ARCHIVED DISCUSSION FROM 1/14/2003
All times are U.S. Mountain Time
(Yesterday's Discussion.)
Black Blade
(01/14/03; 23:24:23MT - usagold.com msg#: 94456)
Chavez Loyalists Nab Caracas Police Guns
http://www.newsday.com/news/nationworld/world/wire/sns-ap-venezuela-strike0115jan14,0,2229538.story?coll=sns%2Dap%2Dworld%2Dheadlines
Snippit:
CARACAS, Venezuela -- Soldiers loyal to President Hugo Chavez seized submachine guns and shotguns from Caracas' police department Tuesday in what the opposition mayor called a bid to undermine him. Federal interference in the capital's police department is one reason Venezuela's opposition has staged a strike -- now in its 44th day -- demanding early elections. Tuesday's raids stoked already heated tensions in this polarized nation. Greater Caracas Mayor Alfredo Pena said the weapons seizure stripped police of their ability to control street protests that have erupted almost daily since the strike began Dec. 2. Five people have died in strike-related demonstrations. Strike leader Manuel Cova said opponents would "strengthen the struggle to topple" Chavez in response to the raids. "This demonstrates the antidemocratic and authoritarian way in which this government acts," said Cova, leader of the Venezuelan Workers Confederation, the country's largest labor union. Troops searched several police stations at dawn, confiscating submachine guns and 12-gauge shotguns used to fire rubber bullets and tear gas, said Cmdr. Freddy Torres, the department's legal consultant. Officers were allowed to keep their standard-issue .38-caliber pistols. It was not clear how long the seizure would last.
Black Blade: There are other reports today that opposition forces too have armed and several Venezuelan soldiers have defected to the opposition along with the National Guard. It appears that Civil War is a very real possibility and the result could be removal of Venezuelan oil from the global supply-demand equation.
Black Blade
(01/14/03; 23:09:47MT - usagold.com msg#: 94455)
U.S. oil strategy targets Iraq, Russia
http://www.yomiuri.co.jp/newse/20030115wo41.htm
Snippit:
This is the ninth in a series of articles on international security issues facing the United States and the rest of the world. On Dec. 20 and 21 in Washington, 11 Iraqis working in the oil industry and living outside Iraq gathered for a meeting hosted by the U.S. State Department to discuss the future of Iraqi crude oil and energy. Details of what was discussed at the meeting, and even the list of attendees and the meeting's locale, have not been disclosed by the department. Though the U.S. government has remained silent as to the goal of the meeting, people associated with the oil industry have said Washington's decision to hold the conference reflects its desire to gain a greater say in Iraqi oil exports by cooperating even more closely with Iraqi dissidents, in the belief the government of Iraqi President Saddam Hussein will collapse sooner or later. If the United States can gain rights to Iraqi oil, Washington's influence on oil markets will increase drastically. Though the U.S. government has denied the allegation, many in the oil industry hold the deep-rooted opinion that the purpose of the anticipated attack on Iraq is securing U.S. crude oil interests there.
The United States and OPEC leader Saudi Arabia share a special relationship, under which Saudi Arabia stabilizes oil prices and the United States protects the country from invasion by other nations, according to Joe Barnes, a research fellow at the Baker Institute for Public Policy at Rice University in Houston. However, the situation changed completely after the Sept. 11, 2001, terrorist attacks on the United States. Because many of the attackers came from Saudi Arabia, hard-liners in the United States after the attacks argued even more strongly that Saudi Arabia was the United States' real enemy. In Saudi Arabia also, anti-U.S. sentiment grew amid increasing social anxiety about various domestic problems, such as the rising unemployment rate. This sentiment was evident in the Saudi refusal to provide bases to U.S. forces in the event of an attack on Iraq. There are lingering rumors that Saudi plutocrats are withdrawing funds from the United States. The United States faces a challenging task in terms of building a new order to replace the old in the world oil market.
Black Blade: Now this is "interesting". It appears as if postwar preparations are being made to divvy up the spoils. Of securing a large source of oil will put the US in the "cat bird seat".
ElGordo
(01/14/03; 23:04:31MT - usagold.com msg#: 94454)
There are a lot of false positives for Anthrax
The Fed Reserve as a target makes sense however.
Kinda scary really, whoever sent the anthrax after 9/11
was never caught.
-----
Pizz and Trojan- They were supposed to interview those Iraqi
scientists in Cyprus soon, lets see if that gives Bush the
smoking gun he wants- or maybe Saddam won't let them leave.
In any case this seems to be the next move in the chess game.
Waverider- When my parents were retired in S Florida they
helped sponsor some Cubans to enter the US to join relatives.
When they arrived fresh from Cuba they were the sweetest
people you could ever meet. One young woman was about 20,
tall with some dutch ancestry, looked like the female version
of teofilo stevenson, incredibly beautiful.
BB- Remember when Trump was down and out to the tune of billions he owed? The bankers had to bail him out-if you owe the
bank a little-the bank owns you-if you owe the bank a lot-you
own the bank!
