Home Gold Primer Q&A Daily Market Report Gold IRA Gold Coin Prices Charts Stats Essays Site Overview High Net Worth How to Buy Gold Live Gold Price Breaking Gold News Mobile Gold Price Gold Coin Images About Us-Contact Search Video Round Tables

Welcome to the USAGOLD Gold Discussion Archives. The archives of this gold discussion forum are a treasure trove of information to educate investors about protecting their wealth through portfolio diversification with private gold ownership. The discussion forum also covers the wider issues of the past, present, and future role of gold in international monetary policy and the dynamics of the modern gold markets...   (Discussion Forum Hall of Fame) (The Gold Trail) ("Thoughts!" by ANOTHER)   The opinions posted by all guests are expressly their own and do not necessarily represent the views of the management or staff of USAGOLD - Centennial Precious Metals. The hosting of the public discussion shall therefore not be construed as an endorsement by USAGOLD - Centennial Precious Metals of any of the opinions posted here.

FORUM ARCHIVES

Select date of the archive you wish to view Month 1 2 3 4 5 6 7 8 9 10 11 12 Day 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Archives date back to September 22, 1998

WELCOME TO THE ARCHIVES!

ARCHIVED DISCUSSION FROM 2/1/2006
All times are U.S. Mountain Time

(Yesterday's Discussion.)

Rook (2/1/06; 22:00:38MT - usagold.com msg#: 141133)
.,.
Towncrier, great photo of gold coins.

mikal (2/1/06; 20:08:25MT - usagold.com msg#: 141132)
Options, derivatives etc
http://jessel.100megsfree3.com/ProgramTrading.png
"Program Trading has risen from 19% of listed NYSE volume on average in 1999, to 56% on average, today" - Midas report
ProgramTrading.png

Chris Powell (2/1/06; 19:14:01MT - usagold.com msg#: 141131)
Credit Agricole brokerage endorses GATA and warns clients: Start hoarding gold
http://groups.yahoo.com/group/gata/message/3634
Latest GATA dispatch.


To subscribe to GATA's dispatches, send an e-mail to:

gata-subscribe@yahoogroups.com



The Invisible Hand (2/1/06; 18:30:46MT - usagold.com msg#: 141130)
Greenspan Associates – three snips
http://news.enquirer.com/apps/pbcs.dll/article?AID=/20060201/BIZ/602010312/1076/BIZ
Although he will turn 80 in five weeks, Greenspan has no plans to retire. Instead, he will return to running his own economic consulting firm - Greenspan Associates.

http://money.cnn.com/services/tickerheadlines/for5/200601260619DOWJONESDJONLINE000559_FORTUNE5.htm
From 1954 to 1974 and from 1977 to 1987, Greenspan was Chairman and President of Townsend-Greenspan & Co., Inc., an economic consulting firm in New York
In addition to consulting work, Greenspan also plans on giving speeches and writing a book.

http://news.ft.com/cms/s/bf09a6d8-9348-11da-ab7b-0000779e2340.html
Apart from setting up his consultancy firm, Mr Greenspan has been working on a book on international economics, which will draw on the history of economic thought.

mikal (2/1/06; 18:20:26MT - usagold.com msg#: 141129)
Gold
http://www.torontosun.com/Money/2006/02/01/1421004-sun.html
Going For Gold - Toronto Sun - February 1, 2006

The Invisible Hand (2/1/06; 18:09:41MT - usagold.com msg#: 141128)
Bush misfires in drive to end ‘oil addiction’
http://news.ft.com/cms/s/0a780800-936a-11da-a978-0000779e2340.html
SNIPS
George W. Bush runs the risk of alienating the world's biggest source of oil with his plan to end America's "oil addiction", Opec delegates, oil ministers, energy experts and even some environmentalists said yesterday.
+
Only last year, Ali Naimi, Saudi Arabia's oil minister, called on the US and other oil-consuming countries to give producers a road map of future demand to help petrostates decide how much to spend on new production capacity. Such a road map would also help the industry avoid the pitfalls of the 1970s and 1980s, when producers spent billions of dollars on new oil production only to see demand drop – in part because of new US and European energy policies – and capacity lie idle for nearly two decades.

