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ARCHIVED DISCUSSION FROM 5/1/2001
All times are U.S. Mountain Time
(Yesterday's Discussion.)
justamereBear
(05/01/01; 23:27:27MT - usagold.com msg#: 52921)
@ All & Peter Asher
First blush, I would say that the current account defict is where all the money that AG & Co have been manufacturing of late is going. Inflation is disturbingly benign. That money is all being shipped overseas, at a time when the dollar is under attack from various points, such as the euro. What happens when it wants to come home?
Linsay had better hope that the world can continue to find things to spend money on in, or reasons to send money to, the US.
The man is a "genious" at the positive spin.
j'Bear
Horatio
(05/01/01; 23:13:45MT - usagold.com msg#: 52920)
money lenders
Maybe the 2nd comming will bring a savior that will drive the money-lenders from the temple and the U.S.all at once
Horatio
(05/01/01; 23:10:27MT - usagold.com msg#: 52919)
Canada
Canada should U.S.Dollar-ize if they want to go the way of Argentina.Then the IMF could lend them some money and place rules on them that will guarantee collapse of the countrys exports and throw them into the hands of the money lenders.
The Shylocks Who will promptly take thier gold and silver mines as collateral by way of a mining tax.
Theres nothing new here'same ol money lenders.
justamereBear
(05/01/01; 23:08:25MT - usagold.com msg#: 52918)
A bit long But here it is
Not available
Look at that whitewash go on!!!!!!
Top Financial News
05/01 22:08
Low U.S. Savings Is Biggest Challenge to Economy, Lindsey Says
By John Cranford, Al Yoon and Heather Bandur
New York, May 1 (Bloomberg) -- Declining savings by Americans is the biggest problem facing the U.S. economy and will take the rest of this decade to reverse, said Lawrence Lindsey, chief economic adviser to President George W. Bush.
``Last year, the private sector spent $700 billion more than it earned after taxes,'' equal to 7 percent of gross domestic product, Lindsey said in a speech to the annual convention of the Society of American Business Writers and Editors in New York.
With the private savings rate falling to a minus 1 percent in the first quarter, the lowest since the Great Depression, Americans are ``going to have to save more,'' he said. That can't happen suddenly, or the drop in spending might ``precipitate a recession,'' Lindsey said. ``The process is a decade-long challenge for us.''
Lindsey said he wasn't particularly concerned about falling stock prices or slowing growth, and argued that the administration's tax-cut proposal is needed to ensure the economy keeps expanding. Although growth has slowed, ``the overall health of the economy is excellent,'' he said.
The Nasdaq Composite Index has fallen about 20 percent since Bush took office Jan. 20 and the Dow Jones Industrial Average was down as much as 11 percent before rebounding in April to show a 3 percent gain as of today.
`Monitoring the Situation'
``Obviously, we are monitoring the situation,'' he said. ``It wasn't a complete surprise'' that stocks have declined, given widespread reports of weak earnings, he said.
``I don't know if markets will go up or down from here,'' Lindsey said. ``America is the best place in the planet to invest. As long as that's the case, prospects for America are very, very good.''
To ensure that remains true, he said, the Bush administration will support the Federal Reserve's ``efforts to have maximum non- inflationary growth'' and promote free trade and free capital flows.
The administration has been pushing for tax breaks to help the economy rebound after growth slowed to a 1 percent annual rate in the last quarter of 2000 -- the weakest in 5 1/2 years -- and to boost manufacturing, which has been in a slump since August. The economy grew at a 2 percent rate in the first three months of 2001.
Lindsey said in the current economic environment, ``it's important to keep consumer spending up.'' That's why the administration wants part of its proposed tax cut effective immediately.
Tax-Cut Agreement
Earlier today, Bush and congressional Republicans reached agreement on an 11-year, $1.35 trillion tax cut, Senate Majority Leader Trent Lott said. The plan includes $100 billion in tax cuts to boost the economy this year, as well as $1.25 trillion in long- term tax benefits, he said. Lindsey declined to comment on the agreement, saying he didn't know enough about its specifics.