Black Blade
(01/14/03; 22:55:55MT - usagold.com msg#: 94453)
Manufacturers' costs surge on high oil price
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1042490755540&p=1012571727159
Snippit:
Surging oil prices pushed up manufacturers' costs in December at the fastest rate in more than 2? years, increasing pressure on profit margins in the beleaguered sector. Although Brent crude prices eased yesterday after Opec agreed to increase production, oil prices are expected to continue to rise as Venezuela workers strike and a war in Iraq looms. The Office for National Statistics said manufacturers' input prices rose a seasonally adjusted 2.8 per cent between November and December, the biggest rise since May 2000, to stand 2.6 per cent higher over the year. Although materials comprise only a quarter of manufacturers' costs, Ciarán Barr, chief UK economist at Deutsche Bank, said the higher input prices compounded the sector's problems. "This certainly does not make manufacturers' lives any easier - they're facing falling demand as well as cost increases which they may or may not be able to pass on. It all adds to the headache of being a manufacturer." Rising oil prices could also have an impact on the government's coffers.
Black Blade: The global economy is mostly distressed and there is little room for pricing advantage now. As energy costs rise these costs are no longer easily passed along to the consumer. These costs will likely fall straight to the bottom line as manufacturers deal with razor thin margins.
ElGordo
(01/14/03; 22:36:49MT - usagold.com msg#: 94452)
Anthrax alert at Fed Reserve
Postal Service Reports New Anthrax Scare in DC
Tue January 14, 2003 10:19 PM ET
WASHINGTON (Reuters) - The Federal Reserve on Tuesday reported a positive initial test for the deadly anthrax bacteria at the center that checks incoming mail for such threats, the U.S. Postal Service said.
"We have a single test result from one sample out of many that are done over at the Federal Reserve," Tom Day, vice president of engineering for the U.S. Postal Service, told a news conference.
"This appears to be a very isolated incident and it is not clear at all specifically what, if any, piece of mail this came from," Day said.
"The Federal Reserve routinely tests mail delivered to its headquarters in Washington in a secure facility," he said, adding that the suspect item did not enter the headquarters building.
Twice since Sept. 11 the Fed has reported a positive initial test result for anthrax, though later tests have proved negative.
"There have been false positives," Day said on Tuesday. "Unfortunately, I believe the Federal Reserve has experienced some of that. But when you get a lab result that gives you a preliminary positive, you've got to take that seriously."
In the weeks following the Sept. 11 attacks on America in 2001, several letters containing anthrax spores were mailed through a New Jersey postal center to news media offices in Washington, New York and Florida.
Anthrax-laced letters were also sent to the offices of Senate Minority Leader Tom Daschle and Vermont Sen. Patrick Leahy, both Democrats.
Five people, including two Postal workers who worked at Brentwood mail facility in Washington, died and 23 others were made ill.
No arrests have been made despite a $2.5 million reward. Law enforcement agencies said they suspected the anthrax mailings were the work of a disaffected individual, and not of a network like al Qaeda.
Day said the Postal Service was now performing precautionary tests for anthrax at the Washington mail facility which handles mail going to the Federal Reserve.
He said there was no evidence of broad contamination or of risk to employees at the mail facility. "There's absolutely nothing that indicates we have a contamination problem here," he said.
The Postal Service said it expected results of the tests at its facility early on Wednesday.
__________
Tests will determine by Wed if confirmed
Black Blade
(01/14/03; 22:19:24MT - usagold.com msg#: 94451)
London's 1 Million-Pound Homes Lose Value as Jobs Cut
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Economies&s1=blk&tp=ad_topright_econ&T=markets_box.ht&s2=blk&bt=ad_position1_economies&box=ad_box_all&tag=economy&middle=ad_frame2_economies&s=APiPhWBVcTG9uZG9u
Snippit:
London, Jan. 14 (Bloomberg) -- Prices for London homes worth more than 1 million pounds ($1.6 million) are declining by at least 10 percent as bankers lose jobs and see their bonuses cut, according to real-estate agents. Asking prices may fall another 20 percent in districts such as Kensington and Chelsea in the next nine months, said Adrian Owen, a director at real-estate agent Hamptons International. Investment bankers favor the Kensington area, home to actors such as Hugh Grant. ``In blue-chip boroughs, prices outgrew themselves'' after rising as much as 60 percent in three years, Owen said. ``The slide in London will reduce the level of consumer confidence in the rest of the country,'' he said.
Black Blade: Just a sign of things to come as the real estate bubble pops. Wait until this works its way down the food chain. I expect to see much the same on this side of the pond in due time.