Mr Bush has not heeded that call, Opec delegates said.


http://news.ft.com/cms/s/8d5c9580-9368-11da-a978-0000779e2340.html
OPEC ISSUES WARNING ON BUSH OIL PLEDGE
SNIP
The Organisation of the Petroleum Exporting Countries on Wednesday warned that President George W. Bush's proposal to reduce US dependence on Middle Eastern oil could badly jeopardise needed investment in Gulf oil production and refining capacity.
Opec delegates and officials said the group planned to make this point in its as yet unpublished commentary in the cartel's January bulletin next week.

==

Why did Belgian leave?
Think deeply.
The war is starting in the open.


Flatliner (2/1/06; 14:41:14MT - usagold.com msg#: 141127)
Thoughts of Skeletons
http://www.usagold.com/GoldTrail/archives/ANOTHER4.html
Included herein are words that I fished out of the archives. Written in May of ’98, it seems that they will never get old.

Snip:

The urgent drive to create a new "reserve currency" began in the early 80s, after the last small "gold war". The road to making this new Euro did never include gold in large amounts, until the last few years! Even one year ago, the news would say, 5% or less. Today, we speak of a much greater amount! This is interesting, yes? The BIS did "hatch" this deal in a very late fashion! [1>]The future of the Euro was found to be "weak", as the Middle East oil imports onto the continent would continue in dollars! This was so from the dollar being made strong in gold [<1]. [2>]Gold priced in dollars at near production cost, offered a "no switch currency" position, for oil [<2]. This position has been unstable for the last year, and the alternative of a switch to gold was in progress! You have read my "Thoughts" before. Now the BIS does offer to "change the rules of engagement", a real reserve currency is offered!
Few do grasp what is happening and why! They think the holding of gold reserves by the Euro is of a little point, as to what good are gold reserves? One cannot use gold as Marks or Yen to intervene in currency market to support the Euro. My friend, the BIS has played the, as you say, "big poker hand"! [3>]The holding of large reserves by the ECB and the withholding of sales from the market will not only bring the end of the London paper gold market, it will, thru a high USD gold price, "make the dollar weak in gold"! [<3] [4>]From this position, the dollar will lose the "oil backing" from the Middle East! [<4] [5>]At first, all oil for Europe will be in Euro's, then all producers want "strong currency"! [<5]
There is more: Many say, how to defend Euro without much currency reserves? If gold go to many thousands US, what will be used to bid for Euro as defense? I say, these persons will find a problem on their computer screens! You see, the Euro will start as "nothing", no holdings of size, anywhere! The dollar is held as reserves as "the stars in heaven"! It is to say, [A>]"the dollar will bid for the Euro"[<A], not "the Euro will bid for the dollar"! All currencies will "flow into the Euro for trade". But, if the Euro becomes so strong, how to compete in world trade? [B>]It will be the price of oil that will make the "trading field" level! [<B] [C>]The soaring US$ price of gold will make even a 10% Euro reserve be as 100% today, in USD! Oil will become, very, very cheap in Euros and allow that economy to do well! [<C] Many other countries will see this and also want to join the new "world reserve currency" that has become"the new world oil currency"!
:End snip

[1] Here, Another references the "Strong Dollar" and the perceived weakness of the Euro. When I first started following words in this forum I had a different view of a "Strong Dollar." This article helps for anyone that is unfamiliar with the topic (http://www.bibleprophesy.org/silverismoney/Inflation_Deflation_During_Hyperinflation.html). To sum it up, the US dollar is so strong it could buy many times the amount of gold in the world. Anyone holding US dollars has found it easy to buy gold. Putting this together with Another's words, it seems that the Euro snuck it's way into the global arena and the creators of this currency made sure that oil trade continued in US dollars rather then Euros. Oil backed the US Dollar so this was trivial to implement.

[2] Also, we have all learned that miners have been complaining about the low price of gold for years. GATA has done a great job showing us not only that the price has been held down, but that miners have barely been able to make a living. The Oil producers liked it this way because gold came easy. They backed the US Dollar because of this.