U.S. savings by individuals was a negative $74.3 billion in the first quarter, the Commerce Department reported last month, compared with negative $51.6 billion in the fourth quarter.
That put the savings rate, which weighs current income from wages, salaries, businesses and government payments against spending, at minus 1 percent for the first quarter. The savings rate improved to minus 0.8 percent in March from a minus 1 percent in February, the Commerce Department reported this week. Savings doesn't account for borrowed money, income from investments, or withdrawals from prior savings.
Money to cover the excess in spending by consumers and business over their savings has come from two sources: government surpluses, which amounted to about 3 percent of GDP, and borrowing from foreign investors, who provided another 4 percent of GDP, Lindsey said.
Current Account Deficit
That 4 percent shortfall represents money the U.S. has to borrow overseas to pay for all the goods and services Americans import and to finance investment, commonly referred to as the current account deficit.
Last year, it widened to a record $435 billion, about 4.4 percent of the almost $10 trillion U.S. GDP. That's up from about 3.6 percent of GDP in 1999 and 2.5 percent a year earlier.
``We're in uncharted territory. We don't know how this will work out,'' he said. ``It's unlikely we can borrow 4 percent indefinitely from the rest of the world.''
Responding to a question, Lindsey said it wasn't necessary for the economy to risk recession or for the dollar to fall or interest rates to rise to solve the savings shortfall.
``People from all over the world are sending their money here because we have gotten it right,'' he said. ``The one thing we don't want to do is signal to others that we don't want their money.''
schippi
(05/01/01; 22:45:21MT - usagold.com msg#: 52917)
Select Gold Wavelet in Lift Off
http://www.SelectSectors.com/wavelet.gif
POG, Wavelet and other Gold Indexes are ALL very STRONG.
Peter Asher
(05/01/01; 22:03:26MT - usagold.com msg#: 52916)
justamereBear msg#: 52915)
I quick calc that @ $6000 per family!
Now, if 50% of the nations familys put $12,000 via 401-K et-al, into the spending hands of stock sellers, then the equation balances.
All AG & Co. need hope for is a simple encore, and the sham/scam continues. It's a simple game, as long as the input is kept running. (:-)
justamereBear
(05/01/01; 21:46:47MT - usagold.com msg#: 52915)
@ All
Just got off the phone with a trader friend who said that just coming over the Bloomberg wire was a report on a Lindsay speach that indicated that American individuals had spent 700 Billion more last year than they took in in after tax income.
Lets see, the tax cuts are for 100 billion. If we stop spending, in order to cut back a bit and just spend what we earn, never mind cut down on the debt a bit, the economy tanks, and employment falls, Etc Etc.
Whether the report is accurate or not, where are the exits?
j'Bear
Black Blade
(05/01/01; 21:21:49MT - usagold.com msg#: 52914)
RAP
Yep! That's just what we need in the west. More Carp ;-)
RAP
(05/01/01; 20:30:40MT - usagold.com msg#: 52913)
I know the price of fish is going up, but this is insane!
http://www.worldnetdaily.com/frame/direct.asp?SITE=dailynews.yahoo.com/h/ap/20010501/us/klamath_water_1.html
"The judge wrote that while it is clear that the farmers face severe economic hardship, the threat to the
survival of the fish is greater."
Tree in the Forest
(05/01/01; 20:22:18MT - usagold.com msg#: 52912)
Bob Leppo - long June gold on Comex
Hi Bob. I saw your post a while ago and it has taken me a week to catch up. You mentioned that you were long June gold, I assume on the Comex. I cannot give you investment advice Bob, but I sure hope you know what you are doing. If you have studied this site, you should know that most of us advocate physical gold and some gold mining shares. The Comex is a pretty dangerous place to be right now. There are now 3 separate confirmations of a significant move down in gold price on Comex. A downward spike is a very possible end for this craziness in the gold market. Indications of this appeared first in a TA analysis made over on longwaves. The prediction there was a drop to $180. The second prediction came from JP Morgan who predicted a POG of $210 by June. And now, we have a third confirmation from Don_L over on GE who says that his option cube is indicating a drop is imminent. Of course you must do your own due diligence and make your own decisions. Just thought you might be interested in this info. Good luck whatever you decide.