Black Blade
(01/14/03; 22:13:36MT - usagold.com msg#: 94450)
Venezuelan Central Bank Raises Discount Rate to 42%
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Economies&s1=blk&tp=ad_topright_econ&T=markets_box.ht&s2=blk&bt=ad_position1_economies&box=ad_box_all&tag=economy&middle=ad_frame2_economies&s=APiNslRT3VmVuZXp1
Snippit:
Caracas, Jan. 13 (Bloomberg) -- Venezuela's central bank raised its benchmark interest rate to an eight-month high to brake a 12 percent decline in the currency this month, as a nationwide strike spurs demand for dollars. The central bank raised the discount rate, the rate at which it provides short-term loans to commercial banks, to 42 percent from 40 percent, the bank said on its Web site. The bank last raised the discount rate on Oct. 1. ``It's an attempt in the right direction, but I suspect it won't be enough,'' said Jonathan Binder, who helps manage about $600 million in emerging market securities at Standard Asset Management in Miami. ``You would have to move it to 100 percent to make any real difference.''
Black Blade: 42% eh? Well isn't that special.
Black Blade
(01/14/03; 22:08:39MT - usagold.com msg#: 94449)
IMF Readying 'Transitional' Loan to Head Off Argentine Default
http://www.washingtonpost.com/wp-dyn/articles/A51831-2003Jan13.html
Snippit:
More than a year after cutting off its lending to Argentina, the International Monetary Fund is poised to grant a "transitional" loan to the country, a move that is generating intense controversy because part of the motivation is to stave off a threatened default by Buenos Aires on its obligations to the IMF and other official institutions.
The loan could be approved by the IMF's executive board as early as Friday, when Argentina is due to make a payment of about $1 billion to the fund, although it might have to wait until next week, officials in Washington and Buenos Aires said yesterday.
Argentine officials have been warning that in the absence of an IMF deal they would refuse to make either the IMF payment or another $1 billion owed this week to the World Bank and Inter-American Development Bank. But one high-ranking official said the country will pay "if we think there is enough evidence" that the IMF agreement is certain to be finalized.
Terms of the loan, under which Argentina would get only enough to repay about $3 billion it owes to the IMF between now and August, are still being negotiated by IMF and Argentine officials. But the loan is drawing criticism from private economists who worry that it may set a poor precedent by showing that a default threat can force the fund to lend to a country that hasn't spelled out a coherent plan for restoring growth and stability.
Black Blade: What's that old saying? Oh yeah, "Owe the bank a little and you're in trouble. Owe the bank a lot and the Bank's in trouble". Quite a funny article as the IMF is loaning funds for Argentina to pay back to the IMF and if the IMF refuses Argentina won't pay anything. The IMF (and banks) are in trouble. What a scam – a funny one too.
turkey hunter
(01/14/03; 21:24:20MT - usagold.com msg#: 94448)
correction
It should be that the ECB holds 3000 shares in the BIS
TH
Peddler
(01/14/03; 21:17:44MT - usagold.com msg#: 94447)
Truthcaster & Cometose
Thank you for your interesting & valued response. I apologize for the delay in my reply. I must get a little rest now and then as I am trying to stay off of the "bone pile"
Respectfully
The Peddler
Waverider
(01/14/03; 21:09:11MT - usagold.com msg#: 94446)
ElGordo
Please excuse the brief diversion from Gold, but in fact I'm on the west coast of Canada - I've just returned home from Cuba. There's no Gold to speak of there, but you're right - there were a few places marked where Spanish galleons heavily laden with Gold have supposedly sunk on return trips from South America. Cuba is incredibly interesting - the Cuban peso/US dollar exchange rate is around 25:1. For instance, medical doctors earn around 500 pesos per month after 6 years training. On the other hand, for example, education, health care, all activities for children are free, and people pay the equivalent of about .20 cents per month for electricity. Everyone seems to be employed in one capacity or another. Of course there is a huge underground economy and demand for US$. The largest industry is tourism, and the greatest number of tourists come from Canada, then Europe and South America. I met only two Americans who had popped over from Mexico for a few days for a visit - the officials will not stamp American passports upon entry to the country, and in fact the Cubans are very friendly towards Americans. A highlight was the American vintage cars from the 1920's, 30's and 40's which you see everywhere. Old fords, chevy's, oldsmobiles, and studebakers on the roads which are shared with horse carts for those not fortunate enough to have a vintage car. Internet connections there are both expensive and slow. It will be interesting to see what happens when Fidel goes TU - some think civil war, many think only economic reform. The Cubans are extremely friendly, kind, and non-assuming people and there is a harmony and cadence there which I find sadly lacking in western culture. Of course one can only scratch the surface in a few weeks, but that was my take. Cheers,
Waverider
turkey hunter
(01/14/03; 20:50:31MT - usagold.com msg#: 94445)
ECB information
http://www.ecb.int/pub/pdf/ar2001en.pdf
The ECB holds 24.7 million oz of gold at the end of 2001 up from 24 million at the close of 2000. The increase was due to the Bank of Greece sending in some gold. The BIS also holds 3000 shares in the BIS.