[3] The purpose for holding large gold reserves is not so that they can be sold to defend currencies, but rather as a tool by which they can manipulate the price of gold. The idea here is that there is enough demand in the world to exceed mine production. This has been going on for years. CB's have been filling the gap – waiting. As they withdraw supply, the price will jump. Take note here that the CB's of the world are not targeting the Dollar as its function in economic trade, but rather the US Dollar as a direct function against Gold. They are not withholding anything but Gold. They are targeting Gold. If they succeed, we will see gold act very strange as if living through its on little hyper-inflation against the US Dollar.

[4] As the price of Gold goes up relative to the US Dollar, Oil producers will feel shorted. They will no longer be able to buy as much gold with their oil. They will, well, probably not like this. One would think that they would want to receive more US Dollars to make up for the shortfall Ounces/Barrel. During this time, they will probably look around to see what other currencies they can use and make deals in them. At this point, I would expect all currencies to be on a relatively level playing field. No one currency will stand out but clear trade partners (paths) can be seen. Naturally, there is a strong link between countries that trade in the Euro and oil producers. One would naturally expect these links to get stronger.

[5] During the time when new connections are made using local currencies, all currencies will be considered weak. But Oil producers will want a currency that is strong in gold. They will lean towards any currency that is strong in gold. If they don't get it, they will probably demand it. Here, I would expect another oil embargo so as they can make their point very clear to the entire world. Also, I would expect that during this time, we will see the price of gold in Euros stabilize, while the price of gold in US Dollars will continue to be unstable. Given a little time, the Euro will buy more gold then the dollar will thus giving the oil producers what they are looking for.

[A] Meanwhile, everyone today buys oil using US Dollars. They hold them not because they are strong in gold but because they are backed by the Oil Producers. When the Oil Producers demand a currency strong in gold, people will race out of dollars into whatever currency that fits the bill. If that is the Euro, then, the dollar will bid up the Euro.

[B] The Euro will not be forced out of international trade because of its strength. This is the problem that we have right now when too many countries race to buy one currency. That currency becomes so valuable that no one will buy the exports from that country. Thus, international trade comes to a standstill. But, the price of Oil will level the playing field because the price of Oil in Euros will be really cheap. Where as the price of oil in other currencies (US Dollar) will be really expensive. Here, one would expect that at some point Oil in Euros may be 40 while Oil in US dollars may be 400. If you really think about this, it will be very expensive to manufacture something in the US and try to sell it internationally. At the same time, the strength of the Euro, being 10 times that of the US Dollar will make their goods *relatively* just as expensive to buy. Thus, Oil, priced differently in these two currencies may (will) balance the trade problem.

[C] If a country holds currencies on reserve in order to buy oil, then a small amount of Euros on reserve will be like having a large amount of US Dollars. The strength that everyone has seen for years in the US Dollar will gradually change to that of the Euro.

Now, I may have this completely wrong, but it just seems to make sense to me. Reflecting on this scenario, it appears that we are in a revaluing process right now for the price of gold. The function of this revaluing process is to make the US Dollar weak in gold. The by product of this action should be clear – the US Dollar will lose the backing of Oil producers. Oil producers want a US Dollar strong in gold. How high does the price of gold have to go relative to the US Dollar for the Oil Producers to give up support?

Would current prices be enough? Actions around the world seem to point to the fact that Oil Producers are securing deals, in private, based on trade rather then US Dollars. It would appear that the US Dollar backing is losing strength. But, the price of gold is still going up relative to all currencies. I would expect that at some point, we will see the Euro stabilize whereas the US Dollar's price of gold will continue to rise.

In other words, if the Oil Producers drive the price of oil up in US Dollar terms in order to make up for the US Dollar weakness in gold, the Fed will be forced to print lots of Dollars in order for the world to have enough US Dollars to buy oil. This will continue to weaken the US Dollar in real terms. At that time, we should see the Euro and US Dollar diverge on the world markets. At that point, the Euro will start to gain strength and we'll see a lower oil price in Euros then US Dollars. There will just be too many US Dollars floating around.

Ah! To me, it seems that we are only part way through Another's thoughts (predictions). I would expect that in the near future there will be an Oil embargo to the US. The price of Oil will jump significantly to make up for its weakness with regards to buying gold. We will also see a divergence between the Euro and Dollar but only once the price of gold in the Euro is at a level that works for their system. What that price will be? Who knows!