auspec
(05/01/01; 20:09:14MT - usagold.com msg#: 52911)
Silver Coins
slingshot & HBM #s52908 52909
In regards to the VG Morgan Silver Dollars, over the last 5 months they have been available at the same price as the VG Peace dollars to a .20c or so premium over the Peace. Have seen them range $7.50, $7.76, $8.25. This is such a tiny market that all of these will soon be gone at anywhere near these prices. We watch the supply dry up together, yes? My dealer said basically "we" {his company} in essence drives this market it is so small. These are unusually low prices for these coins {historically}. Seldom find them under $12 from what I am told.
Per my post 52907 and both of your posts, during the time period that these various coins have gone up the POS has gone DOWN approx 13% {$5 to $4.35 last 5 mos. approx.}. I was hoping to pick them up even cheaper, but not to be.
It is hard to pay too much premium for these coins if one is looking for simply ounces of Ag, but also hard to go wrong at these prices.
HBM--- Do you remember a post # that discussed some fencing directions? Much appreciated.
There are numerous theories as to switching from various categories of coins, bullion, stocks, but this bear has been so prolonged it has been the last thing on my mind. The rare coin market {ultra rarities} has been holding its own to mild appreciation these last few years. It is undoubtably tighter finding quality coins! The word ACCUMULATION springs to mind.
Thanks for your input, Gentlemen!
auspec
slingshot
(05/01/01; 18:53:39MT - usagold.com msg#: 52910)
Correction last post
Add $2.00 more to the price at the dealer.
Getting excited.
Slingshot
Hill Billy Mitchell
(05/01/01; 18:44:24MT - usagold.com msg#: 52909)
auspec @ # 52907
Re: Silver Market tightness
Sir auspec
I embarked upon accumulating PQ BU 1921 Morgans approximately 8 months ago. My goal (1,000 of these coins).
When I bought the first 200 coins I paid $9.50 each. I made a note for myself, "Will never see this price again."
A couple of months later, to my great surprise, I was able to purchase another 200 coins @ $9.25 each.
Two months later I picked up another 200 coins at $9.25 each.
Two months later I was notified that they were availible again @ $9.75 each. I sat on the notice for one day, then called to place an order for another 200 coins. Sorry they say but sold all coins the first day. Called back a week later and finally picked up another 100 coins @ $9.75 each.
Just three weeks ago I initiated contact and bid for 300 more coins. For the first time I was told that I could have 200 coins @ 9.75 each, but that delivery would be delayed(usually delivery was next day shipped.) They would not commit to the full 300 coin order. I now have 900 coins and am still looking hard for the last hundred for under $10.00. At this time it seems the price is around $11.50 - $12.00 each if you can find them.
The upward pressure in price is there, though not as dramatic as you have seen with the VG peace dollars but one thing is certain--supply is drying up.
Very respectfully,
HBM
slingshot
(05/01/01; 18:44:12MT - usagold.com msg#: 52908)
Peace Dollars
AUSPEC Msg.# 52907
According to Magazine COIN PRICES JULY 2001. Prices to be displayed till JULY 3, 2001. Peace Dollars are $8.00 in the Good Grade for common dates. In the Very Good Grade they are still $8.25 per coin. Now take a look at the MORGAN SILVER DOLLAR and COIN PRICES only list VERY GOOD GRADE and that starts at $11.00 per coin. Add at least $2.00 per coin at the dealer. It appears bullion is moving more than coins.
I have a good feeling about this and the price increases in the silver coin market is going to help GOLD. THEY have not made the connection between the shortage in silver coin/bullion to the cheap price of Gold which is what they will turn to when supplys of silver are exhausted. IMHO.
Turn Silver into Gold. Have to be Fast! Cause its not going to LAST! LOW PRICES THAT IS!