If the link above works go to page 191 and read a lot more stuff. Looks like a lot of info here. I don't have time to go thru it all. Maybe someone would like to sift thru it. TH.
silvercollector
(01/14/03; 19:38:38MT - usagold.com msg#: 94444)
Christian
That is your (and the forum's) best post EVAR!!!!
Kudos to you!!!!
sector
(01/14/03; 19:13:31MT - usagold.com msg#: 94443)
Richard Butler, Former UN Weapons Inspector Chief
...finds himself now on the same side as the 'exiled' Scott Ritter
Ritter threw a monkey wrench into the US war propaganda fray when he undercut the WMD status threat of Saddam. Butler excoriated him for it along with the admin.
Now as the President prepares to invade Iraq, Butler has come around to Ritter's point of view. Saddam isn't as bad as everybody thinks. The Kurds would argue a bit.
Butler on NBC Nightly News this evening used words like "Posse", "Lynch mob" to describe Bush's "Go-it-alone" war with Iraq. He was a very credible and articulate figure. He referred to the likely backlash from within the US if Bush moved without the UN for SH's oil.
Isn't it a coincidence that the UN "Blix Report Day" is the 27th with the 28th being a major gold expiration date. AND it's a few days after the Super Bowl In San Diego.
It doesn't seem to me that savvy traders will abandon their gold positions ahead of war dates ewither in oil or gold.
So Bush backs away and reaps KUDOS "avoiding war"...will oil drop? Not with the Venz out of production for a while. Will gold drop? Gold "drops" ONY when the central banks sell, so they won't be selling too much in the absense of war because they know the US balance of trade will be further dragged down without Saddam's oil and they will need every ounce of their remaining gold.
Then we have the George Bush episode of the North Korean "Kick-the-Nuclear-Policy-Can" down the road for the next administration.
What a country.
TownCrier
(01/14/03; 19:09:29MT - usagold.com msg#: 94442)
Central Bank Insider update
http://www.usagold.com/centralbank/archiveindex.html
2002 is archived and in the books, and the first update of the new year is upon us. See the link above for access to the latest CB insider news...
Pres Duisenberg's indomitable wife...
Foot dragging woes for Trichet...
A new look for China...
BIS too...
Ukraine: Business as usual...
CBs on the web...
Follow the link for current news or explore the archives, all just a click or two away.
R.
mikal
(01/14/03; 19:06:47MT - usagold.com msg#: 94441)
US "Psy-ops" teams seek to blunt war's impact
http://www.foxnews.com/story/0,2933,75525,00.html
Iraqi Leaders Responding to U.S. E-Mails
Tuesday, January 14, 2003
By Bret Baier
BAGHDAD, Iraq — Since the U.S. military has started e-mailing thousands of Iraqi leaders with messages -- trying to get them to defect and trying to get them to break away from Saddam Hussein -- they have received many return e-mails, military sources told Fox News.
Some of the replies, the sources said, "are very encouraging."
The communications are part of the continuing psychological operations ongoing in Iraq by the U.S. military.
U.S. officials had already said the Pentagon has been sending e-mails to Iraqi officers warning them against following orders from Saddam to use chemical or germ weapons against U.S. or allied forces.....End snipitt
mikal
(01/14/03; 19:00:10MT - usagold.com msg#: 94440)
@Christian
Thanks. As for Kmart and their ilk, I'll never forget what they've done to the small-town or local hardware store. The furniture and appliance stores. The corner five-and-dime, the shoe stores or the camera shop...just for starters. Another Chinamart. ExKoreamart, Taiwanmart and Japanmart.
Christian
(01/14/03; 18:39:41MT - usagold.com msg#: 94439)
@ mikal @ goldfool
USA has exported 100+ tonnes of gold to the Middle East every year for some time now. They don't want the dollar and they are using it to buy gold, be it from whomever will sell it. Be it through government or private means. Saudi Arabia like Japan has an agreement where their U.S.Treasury bond investments are backed by gold. Most of the Middle East countries are cashing that in for Euros because the USA is unable to make good on that agreement. USA has made some trades in military hardware instead of gold. They (ME) are selling their stock holdings and moving that into Euros. For the last few years the FED has had to buy 46% of the NYSE volume to keep it from imploding. --- Kmart does not suck, it is a good company with bad managment. A few of them enriched themselves at the expense of the rest and took the Kmart ship down just like with Enron and World Com. It is called off balance sheet borrowing and reporting the funds from that loan as income so a few in managment can cash in their options before the stock crashed and left the ordinary shareholders with an empty bag just like Enron and World Com did. There is many more out there who are doing the same. IN 1997 interest expenses were 23% of profits and in 2002 interest expenses were 100% of profits. Many companies like GE, F, GM, IBM, and a whole slug of others took on a lot of new fiat debt to get out of their off balance sheet gold loans. Kmart unlike GE, F, GM, IBM, had no way of obtaining fiat credit to unload their off balance sheet gold debt. Still I feel Kmart will come out of it, but as a much smaller enterprise. After a few reverse splits Kmart is a BUY.
mikal
(01/14/03; 17:34:21MT - usagold.com msg#: 94438)
@Christian
"Where do you think the 100 tons(per annum)... goes..." Are you saying that private U.S. Au mining firms have received oil in exchange for these exports?