To quote Another "We watch this new market, yes?"


TownCrier (2/1/06; 13:58:25MT - usagold.com msg#: 141126)
Gold rush continues despite soaring prices
http://www.business-standard.com/bsonline/storypage.php?&autono=213758
(India Business Standard) February 02, 2006 -- Gold rush continues despite soaring prices
Our Regional Bureau / Chennai February 02, 2006
If the sales at the jewellery shops in the city are any indication, the soaring prices of standard gold does not seem to have affected the demand for gold jewellery during this wedding season.
 
Jithendra Vummidi, partner, Vummidi Bangaru Jewellers, says: "Usually a rise in the price of gold is followed by a fall in the price. However, in the last six months the price of gold remained on the upswing. As a result, people have stopped waiting for the price to fall to buy gold, which was the case whenever there was a rise in the price. Moreover, as it is a wedding season, the customers cannot postpone buying of gold."
 
Vummidi added that more than 50 tonnes of gold worth Rs 400 crore is consumed by South Indians during the months of January and February, a wedding season.

^---(from url)---^

When your choice is between surplus paper or solid gold, always go for the gold.

R.

USAGOLD Daily Market Report (2/1/06; 13:53:00MT - usagold.com msg#: 141125)
Page Update!
http://www.usagold.com/DailyQuotes.html
The Daily Gold Market Report has been updated.

If you are considering investments in gold we invite you to request our free introductory information packet detailing the products and services offered by USAGOLD ~ Centennial Precious Metals. We welcome your inquiry and look forward to working with you.

WEDNESDAY Market Excerpts

Gold trades two ways, profit-taking meets dip-buying

February 1 (from Reuters) -- Gold futures in New York slid from a 25-year high on profit taking on Wednesday, but sentiment generally remained upbeat on prospects for continued near-term strength in the market, traders said.

Investors mainly were adjusting positions slightly after a fund-led rally that powered gold to fresh quarter-century highs this week, and no fundamental factors had changed to spark any sustained pullback, said market sources.

"There was some profit taking, probably some investment bank positions squared up, that took us lower," said a trader at a precious metals refiner in New York.

COMEX April gold futures settled at $574, off $1.50 on the day after patrolling a range of $576.40 to $567.60.

Heavy selling pounded gold lower in early trade, but bargain hunting emerged at the mid-$560s area.

"I think the dips are buying opportunities, a chance to do business down at prices that others might have missed," said the trader.

"That gives us stronger sentiment and a base in the market for higher prices, so the rally is looking better and better in my eyes."

---(see url for full news, 24-hr newswire)---

TownCrier (2/1/06; 13:19:11MT - usagold.com msg#: 141124)
Treasuries slide as supply accentuates Fed fears
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh05542_2006-02-01_20-10-07_n01540488_newsml
NEW YORK, Feb 1 (Reuters) - U.S. Treasury debt prices sank on Wednesday as the prospect of fresh government borrowing and the possibility of more interest rate hikes by the Federal Reserve sent benchmark yields to 10-week highs.

In the debt-issuance bonanza it calls a quarterly refunding, the Treasury said it will sell $48 billion in new debt, more or less in line with Wall Street expectations.

But the mere thought of absorbing all that issuance put traders in a cheapening mode...

... the oncoming barrage of supply overwhelmed bulls...

^---(from url)---^

Unprintable gold metal is the superior reserve (savings) alternative to unlimited IOUs.

R.

Smeagol (2/1/06; 12:50:06MT - usagold.com msg#: 141123)
To ssee It... is to want It! ~8-)


Rimh (2/1/06; 12:37:00MT - usagold.com msg#: 141122)
TC - your link to the treasure clues...
Is it short for "we bads" in traditional smeagolese....

(just kidding - nice pics!)

R

Smeagol (2/1/06; 12:17:06MT - usagold.com msg#: 141121)
Musings...
Hmmm... let's ssee, precious... gold and silver in a supply deficit... much more metal leased than is available... metal obligations coming due or overdue... we are thinking ssomebody is going to kill two birds with one London Good delivery bar here, because during the revaluation, SOME metal will be chased from weaker hands - after all, many WILL happily trade in their metal for a profit along the way, not knowing the rest of the sstory - and maybe those in a bind will get enough metal to ssatisfy the backlogs and fix/avoid defaultss?