Slingshot
auspec
(05/01/01; 17:54:34MT - usagold.com msg#: 52907)
Silver Market tightness
Hey Silver Guys
I have been 'following' VG Silver Peace Dollars over approximately the last 5 months with the following prices:
11-2000 $6.99 per
01-2001 $7.21 per
02-2001 $7.50 per
02-2001 $7.70 per {later in month}
04-2001 $8.25 per
Have yet to see a most recent price, but this 5 month period has shown approximately an %18 increase in these silver dollars. POS {paper} has declined during this time period so this speaks even MORE clearly. Several different sources have commented on the greater difficulty in finding supply of physical silver.
Get it while you can and wait them out!
R Powell
(5/1/01; 15:34:36MT - usagold.com msg#: 52906)
Two fer day
POG up a little right now- 5:30 pm here in Massachusetts. I just got finished working but it looks from the Kitco chart that POG at close was up. The mining stocks had a great day with the XAU up around 3%.
Lease rates were down. Of the three, I think the lease rates are the strongest indicator since higher rates should shut down the gold carry and apply pressure on the lenders to seek a return of the borrowed gold as opposed to a lease extention. Maybe we'll see them higher tomorrow.
Rich
Lafisrap
(5/1/01; 14:31:25MT - usagold.com msg#: 52905)
COMEX gold and silver warehouse stocks-May 1
http://www.futuresource.com/news/news.asp?story=i4146557742022656001
Slightly less than 4 percent of COMEX gold stocks were removed today. Total COMEX gold stcks now stand at 826,090 ounces.
Lafisrap
(5/1/01; 13:38:20MT - usagold.com msg#: 52904)
"Understanding Gold" by Paul van Eeden
http://www.usagold.com/gildedopinion/vanEedenGold.html
Although the article contains much information, if you conduct your business in U.S. dollars this may be all you need/want to know:
***
The gold price is however dependent on the US dollar exchange rate and the US dollar exchange rate is determined by the amount of net foreign investment relative to the trade deficit.
.
.
.
[. . . ] when worldwide conditions change, and the perceived risk outside the United States diminishes, a considerable amount of foreign capital will leave the US. This will cause the dollar to decline and the dollar denominated price of
gold to rise.
***
Randy (@ The Tower)
(5/1/01; 13:32:06MT - usagold.com msg#: 52903)
Even where they want it most, Mother Nature still won't "print gold"
As reported today by Bridge News, India's Ministry of Mines announced that national gold production for the month of March totaled less than a paltry 0.2 tonnes. (0.176 to be precise)
India's gold production during the past full year totaled less than 2 tonnes (again, 1.85 to be precise).
Randy (@ The Tower)
(5/1/01; 13:06:46MT - usagold.com msg#: 52902)
Have you earned your Gold Wings yet?
http://www.usagold.com/halloffame.html
Read this page. Then you, too, can soar peacefully above the media's prevalent anti-gold propaganda.
Randy (@ The Tower)
(5/1/01; 12:57:28MT - usagold.com msg#: 52901)
Did this one get by you the first time... "The Federal Reserve's Worst Nightmare" by James Turk
http://www.usagold.com/gildedopinion/TurkFedReserve.html
From the Gilded Opinion...
-----
...the Fed has a another nightmare that is much worse than a stock market crash. I think there is a bigger problem that makes the Fed's governors wake up at night in a cold sweat. Remember that Alan Greenspan has already experienced one stock market crash. He was first appointed in August 1987. He already has hands-on experience in responding to a market melt-down, so another is probably deemed to be manageable.
I sincerely believe that he and his colleagues are not as concerned by a crash in stocks as they are by a crash in the Dollar.
I think this proposition will soon be put to a test, ...that the stock market will head higher in nominal Dollar terms, but not in purchasing power terms.
-----
(click link to learn more)
Randy (@ The Tower)
(5/1/01; 12:46:25MT - usagold.com msg#: 52900)
Your reading assignment for today... "Understanding Gold" by Paul van Eeden
http://www.usagold.com/gildedopinion/vanEedenGold.html
From the Gilded Opinion...
Understanding the gold price, why it is where it is, why it declined by 40% from February 1996 to August 1999, why the gold industry got slaughtered and why the hedge funds made out like bandits, requires us to look at several aspects of gold and the gold market. ...a proper analysis of the gold market, and an understanding of foreign exchange markets with the role played by derivatives, sheds light on the real factors that determine the gold price.