Aristotle
(01/14/03; 17:01:43MT - usagold.com msg#: 94437)
Hipplebeck (a parody of #94435)
Have you ever considered the possibility that certain posters, in their arrogance, actually believe their own propoganda that gold will eventually be monetized and become just another token currency? ... Gold ownership will be phased out over time completely, because it won't be needed. They DO believe they can manage the world better than the market majority.
It really is the only explanation.
The old world order clique hates market freedom, and they plan to always chain the idea of money around the free neck of Gold. It represents the only thing they can get their mind around. In time, through repetition of their mantra, if their hands are not broken, they will steal the value from our Golden wealth. If they succeed, future man will not even understand what it means to accumulate savings.
= = = = =
Hipplebeck, I can't be accused of anything dastardly here because if your post made a valid point at all then surely this one does, too.
Gold. Get you some. --- Aristotle
goldfool
(01/14/03; 17:01:27MT - usagold.com msg#: 94436)
Black Blade (1/14/03; 12:12:18MT - usagold.com msg#: 94406)
Kmart to fire thousands
Kmart sucks. Thank God for capitalism.
Hipplebeck
(01/14/03; 16:26:14MT - usagold.com msg#: 94435)
Belgian
Have you ever considered the possibility that these central bankers, in their arrogance, actually believe their own propoganda that gold will eventually be demonetized and become just an industrial commodity?
Maybe, just like they said, the Washington agreement was done to hold UP the price of gold until they could smoothly transition into digital money, firmly in their control and without the need of gold. Gold reserves will be phased out over time completely, because they won't be needed. They DO believe they can manage the world better than God.
It really is the only explanation.
The new world order clique hates gold, and they plan to get rid of the linkage of money and gold. It represents a constraint on their power. In time, through education, if their hold is not broken, they will accomplish it. If they succeed, future man will not even understand what it means to be free.
Christian
(01/14/03; 16:20:05MT - usagold.com msg#: 94434)
Euro - Dollar
The US FED has lost its ability to control credit creation to WALL STREET. The Europeans seeing how wall street financially conquers one country after another with inflated stock prices only to profit from them as they shorted them and indebted those countries to dollars, decided that they had a choice of either be dollar conquered or establish a currency to stop the dollar conquest. Hence the Euro. Canada hates the dollar conquest and is selling its gold for Euro's. Canada was under a lot of pressure to sell gold to USA, and does, but it wants to be conquered by the Euro before it gets conquered by the dollar. So do many countries in South America, Asia, and even China. Same will happen in the Middle East. Sure we have the military power to take the Middle East over but do we have the means to fight a war like Vietnam over a 20 year period. It is only a matter of time the whole world will be against us for looting oil that everyone wants. USA is not the only country short on oil. Oil wants GOLD and the first currency that will pay gold for oil will have it in the long run. Where do you think that 100 tonnes the U.S. sells from its own production goes. Gold is one of our main exports....
Aristotle
(01/14/03; 16:20:00MT - usagold.com msg#: 94433)
Belgian, thanks for the dialog
Why are European CBs counter-intuitively selling Gold?
Since you're looking for additional input or opinion to be aired on this latest question, I'll be happy to humor you with mine.
I'd like to call it a show of good faith in the commitment to the new system -- building outsider confidence and "buying" the support of important future team-mates.
What better way to show Saudi Arabia, perhaps others, that euro architects have no fear about Gold moving in size under their stewardship even as it was/is nearly impossible to convert pertroDOLLARS into Gold under the IMF/Washington reign. The books and the grey and balding heads at the BIS surely know who got stuck (and by how much) holding the empty bag on international settlements since the collapse of the Gold-convertibility obligations under Bretton Woods.
So, perhaps it would be fair to say that these latest European Gold reallocations are demonstration of a "can do" ability and attitude to win or ensure future vital support for the eurosystem from a few key international partners.
It's one thing to make a promise, and we've all had our empty fill of them in the past. To ship the Gold, however, is a real eye opener -- an attention-getting show of good faith as part of a quid pro quo, "quo" forthcoming.
Please feel free to steer me into the light where I have strayed.
Gold. Get you some. --- Ari
Galerider
(01/14/03; 16:00:25MT - usagold.com msg#: 94432)
BROKEN TEE JAPANESE BANK DEPOSITS
Insurance is being limited to first 80 million yen.
Trojan
(01/14/03; 15:54:44MT - usagold.com msg#: 94431)
@ Belgian, ELGordo and Tevye
OK, I follow all your comments and thank you for them
Let's say, Saddam gets Lucky and hits one, would that be the Incubator Baby of 2003 that started things off in 1991 for Bush Sr ?
It later turned out that it was the daughter of the Kuwait ambassador to the UN who made the story uo talking to the US Congress.
