Quote from Landis82:
I'll never forget when then Secretary of State James Baker had a meeting with Iraq's Foreign Minister, Tariq Azziz back in January of 1991 in an effort to avoid the "Gulf War". The U.S. wanted Iraq out of Kuwait. The trading floor grew real quiet as every phone clerk and TV set was tuned to CNN and Baker coming out for a press conference from his meeting with Azziz.
Baker said the word . . . regrettably and the markets went absolutely NUTS!!!
I'll never ever forget the ROAR that ensued after Baker uttered that word. Gold surged, Crude oil and the other refined products went BALLISTIC and the stock-indexes where I was had no "bids".
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Brilliant recount Landis. Monroe Trout speaks of this moment in Market Wizards - it took $9.5 million out of him in about 10 seconds. Phew!