(click link to learn more)
Old Yeller
(5/1/01; 12:44:56MT - usagold.com msg#: 52899)
Today's comical understatement
http://m1.mny.co.za/MGGold.nsf/Current/4225685F0043D1B242256A3F005F074A?OpenDocument
Anglogold's Bobby Godsell's thoughts on his company's hedge book position;
"We've been fairly modest and conservative hedgers"
Sure Bobby,you and Munkey have been models of restraint in the dynamics of the gold market.
Netking
(5/1/01; 12:44:10MT - usagold.com msg#: 52898)
uponroof
http://www.gold-eagle.com/editorials_01/morgan042801.html
uponroof(52887)
What should we be braced for Sir? ...E.K. is passed it's "Use By" date much to Fuji's pleasure.
Read Mogan's link (per above)& weep...or better still contact our friends at Centennial Precious Metals with a purchase order!
Buena Fe
(5/1/01; 12:06:48MT - usagold.com msg#: 52897)
MAYDAY...MAYDAY....MAYDAY
Mayday......Mayday......come to my help Lord! The rich have defrauded the laborer of his pay! What the rich call wealth (US$) is just wood fibre......not real wealth-gold! Burn what they consider to be wealth.....and raise up your standard - gold.....as a testiment to your promises to hear our cries (international day of Labor May 1st).........Mayday....Mayday
James 5:1-8
FredBear
(5/1/01; 11:49:02MT - usagold.com msg#: 52896)
Carl H (5/1/01; 09:48:35MT - usagold.com msg#: 52890)
I think you'll have better luck if you write a letter. Congressmen do not respond to email generally.
This was my experience anyway.
Peter Asher
(5/1/01; 11:47:55MT - usagold.com msg#: 52895)
Cheney Promotes Increasing Supply as Energy Policy
http://www.nytimes.com/2001/05/01/politics/01CHEN.html
Snippet:
But he said he would oppose any measure based on the premise that Americans now "live too well" or that people should "do more with less."
"The aim here is efficiency, not austerity," he said. "Conservation may be a sign of
personal virtue, but it is not a sufficient basis for a sound, comprehensive energy
policy."
Peter Asher
(5/1/01; 11:38:26MT - usagold.com msg#: 52894)
Link
http://www.nytimes.com/2001/05/01/national/01POWE.html
That should help (:-)
Peter Asher
(5/1/01; 11:31:57MT - usagold.com msg#: 52893)
@ Black Blade & Ironman
Snippet:
All along the river, from Portland, Ore., to
British Columbia, utility companies, aluminum
makers and farmers have joined to help save
California — but at a staggering price.
Charging whatever California's dysfunctional
power market will bear, people in this narrow
stretch of the Northwest have created a kind
of Kuwait along the Columbia.
Old Yeller
(5/1/01; 11:09:43MT - usagold.com msg#: 52892)
Dollar/yen
Pretty impressive rally over the last two days.The old USDX appears to be caught in the crossfire.
Journeyman
(5/1/01; 10:40:14MT - usagold.com msg#: 52891)
Why Central Planning ALWAYS Fails (and Congressmen don't respond to your letters) @Carl H, ALL
http://www.thespiritof76.com/NEX_NEWS/NF_CPX.HTM
Hi Carl H!
There's a good economic reason your Congressmen don't respond to your letters, as you titled your msg#: 52890
"Lack of Responses from Congressmen."
Strangely, it has to do with why central planning always fails.
No!
Really!
See link!
Regards,
Journeyman
Carl H
(5/1/01; 09:48:35MT - usagold.com msg#: 52890)
Lack of Responses from Congressmen
I thought I would also post a comment here that I wrote to my senators, representative, as well as representative Paul of TX regarding James Turk's article. That was a week and a half ago. So far the only response I have received was from an auto responder.
Carl H
(5/1/01; 09:45:03MT - usagold.com msg#: 52889)
Positive Gold Articles
I was just thinking about all the bad press that gold gets these days. I was wondering if there is anyway that the participants in this forum could generate positive articles about gold? For example, I wonder if our host here has sufficient standing to generate press releases that might actually be read?