Like Father, Like Son :-)
Christian
(01/14/03; 15:53:06MT - usagold.com msg#: 94430)
Millions of Barrels of Middle East oil these companies
We SHELL not EXXONerate Saddam Hussein for his MARATHON actions. We shall MOBILize to meet his threat to our vital CHEVRON/TEXACO oil interests until an AMOCOable solution is reached. Our best strategy is to BPrepared. --Shell 206 m/b, Chevron Texeco 145 m/b, Exxon/Mobil 130 m/b, Marathon 120 m/b, AmocoBP 65 m/b.. m=millions b=barrels. In exchange for this oil the Middle East gets our counterfeit fiat. Is there any wonder why oil wants GOLD.
Pizz
(01/14/03; 15:46:33MT - usagold.com msg#: 94429)
ElGordo
Re: INTC - Island had Intel off .15 to .20 cents after hours. Green tech in the morning will probably be sold into by the buyers in the "netherland" of aftermarket trading. The average gambler just doesn't have much of a chance. . . .just like the flagpole ralleys that start with the futures and then the stocks gap up. No way to by low unless you do it blind the day before, and if you do buy on the open, it's on the gap up. . . . .it's why I don't short term trade anymore. . .used to be able to have some fun and do a little better than break even. . .now its like craps and the only number you can play is 4 or 5.
On Sadaam: yes, the old ego trip. One thing I do know, either Bush or Sadaam is probably going to have a little crow to digest before this is over. Both have talked themselves into pretty tight corners. I still lean towards Sadaam exiting, on the cover of saving his countrymen from the US war machine. Then whatever happens to the country will be our doing, not his.
And assuming he'll torch the fields, ( and it sure has been convenient for Sadaam that the UN has made sure that he has had enough time to set up whatever he has in mind), if we think the war would have been expensive, how about supporting that country with burning oil fields that may turn out to be rendered useless for many, many years.
Way too many wildcards and senarios possible right now, but it would not surprise me to have some major financial trouble pop up anytime from now til the end of the month.
When you get into a situation by shortsightness, stupidity, greed, and arrogance, the way out is usually tried using the same attributes. And that spells catastrophe. . .
Think I'll go home and fondle some of my gold tonite, gives me kind of a warm fuzzy feeling that tends to offset the fear of what the next fix will be.
Pizz
Tevye
(01/14/03; 15:44:10MT - usagold.com msg#: 94428)
trojan: Iraq war
It is true that Iraq shoots at US/UK aircraft in the no-fly zones almost daily. Retaliation upon Iraqi air defenses also often occurs, and much more effectively since the US/UK can hit what is aimed at! By any historical definition the US/UK have been at war with Iraq for the better part of the last few years! Yet it's rarely in the news. I have no explainations.
ElGordo
(01/14/03; 15:37:38MT - usagold.com msg#: 94427)
@Trojan
The no fly zones were put in place after the 91 war by
the US , UK and France. France pulled out a few years ago.
The no fly zones were never approved by the UN or any other
international body. They are not in line with international
law- its the US that does this unilaterally.
Saddam shoots at the planes to remind the world that the
US is doing this. The US complains to the UN but the UN ignores
the US because it never authorized the no fly zone policy.
Saddam loves to yank our chain. It reminds the world of our
unathorized policy and it gives Iraq info on our technology
and capabilties I'm sure. Besides, if Saddam ever gets lucky
and captures one of our pilots- it would be a huge PR victory.
Belgian
(01/14/03; 15:34:54MT - usagold.com msg#: 94426)
@ Trojan
The answer on your question, Sir, is as simple as can be :
*** TOTAL DESINFORMATION ON A SCALE THAT NEVER WAS *** !
Second after second...minute after minute...24 hours/7days !
It is this "total dis-information" that has completely "infantilizised" the general public that lost its common sense and capacity to react.
History repeats itself !
Belgian
(1/14/03; 15:17:52MT - usagold.com msg#: 94425)
@ Ari
Thanks for responding. The euro has NOT the ambition to "dominate" and is in no way the next satan. Euroland is too diversified and is therefore not constructed for hegemony. Elaborating on this subject, would take us too far away from Gold.
Another point for deep analysis, is the following question : **** Why *** is Euroland, UK and Switzerland, supposedly "selling" , CB-monetary-Gold ? Euroland, percepted (and pictured) as the big, high profile, Gold-seller, cannot at all be explained with the argument that the US$, wants to remain strong ! And "what" kind of selling is actually going on ? And "why" is there no debate about this ?
This *moving* Gold must be destined for a final purpose...a cause of high order ! The respective National CBs have all their local explanation that is good enough for its general public. But the totality of these Gold-Moves *must* serve to "conclude" something. In simplier words : Who are the receivers of this Gold and why them in particular ?
Only two possible answers on top of the page : Oil and euro !
Even with a demand/supply deficit since 1989 (Mineweb), all this Monetary Gold (aboveground) cannot "only" have served the jewelry industry.