S.


Goldilox (2/1/06; 11:55:28MT - usagold.com msg#: 141120)
Prettiest coin
@ Druid,

As an animal lover, I would vote for the Panda or the Roo, although the Philharmonic is very nicely done.

Druid (2/1/06; 11:39:15MT - usagold.com msg#: 141119)
Doh!

Druid: This is it. We somehow get TC on bubblevision. His story, TC has been painting portraits of shiny for some seven plus years now and would like to paint one during a live broadcast. The difficult part here would be selecting the prettiest coin because, well after all, we're trying to reach out to the "smart money".

Goldilox (2/1/06; 11:10:23MT - usagold.com msg#: 141118)
Cheerleading
OOOOO -

TC in a short skirt and wool sweater. Not an enticing visual image!

I bet he can handle the pompoms, though!

Black Blade (2/1/06; 10:51:25MT - usagold.com msg#: 141117)
Goldilox - Treasure Hunt
Ever see the flick "It's a Mad Mad Mad Mad World"? This "Teasure Hunt" sounds like a similar setup to have a bunch of crazy people racing about the country to beat each other out of caches of gold. Could be ... shall we say "interesting"? ;-)

- Black Blade


Druid (2/1/06; 10:47:59MT - usagold.com msg#: 141116)
Goldilox (2/1/06; 10:21:13MT - usagold.com msg#: 141114)

Druid: Now, all we have to do, is dress TC up accordingly (chearleading outfit of some sort) and get him a spot on bubblevision(CNBC) and $1,000.00 per ounce would be but a speed bump along the way.

TownCrier (2/1/06; 10:36:43MT - usagold.com msg#: 141115)
OK, treasure hunters, here's a clue...
http://www.usagold.com/webads/gold-coins.jpg
See link for treasure contact info. A sure thing.

R.

Goldilox (2/1/06; 10:21:13MT - usagold.com msg#: 141114)
Gold Stories on CNBC Bubble Vision
Don't know if they are changing their tune or just pandering to their latest gaggle of advertisers, but they seem to be increasing coverage.

Now they're interviewing Mark Burnett, the producer of Survivor about a new online "reality" game, using AOL as a hub for "clues" to a gold treasure hunt called "Gold Rush".

TC has been handing out daily "clues" to finding your personal gold treasure for years!

silverport (2/1/06; 10:06:54MT - usagold.com msg#: 141113)
THE GREATEST COUNTERFEITER
News has been released that one of the biggest counterfeiters of all time has retired.The unnamed man in his late seventies started nearly twenty years ago,and has masterminded the operation from Washington ever since.Many trillions of currency ended up overseas where he was seen in the company of presidents'sheiks and prime ministers.As he looks forward to his golden retirement,only time will tell the damage that has been done to America,and the authoritieshope he will not be followed by someone even worse. Proverb-Life is either comedy or tragedy,give us the wisdom to know the difference.

Goldilox (2/1/06; 10:04:43MT - usagold.com msg#: 141112)
Ford Truck sales fall 7% in December
CNBC story -

It looks like Santa just didn't bring the normal allotment of "big boy toys" this year.

Goldilox (2/1/06; 09:12:45MT - usagold.com msg#: 141111)
Gold below $570 on profit taking
http://business.iafrica.com/news/878584.htm
snip:

The spot price of gold on Wednesday declined below $570 a troy ounce on profit taking and a strong dollar against the euro, traders said.

At 1.45pm, gold was quoted at $568.38/oz, down $0.37/oz from the previous close. On Tuesday gold traded as high as $572.95/oz — its best level since January 1981.

The euro was last quoted at $1.2095, down $0.0046 from late trade on Tuesday.

"Gold is lower on the stronger US dollar. After yesterday's peak, the market has gone quiet, with market participants exhausted after the activity in January when gold ended the month at a fresh 25-year peak," a London- based trader said.

"The market is sighing in relief and returning to its old ways of fluctuating with the US dollar. The gold market remains bullish. However, if the turmoil in the Middle East is resolved and Iran gives up its uranium enrichment then the gold price will drop," he added.