Anyone have any thoughts?
Galearis
(5/1/01; 09:12:10MT - usagold.com msg#: 52888)
@Lafisrap on silver
The situation described in the James Joyce email would not be an unusual one in terms of price one pays for bullion. I am referring to the $.50 per ounce premium on 100 oz bars. Small coin dealers (etc.) DO regularly charge this for the 50 oz and 100 oz bars. Also for the crude 10ers. The "pretty" bars are premium added. In the east the average price situation for JM 999 fine wafers seems to be approximately $9.50CAN at $8.50CAN/ oz spot - up to $15CAN. Note, however, that price for small liquid wafers has been unchanged for over a year. One still pays $9.50CAN for $6.00CAN silver.
There is much variety in prices too. Novelty rounds that are outdated can be had in 100 oz lots at $7.34/oz (as of last weekend).
Nor is it particularly significant if one Vancouver dealer is running short. Many of these people have to rely on people walking in off the street with bullion they've had under their mattress (etc.); the small dealer does not buy, as a rule, from ScotiaMoccatta or other big bullion banks.
G
uponroof
(5/1/01; 06:45:06MT - usagold.com msg#: 52887)
DROOY.....and the art of 'advertising'
Greetings people,
Just thought I'd stop in and offer my 2 bits on the DRD 'spike' last night. This has happened before, and coincidentally, after a previous negative/confusing quarterly report.
A skeptic might conclude that DRD has a purchasing dept. 'operator' who is instructed to buy shares well above market whenever public sentiment wanes, or bad/confusing news hits the waves. This only adds to the DRD 'mystique' which captivates far and wide. Further conjecture, down this sacrilegious path of DRD skeptisism, would include a few posters, with more than the typical vested interest in DRD, talking up the 'action', always on cue.
Sorry to sound so suspicious, merely offering another perspective. No offense to those who worship at the DRD shrine. As a shareholder, hope I'm wrong and DRD opens way up, but I doubt it.
Meanwhile, little KRY is jumping out of it's channel the last few days.
********
Eastman Kodak, who consumes 1/3? of the dispoasable silver market has an analyst meeting to detail digital strategy... (brace yourselves silver lovers).
********
It's Mayday in Europe and the liberals are protesting American capitalism, trashing McDonald's and Nike stores......if they only knew what is going on in the dollar/gold market.
********
Have a great day!
JMB
(5/1/01; 06:14:40MT - usagold.com msg#: 52886)
So you think you have problems...
MARIA on CNBC
She's having a real bad hair day.
Black Blade
(5/1/01; 05:24:54MT - usagold.com msg#: 52885)
SKIP THE GOV'T NUMBERS - IT'S A RECESSION
http://nypostonline.com/business/29615.htm
Snippit:
If all the statistical trickery was taken out of the way the government calculations inflation, GDP would have gone negative 1 percent - or maybe even 2 percent. As readers of this column know, the government is expert at reducing the amount of inflation in its figures.
Black Blade: As I have said for some time now. Good article by John Crudele of NY Post. He covers a lot of nice tidy info though he misses another voodoo statistic called "seasonality." A bit of truth is leaking into the mainstream media. We've been in a recession for at least the last couple of quarters. If the numbers were based on honest data then a lot of poor unsuspecting sheep wouldn't get sheared. This recession could intensify and last for years. Probably not much time left to pile into a "Gold" lifeboat.
Old Yeller
(5/1/01; 02:41:02MT - usagold.com msg#: 52884)
Mr. Moto's report from the M3 swamp
http://www.piraz.com/monetary/desperat.html
Snippet from the link:
"Any significant rise in the addition of system credit has,for several years,tested very well against the rise in prices of US equity share indices,ie,the activity is either concurrent or very near to that.The relationship is,in fact,undebniable.And what better way to hoodwink American consumers into a secure sentiment,delving deeper into debt,than by arranging support for the big time object of their affection--the stock market."
"I,personally,am never attracted tp participate in share investment under these types of conditions.Should yopu desire to do so'so should you also be aware.The ride is fast and the trail crooked."
I like the looks of our trail a whole lot better.