Why would an euro make the dollar strong in Gold with Euroland Goldsales ? This is nonsense.
There is a gigantic smokescreen out there with lots of inconsistanties as to *hide* the real purposes for the much trumpeted Gold-Moves. It is Another who found that one and only real reason : Gold must flow for oil to remain abundantly available. Can anyone come up with the name of one public financial medium or a Gold-Defender, that has ever suggested that this OIL FOR GOLD is a reality ?
Miner's forward sales, Bullion Banks, Hyper short positions in Gold...and tutti quanti are well documented. And there is always, only one reason given for this : A policy of dollar-strength ! And therefore I do repeat my question again : Why are/should, European CBs, co-operating on a US-policy for dollar-strength, whith so called CB goldsales...when those same euro-CBs created their own currency, the euro ?
Have you an answer dearest Ari or anyone else ?
Trojan
(1/14/03; 15:05:49MT - usagold.com msg#: 94424)
Saddam Why ?
I wonder if someone might explain this to me ?
Common Sense says that Saddam does not want to be attacked by the USA.
So why then do I keep seeing as I just did about 15 minutes ago a News piece by MSNBC on how close Saddam's Boy's came to shooting down a US plane in the No Fly Zone ?
Of course this then gives the US the right to attack a few ground targets in Iraq.
Now Saddam has yet to hit a US Plane (Non-Drone) in the last ten years so WHY would he NOW keep trying to DOWN a US Plane ?
Now meaning at a time when the US is just itching to have a reason to attack.
Kill or capture a US Pilot and WAR is on. UN or No UN
Are these reports true ?
It doesn't make sense. No one ever accused Saddam of being stupid.
Explanations would be appreciated.
Thank You...
misetich
(1/14/03; 15:03:48MT - usagold.com msg#: 94423)
Volcker Airs Concerns About Volatility Of Exchange Rates
http://story.news.yahoo.com/news?tmpl=story2&cid=808&ncid=808&e=16&u=/dowjones/20030113/bs_dowjones/200301131853000689
Snip:
"We are running - we've had a very strong dollar," Volcker said, adding that the U.S. has a very high and ultimately unsustainable current account deficit. " That'll be adjusted someday," he said. "And we have a nice question whether it will be adjusted in an orderly way or in a disorderly way, and we've left ourself a little vulnerable."
............
But Volcker complained that "there's been too little attention to the fact that the economy is too dependent upon a very high level of consumption, very slow savings, an increasing and large current account deficit that requires a very large and steady amount of foreign investment to sustain.
"And someday we are going to have to get into an economic situation where we are saving a little more, spending less relative to the GNP, and paying a little bit more of our way internationally," Volcker said. "And we're not making very much progress in any of those directions in the short run.
So I think we've got a very considerable problem out there," he continued. " And if I was looking at economic policy changes and tax changes, you look at it in that context, not what's going to happen in the next quarter."
..............
Volcker said he doesn't know what's going to happen in the stock market. "But, clearly, we've had a considerable bubble in the stock market, and now it has been at least partly deflated," he said.
"And so far, we've gotten by with deflation in the bubble, not without pain,"
*********
Misetich
Got gold?
ElGordo
(1/14/03; 14:58:30MT - usagold.com msg#: 94422)
Intel surprises-off to the races-but not so fast
@Pizz- Well well, Intel does well, but cap spending this year
is weak-bad for other techs like AMAT etc. Market will pop
on news but, we have had a run and now most of the good news
is baked into prices, we might see the market sell off with
profit taking soon.
I just can't see Saddam stepping down, could be, but not likely
as he is an egomaniac and is conscious of his place in history.
If he runs away, he loses his place in history as the great hero
of mother of all warriors.
Oil should get a shock with drawdown report tomorrow.
That will add to inflation expectations, we shall see.
I think Saddam is as you say, more likely to follow scortched
earth policy. Oil should help gold stay above 340.
Interesting times for sure!
@Waverider- Sounds like you are having a super time diving!
Cool- You are based out of S Florida? You aren't in Cuba are you?
Hey, keep an eye out for galleon gold- would be
great to find some gold coins or silver pieces of eight!
Pieces of eight I understand were super popular for
quite a few centuries-lets hope they come back with - maybe
the silver Dirham- Buena suerte!
knotakare
(1/14/03; 14:47:53MT - usagold.com msg#: 94421)
transfer of assets/ITERA
Christian, thanks for your response on the Russian Gold situation. My understanding is that this gold is still controled by Ledbed and other Russians, who really rule the country.
With regard to Marc Rich, he is one of the the most brilliant traders in world history. A trader of oil that is. When Enron went down, I believe one of the Swiss/NYC banks bought the platform and business. It makes sense that they brought it back to Switzerland, to set up Marc Rich at the controls. He probably was a Big time consultant to Enron; those crooks had the same philosophy, take whatever you can by any means.