"The key factors that are supporting gold are the high oil price, Middle East turmoil and general strength in commodities, with aluminium over $2,500 a ton," he said.

Investment bank UBS has increased its one-month target for the gold price to $575/oz, although the bank expects a correction at some point, London-based UBS analyst John Reade wrote.

UBS continues to forecast gold at $555/oz on a three-month view, he added.

Gold ran into profit taking as traders in Hong Kong and Singapore, returning from their Lunar New Year celebrations, took advantage of the stronger gold price, UK-based TheBullionDesk.com analyst James Moore wrote.

"Continued investment interest and safe-haven positioning as concerns grow over Iran's nuclear policy and the victory of Hamas in Palestine will provide gold with good scaled down support with the metal still looking set to target $575/oz in the short-to medium term," he added.

-Goldilox

Another "analyst" who is all over the map. "Gold will drop, but UBS and others' target remains high." Gold moved against the $ for one day, and they're all "sighing" that it returned to previous contrary directional movement. EXCUSE ME?

All I've witnessed is the last couple days is a chance to flip 33% of my PM equities in a Sinclair-style move and take a couple grand off the table while repurchasing my original holdings.

TownCrier (2/1/06; 09:02:58MT - usagold.com msg#: 141110)
HEADLINE: Why you must buy gold
http://ia.rediff.com/money/2006/feb/01perfin.htm
(Rediff India Abroad) February 01, 2006 -- In recent months, gold has caught the fancy of many an investor. And why shouldn't it? Gold prices have risen by over 17.80% in 2005 and more than doubled since September 2000. And if the 'experts' are to be believed, there is a lot more steam left in gold prices.

...Gold is a commodity the price of which is determined by various factors apart from its demand and supply. Also, it is a commodity that is priced in US Dollars as against our local currency (the price of gold is determined in international markets; domestic prices track the international price very closely).

What becomes apparent is that the factors that affect the price of gold are rather different from factors that affect other assets like say domestic fixed deposits. And therefore, if inflation in India were to dent the value of the Rupee, and consequently your wealth, it will have no impact on the price of gold (other factors remaining the same) thereby lending support to your wealth. In fact, in times of inflation, the smart money tends to move to gold, thereby driving up its price.

The preference for gold stems from the fact that it is readily available in a standardised form. Moreover, storage is not that big an issue as compared to, say, crude oil!

As mentioned earlier, at present the interest in gold as an investment destination is palpable.

In our view, gold is a must in every portfolio. However, the extent to which you should be invested in it should depend on your overall asset allocation.

^---(from url)----^

Call USAGOLD-Centennial for friendly and professional assistance in adding gold to your portfolio.

The call is free, and the metal is very nicely priced.

1-800-869-5115

R.

TownCrier (2/1/06; 08:51:49MT - usagold.com msg#: 141109)
Gold may hit $610 but Indian demand will glitter
http://in.today.reuters.com/news/NewsArticle.aspx?type=businessNews&storyID=2006-02-01T143810Z_01_NOOTR_RTRJONC_0_India-234750-1.xml
MUMBAI (Reuters) - World gold prices are likely to rise to $610 an ounce by March/April, but this is unlikely to deter Indians from importing the same amount of the precious metal in 2006 as last year, the head of the country's leading bullion trade body said on Wednesday.

Mukul Sonawala, president of the Bombay Bullion Association, said "There is inherent strength in the market... All the fundamental factors are pointing to that."

^---(from url)---^

$610 by March/April? Buy now and save.

R.

Goldilox (2/1/06; 08:49:17MT - usagold.com msg#: 141108)
Sir GS
Well, at least now he can "earn" his knighting. Perhaps he'll tell Gordy to buy back the gold so foolishly sold earlier.

TownCrier (2/1/06; 08:43:36MT - usagold.com msg#: 141106)
Germany's Merkel recruits Bundesbank official as chief economic advisor
http://www.forextv.com/FT/AFX/ShowStory.jsp?seq=68997
BERLIN (AFX) - German Chancellor Angela Merkel has recruited a top Bundesbank economist, Jens Weidmann, to advise her in economic matters, a German government spokesman said today.

^---(from url)----^

Central bankers in demand and on the move.

R.

TownCrier (2/1/06; 08:41:16MT - usagold.com msg#: 141105)
Greenspan Joins Brown
http://www.sky.com/skynews/article/0,,30400-13501467,00.html?f=rss
February 01, 2006 -- Former US Federal Reserve chairman Alan Greenspan has a new job.

Mr Greenspan, who retired on Tuesday after 19 years, will offer advice on global economic change as the Chancellor of the Exchequer Gordon Brown prepares for a series of meetings with world business leaders.

Mr Brown just days ago described Mr Greenspan as "not only one of the world's most outstanding economic policymakers, but the greatest economist of his generation".

Mr Brown says he is "delighted" with Mr Greenspan's decision to become an honorary adviser, adding that his help "will be much appreciated".

The Treasury said that Mr Greenspan's role would involve regular meetings with Mr Brown but no pay cheque.

"Mr Greenspan has declined any direct remuneration," the Treasury said.

^---(from url)---^

Greenspan sure does love his policy-level economics. No suprise, then, that he's going directly where the 'action' is.

R.

TownCrier (2/1/06; 08:02:16MT - usagold.com msg#: 141104)
Bernanke sworn in as new Chairman of the Fed
http://www.usagold.com/gildedopinion/bernanke.html
February 1, 2006 -- Ben S. Bernanke on Wednesday became the fourteenth Chairman of the Board of Governors of the Federal Reserve System and the Chairman of the Federal Open Market Committee, succeeding Alan Greenspan. The oath of office was administered in the Board Room at 9:00 a.m. by Vice Chairman Roger W. Ferguson, Jr.

The Senate confirmed Dr. Bernanke as Chairman and as a member of the Board on January 31, following a hearing on November 15 by the Senate Committee on Banking, Housing and Urban Affairs. President Bush announced his intention to nominate Dr. Bernanke on October 24.

Dr. Bernanke's four-year term as Chairman ends January 31, 2010, and his fourteen-year term as a member of the Board ends January 31, 2020.

---------

For background and commentary on the implications of Bernanke's chairmanship upon the future of monetary policy, see the URL given above.

R.

Goldilox (2/1/06; 07:59:52MT - usagold.com msg#: 141103)
Russia could reduce gold production 2 tonnes in 2006
http://www.interfax.ru/e/B/finances/26.html?id_issue=11457826
snip:

MOSCOW. Feb 1 (Interfax) - Russia could reduce gold production 2 tonnes to 166 tonnes in 2006, Valery Braiko, head of the Gold Producers' Union, said at a gold industry conference in Moscow.

The Union forecasts that mine production will fall to 150 tonnes in 2006, from 152.026 tonnes in 2005. Incidental or byproduct output will be 11.1 tonnes, or similar to the 11.12 tonnes achieved in 2005, and secondary production or recoveries from scrap will rise to 4.9 tonnes from 4.8 tonnes.

Overall gold production fell 3.5% to 168.032 tonnes in 2005.

Russian jewelers buy around 40 tonnes and banks around 100 tonnes of gold per year.

-Goldilox

Perhaps this is one reason Putin wants gold to "stay home."

USAGOLD - Centennial Precious Metals, Inc. (2/1/06; 07:53:05MT - usagold.com msg#: 141102)
Reap a golden harvest!
http://www.usagold.com/webads/gold-coins-13.jpg
For helpful consultation and best prices, call TOLL FREE

1-800-869-5115

Office Hours (Denver/Mountain Time)
8:30am - 6:00pm
Monday - Friday

USAGOLD / Centennial Precious Metals, Inc. (2/1/06; 07:49:07MT - usagold.com msg#: 141101)
FREE Gold Information Packet...
http://www.usagold.com/Order_Form.html





Rook (2/1/06; 07:14:01MT - usagold.com msg#: 141100)
.,.
Invisible Hand,
chaff
Botany. Thin dry bracts or scales, especially:
The dry bracts enclosing mature grains of wheat and some other cereal grasses, removed during threshing.
The scales or bracts borne on the receptacle among the small individual flowers of many plants in the composite family.
Chaff can extend pretty far depending on where we draw the line between it and the grain. Are you figureing gold in hand as the chaff free state? I suppose fiat qualifies as chaff.

Cavan Man (2/1/06; 04:15:12MT - usagold.com msg#: 141099)
The Invisible Hand
Very interesting.....thanks....I will forward to my friends in the East....

PRITCHO (2/1/06; 03:00:57MT - usagold.com msg#: 141098)
Richard Russells Latest Comments - - -
http://ww1.dowtheoryletters.com/DTLOL.nsf
More words of wisdom from the master - --
January 31, 2006
SNIP:
Question -- Russell, everything I read or hear is to the effect that "gold is overbought and is on the edge of a major correction." Others say that "gold is in a speculative blow-off and therefore should be avoided." Does that mean that we should stand aside or take profits?

Answer -- The great majority of these bearish "experts" have never dealt with gold nor have they lived through a precious metals bull market. Those subscribers who were with me during the late-1970s remember how gold acted when it finally turned speculative during 1978, 1979 and 1980. Huge surges, frightening correction, wild action, tremendous volatility.

Compare that action with what we see today. The fact is that gold has been climbing carefully, almost tediously, with nothing to suggest "blow-off" action. Actually, we haven't had a day in months in which gold moved up or down as much a three percent. So far, the funds have purchased very little in the way of gold. Actually, the great majority of mutual fund hold no gold at all. The idea of owning gold has not even occurred to the average US investor.

Do you know anyone, any friend, business associate, relative, who has bought a substantial amount of gold -- or for that matter, any gold at all? I get e-mails almost daily asking how and where to buy gold. I often wonder how many of my own subscribers have put as much as 5 percent of their liquid assets in gold or silver. My guess is -- very few.

Finally, I don't give a damn how much "stuff" I hear about gold being overbought, gold in weak hands, gold shorted by the Commercials, gold overvalued. When a great primary bull market gets rolling, it always provides "shock and awe" for the detractors. That's about where we are now in the gold bull market -- just far, far from the end of the road.

The truth is that almost every comment about gold that I hear is a warning to the effect that gold is in a "dangerous, speculative blow-off." What do they know! When this gold bull market finally moves into its third and final phase, you won't believe the upside action that will materialize. Remember that saying that we last heard in 1978-79 -- "There's no fever like gold fever." Somewhere ahead, maybe a year, maybe five years -- gold fever will strike big-time. And it will be a sight to behold. What we're seeing now is "nothing," nada, the early creaking of a great bull market just pushing upward off its belly.

The Invisible Hand (2/1/06; 02:27:37MT - usagold.com msg#: 141097)
Is this the reason why Belgian shrugged?
http://muse.jhu.edu/cgi-bin/access.cgi?uri=/journals/new_literary_history/v028/28.2boyle.html
SNIP
"I cannot": Thomas Aquinas replied to an anxious inquiry about why he had abruptly ceased writing and dictating his "Summa theologiae". His companion and confessor, Reginald of Piperno, afraid that overzealous study had induced insanity, insisted that he continue. "I cannot," repeated Aquinas, "because everything that I have written seems to me chaffy." Reginald was stunned. Within the month Aquinas decided to visit a sister but upon arrival remained withdrawn and taciturn. "Why," asked his sister, "is he stupefied and hardly speaking to me?" Reginald explained the case: "From about the feast of St. Nicholas he has been in this state, and since then he has composed nothing." Reginald importuned Aquinas to tell him why he refused to write and why he was stunned. After many interrogations Aquinas answered, "I adjure you by the living almighty God, and by the faith you have in our order, and by charity that you strictly promise me you will never reveal in my lifetime what I tell you. Everything that I have written seems to me chaffy in respect to those things that I have seen and have been revealed to me."



ViewYesterday's Discussion.

Permission to reprint is hereby granted where the USAGOLD name is cited along with our web address, mailing address and phone number. For electronic reproductions, citing the post heading and the http://www.usagold.com/cpmforum/ website address as the source is sufficient.

Wednesday February 8
website support: sitemaster@usagold.com
Site Map - Privacy- Disclaimer
The USAGOLD logo and stylized gold coin pile are trademarks of Michael J. Kosares.
© 1997-2012 Michael J. Kosares / USAGOLD All Rights Reserved