Netking
(5/1/01; 02:30:39MT - usagold.com msg#: 52883)
@Black Blade - Yet another silver find. . . yawn . . .zzzz
BB(52881)
My reaction to that is "Yeah right!"...This is probably just more fiction about silver like all the tons of the stuff coming here from China at the moment(Yeah right again!)
On this note obviously, silver is coming from sources we can't indentify, from leasing. Whether it is from The Central Banks of the Phillipenes, or Red China, is immaterial. This so called "source" is highly uneconomic and unsustainable. But take a look for substantiation on the China flows sources, and you won't see squat. These China stories are made up by GFMS, and I challenge them to verify their statements. It's always, they know privately, but can't back it up publicly. It's pure "manure", just like their inventory figures. To think the Silver Association publishes GFMS's work as fact, is a disgrace. If they can't back up what they claim to be is true, just assume what they're saying is garbage, and we'll all be safe.
Old Yeller
(5/1/01; 02:02:07MT - usagold.com msg#: 52882)
Look Alan,you've flooded the basement
http://www.gold-eagle.com/gold_digest_01/corrigan050201.html
Quote from Mr. Corrigan:
"If the miners are accurately foreshadowing the metal this means big things for the Yellow Dog and-since we have looked at it in USD terms-possibly for the Greenback.
All I can say to that is;Woof Woof!
Black Blade
(5/1/01; 01:15:10MT - usagold.com msg#: 52881)
DJ Old Chinese Ship,600MT Silver Found Off S Korea's W Coast
http://www.thebulliondesk.com/DJNews\4817627.htm
Snippit:
Citing Chinese and Japanese historical data, Jon said the 2,134-ton ship, leased by the Ching dynasty from Britain, was sunk by Japanese aerial bombing in 1894, with 936 Ching soldiers and 600 metric tons of silver ingots on board.
Black Blade: The 1894 Japanese Air Force? Hmmm…
Lafisrap
(5/1/01; 01:14:45MT - usagold.com msg#: 52880)
Silver, anecdotal info
http://www.lemetropolecafe.com/james_joyce_table.cfm?cfid=10570&cftoken=84247431&pid=1081
Excerpt from the link:
***
From a Café member:
As a matter of interest, I deal with a currency and precious metals dealer in Vancouver who I trust highly. Last week I went in to see him to buy some more silver bars. He had only 1 on hand, he said that it is almost impossible to buy 100oz bars at spot, if I want to spend .40-.50cents more than spot per ounce, he could find more. I called today and he said that after 10 calls, he was only able to source 2 more bars at this time.
***
Me: MK, Randy, can you tell us if this info supported by the activities at CPM? What might be the premium on 100oz bars of gold purchased through CPM? Interesting thought: if there is no premium levied on physical gold/silver obtained through COMEX, it may stand to reason that the available physical gold/silver that might be obtained through COMEX will soon all be gone.
Another excerpt from same link:
***
Also he advised me that the Royal Canadian Mint has NO silver. They have suspended production of Silver Maple Leafs until they buy more silver. No projected date for that!
Draw your own conclusions from that info.
***
Black Blade
(5/1/01; 00:48:30MT - usagold.com msg#: 52879)
Mexican miner Grupo Mexico's Q1 hit by copper prices
http://biz.yahoo.com/rf/010430/n3069320.html
MEXICO CITY, April 30 (Reuters) - High energy costs and weaker copper prices are expected to cut into first-quarter profits at Mexican copper giant Grupo Mexico , offsetting gains from restructuring at subsidiaries. The question, however, is how much these factors will affect the bottom line at the world's third-largest copper producer.
Black Blade: As per this weekends discussion on high energy costs and the effect on Gold and Copper production. Just another example. Expect mine closures and lower output constricting supply.