I have seen copies of wire transfer routing documents through the Fed on the web. One of the documents has a hand written note that says these tranfers to the Bush accounts (all over the world) are not legal under US law, as they are not subject to reporting requirements. It really helps you understand that the FED is a private bank, above the law. Someday Americans may understand this relationship of the FED to their government, that the FED is a private bank, and it can be insolvent just like any other bank. I noticed you mentioned the FED wire from Enron to ITERA in Jacksonville. There probably are more skeletons within the fed's private label wire transfer confetti.
Hipplebeck
(1/14/03; 14:34:01MT - usagold.com msg#: 94420)
dollar fiat system
How does credit money work?
By rolling over debt
over and over, deeper and deeper.
Will it be you that pays off what your government borrows in your name? Not likely is it, considering what is owed is always more than what is borrowed into existence?
Indebting your children.
bondage on their future earnings.
What a proud and wonderful legacy.
Euro, dollar, no difference.
In the end, when the last ponzi victim catches on, the only way out is to hyperinflate or go bankrupt, then everyone pays a horrible price.
The men who wrote the US constitution tried to warn us, but greedy men in positions of power stole our financial freedom.
gold is honest money for honest men.
Rock
(1/14/03; 14:25:16MT - usagold.com msg#: 94419)
Intel Beats The Street By 2 Cents
Look for a break out tomorrow into green territory right at the opening bell. The carnival barkers will love to talk about Intel tomorrow, who knows maybe some fool will put his money in tech's now that the bear market is over.
Waverider
(1/14/03; 14:16:21MT - usagold.com msg#: 94418)
VIP: DAILY GOLD MARKET REPORT
http://www.usagold.com/DailyQuotes.html
Best market report on the web!
BTW - with the talk here of Russian missile-armed ships, I'll add that I had opportunity this past weekend to dive a 320 foot Russian patrol vessel sunk just off the northeast coast of Cuba in about 80 feet of water - pretty interesting! Cheers!
Waverider
Pizz
(1/14/03; 13:43:00MT - usagold.com msg#: 94417)
ElGordo
Re: Mixed Signals
Yes, lots of them. As far as Sadaam bailing out, it would be the prudent move. He knows he can't win a war, so rather than lose, get the heck out.
But an older than dirt war tactic is that when you are faced with overwhelming odds, about the best you can do is retreat - but you use a scortched earth policy to inhibit the advance of your oppressor. Hard to press on, when you have to live off the land so to speak as you advance.
Since the long range goal is to defeat the US, torching the oil fields hurts us - big time - hurts the Iraqi people, but Sadaam dosen't give a darn, and sends the price of oil thru the roof, and that's hard to find a negative for the rest of OPEC. And as the dollar collapses along with the economy, the swing to the Euro will only exaberate the problem. About as close to a no win senario as I can see, but maybe there's a few creative rabbits left to be pulled out of the hat, but excuse me if I don't bet on it and go long dollars and stocks.
It also gives a reprieve to the gold shorts, as the war premium window closes, and before the gold bull takes off again when people realize that 100 buck oil is going to kill the enemy a lot quicker than his army. It always has been oil.
Meanwhile, back at the ranch, the stock market is just sitting there as we pump in money and foreigners pump it out. Got to be a a slew of foreign investors laughing their you know whats off at how easy it has been to get their money out while we have to support the price.
Pizz
goldquest
(1/14/03; 13:39:06MT - usagold.com msg#: 94416)
@Black Blade Ref: Marc Rich
Right you are. Rich is wanted by the state of New York for income tax evasion to the tune of $137 million, with $20,000 in interest accumulating every day!
ElGordo
(1/14/03; 13:36:21MT - usagold.com msg#: 94415)
Intel reports after close
API report tomorrow should show drawdown, good for
energy and therefore gold. PPI tomorrow should show
higher oil prices but numbers could be cooked.
Iraq war probability seems to be fading and UN involved in
negotiating Venezuela could ease tensions.
Dollar should continue to weaken with trade and budget
deficits so that should put floor under gold.
Intel earnings tonight should show weakness and weak
outlook going forward.
Short term gold prices will depend on tomorrows data.
Lots of cross currents right now!
canamami
(1/14/03; 13:32:12MT - usagold.com msg#: 94414)
MK, thx for your reply....
...and the illuminating comments therein. If the CB's are retreating from the carry trade, the manipulators are in serious trouble. Gold miners, IMHO, can't risk excessive aggression in their hedging because as private entitities they can go bust. Further the gold miner hedge has to make some sort of economic sense in terms of risk and reward, lest the company breach its fiduciary duties to shareholders. Hence, I have always believed that the manipulation of the POG required official sector co-operation, and once that co-operation is withdrawn the manipulation must stop, or it will be doomed to failure.
I wonder if China will continue to add to its gold reserves? We are now in a situation where gold makes sense as a holding next to the dollar and other currencies. If China continues to add to its reserves, the manipulators are, IMHO, done for.
Black Blade
(1/14/03; 13:22:17MT - usagold.com msg#: 94413)
goldquest - