the New York Board of Trade. ------------------------- - Swimming in gold, ala $crooge McDuck,
- So close to the traders you can see the beads of
sweat gather on their foreheads and,
- Only two days left for maniac returns...your last
reminder before this special ends.
------------------------- Swimming in a Pit of Gold
By Joel Bowman "And what are you doing in a place like this, young man?"
There is a hand on my shoulder. I turn and am confronted by
the owner of the voice – a stoutly lady with horn rimmed
glasses and a condescending eye. We muster a hesitant answer, "Well...I'm here with him," we
motion towards our tour guide. This creature of the floor reminds us of a particularly
strict grade school teacher we once had, a maniacal women
wielding a ruler in one hand and any troublesome boy's ear
in the other. "Oh, you're a guest of Mr. Kerr's." Observes our new
friend. "Well, you will be getting a tour from one of the
best then." The lady warms to us and offers all manner of
advice and kind words. While we would love to stay and chat to our new mentor, we
are being called to the next scene of action – the gold
pit! We are touring the trading floor of the New York Board of
Trade. Accompanying your humbled Rude editor are
commodities legend, Kevin Kerr, and New York Times
bestseller, Addison Wiggin. We are here to observe the nuts
and bolts of the resource market...and we are here with the
best. You can feel the excitement in the room around the
gold pit. (Later in the week the precious metal would make
it's most threatening advance toward the $500 for some 18
years.) Gold Pit: "This Little Circle" Being one of the new breed of gold bugs, Addison is visibly
excited as we draw closer to the violence of the precious
metals bidding and trading. "Just think Joel...just think how much of the financial
world's tilt is decided in this little circle!" He
enthuses. Addison is no stranger to the subject of
financial tilts himself. His latest work, co-written with
fellow New York Times bestseller, Bill Bonner, is
skyrocketing up charts the world over. Be sure to check out
Empire of Debt: The Rise of and Epic Financial Crisis here: http://www.agora-inc.com/reports/RCKN/RA/ While we listen intently to Addison explaining the
significance of the gold price war, we hear the
unmistakable hark of Kevin Kerr. His voice carries over the
roar of the pit and we pause to imagine him screaming
orders back in his days on the floor. We stroll over to join him on his perch. It is at this
point that Kevin launches in to a detailed, explanation of
every hand movement in the pit. He is commentating, play by
play, every shout, call, tactic and strategy. We are lost
in a matter of minutes. This doesn't matter of course. The
thrill of watching the burly men muscle their way to
preferable positions and stake their claim in the most
exciting commodity market in the world is enough for us. Kevin is pointing at the board and speaking at a million
words a minute... "Spreads this, targets that, position
here, movement there...," he details.
After an exhausting few hours on the floor, we retire to
Essex, a favorite lunch spot for traders right alongside
the Ground Zero site. Men in suits are scurrying through
downtown Manhattan, worker ants carrying their cell phones
and papers to holes in nearby buildings. Sign Up for The Rude Awakening Start your mornings off with a dose of Rude news. The Rude Awakening is dedicated to highlighting phenomena in the financial markets that others may not see. Let the Wall Street Journal and the New York Times "break news." Sign up FREE Today! We will not share your email address with anyone else, period.
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Over lunch Addison and Kevin compare impossibly hectic
schedules, jammed with press duties and interviews, book
commitments and travel details, market commentary and
various other duties. Their cell phones light up with major
news channels jostling for their time. We listen to the
chaotic lives of two men, at the top of their chosen
industries, and wonder if our life will ever be so crammed
with appointments? We resolve to give it more thought in the future. After
all, we are in downtown Manhattan today and there is plenty
more to think about than commitments we DON'T have.
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buying traditional stocks... Is that something you are willing to pass up? Learn about this GUARANTEED investment secret NOW! http://www.agora-inc.com/reports/RTA/ERTAFB57 ------------------------- And the Week's Rude Articles... Eternal Sunshine of the Thoughtless Mind
By Bill Bonner & Addison Wiggin Let us take a moment to stand back and gaze at America's
great Empire of Debt. It is the largest edifice of debt
ever put up. It sustains the most magnificent world economy
ever assembled It supports more people in better style than
any system ever before devised... www.the-rude-awakening.com/RAissues/2005/Nov/RA112205.html
Torture, Abuse & Deception
By Bill Bonner & Addison Wiggin
Quack economists at the Bureau of Labor Statistics do to
numbers what guards at Guantanamo did to prisoners. They
rough them up so badly, they are ready to say
anything...This abuse of statistics is what allows
Americans to deceive themselves about their own economy. www.the-rude-awakening.com/RAissues/2005/Nov/RA112305.html
Nothing About Turkey or Pumpkin Pie
By Eric J Fry
Today marks the 18th Thanksgiving of Alan Greenspan's reign
at the Federal Reserve. This day also coincides with an 18-
year high in the price of gold. Perhaps there's a
connection. www.the-rude-awakening.com/RAissues/2005/Nov/ra112405.html
Dead President Bounce, Redux
By Eric J Fry
"Eric, I'm about to do something stupid. Please talk me out
of it," one of your editor's colleagues pleaded recently,
"I'm thinking about selling my gold coins and buying a U.S.
dollar CD. What d'ya think?" www.the-rude-awakening.com/RAissues/2005/Nov/RA112505.html
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to profit this simply and abundantly... Easy Math for Easier Profits http://www.agora-inc.com/reports/OHL/EOHLFB84 ------------------------- [Joel's Note: Just a quick one here wishing you all the
best for the rest of the holiday weekend. Your next Rude
news will be delivered promptly on Tuesday morning but if
you simply can't wait, you can visit the website at: www.the-rude-awakening.com Cheers, jOEL ------------------------- | 