Black Blade
(5/1/01; 00:42:44MT - usagold.com msg#: 52878)
Americans Feel the Pinch of Rising Energy Costs
http://biz.yahoo.com/prnews/010430/clm015.html
Poll Shows Widespread Concerns About Impact of California Energy
Crisis
Snippit:
COLUMBUS, Ohio, April 30 /PRNewswire/ -- More and more Americans are feeling the pain of increased energy costs, and many are worried that the California energy crisis will have a direct effect on them. Those are the findings of a national poll released today by Americans for Balanced Energy Choices (ABEC), a national non-profit, non-partisan organization that promotes an ongoing dialogue with community leaders in support of a balanced national energy policy. According to the survey (conducted April 4 - 11, 2001), 87 percent of those responding said that they have experienced an increase in household energy expenditures over the past year. The majority (59%) said that they had seen personal household energy expenditures increase a ``great deal.''
Black Blade: However, they can take comfort in that higher energy rates are not in the CPI core rate of inflation and that inflation is benign. Just wait until summer. Reality is finally overcoming mindless chatter. Gold should soon do very well in this environment.
Old Yeller
(5/1/01; 00:40:12MT - usagold.com msg#: 52877)
(No Subject)
Thanks to kapex at the kitco forum for the link.
Old Yeller
(5/1/01; 00:38:37MT - usagold.com msg#: 52876)
Murphy's latest musings
http://www.lemetropolecafe.com/james_joyce_table.cfm?cfid=10570&cftoken=84247431&pid=1081
It would appear as if the ugly step-sisters are having a bit of a divergent outlook on the wisdom of hedging.There is also an extended version of the Kelvin Williams quote Randy refered to yesterday.
Black Blade
(5/1/01; 00:36:39MT - usagold.com msg#: 52875)
FERC order opens debate on Calif. fees for power sales
http://biz.yahoo.com/rf/010430/n3094004.html
Snippit:
WASHINGTON, April 30 (Reuters) - As part of last week's order to revamp the troubled California wholesale power market, the U.S. Federal Energy Regulatory Commission (FERC) proposed a fee on power sales in the state as a way to repay generators owed billions of dollars by financially strapped utilities.
Black Blade: Looks like rates are going up yet again. I mentioned in the past that as Kommissar Davis kept tinkering with the ute market it was only a matter of time before fees or taxes would be forcefully imposed. Check Mate!
Black Blade
(5/1/01; 00:31:23MT - usagold.com msg#: 52874)
Cheney Pushes for Energy Development
http://dailynews.yahoo.com/h/ap/20010430/pl/cheney_energy_5.html
Snippit:
TORONTO (AP) - Vice President Dick Cheney (news - web sites) warned on Monday that the whole nation could face California-style blackouts as he outlined a national energy strategy relying heavily on oil, natural gas, coal and nuclear power development - but not conservation. ``The aim here is efficiency, not austerity,'' Cheney told editors and publishers at The Associated Press annual meeting. The nation cannot ``simply conserve or ration our way out of the situation we're in."
Black Blade: This from Cheney's Energy Task Force. It's not a matter of "if" but "when." Just imagine the toll on the economy as the grid reaches capacity and ultimately collapses.
Black Blade
(5/1/01; 00:24:32MT - usagold.com msg#: 52873)
Canadians should consider dollarization - TD Bank
http://biz.yahoo.com/rf/010424/n24386561.html
Snippit:
TORONTO, April 24 (Reuters) - Canadians should seriously consider using the U.S. dollar as their currency in about 10 years, but in the meantime Canada should adopt policies to support the weak Canadian dollar, Toronto Dominion Bank economists said in a report released on Tuesday.
Black Blade: Monkey see - monkey do!
Black Blade
(05/01/01; 00:21:17MT - usagold.com msg#: 52872)
Guatemala Considers Dollarization
http://biz.yahoo.com/apf/010430/guatemala_dollarization_4.html
Guatemala's Highest Court Delays the Adoption of the U.S. Dollar As the National Currency
Snippit:
GUATEMALA CITY (AP) -- Banks are closing early to stockpile greenbacks. Ads champion the value of new bank accounts in dollars. And some stores have two sets of price tags ready to go. Guatemala was gearing up to become the fourth Latin American country to adopt the U.S. dollar on Tuesday, when a law was scheduled to go into force allowing residents to demand their paychecks in greenbacks, open bank accounts in dollars and settle bills using any foreign currency.
Black Blade: Here we go again.
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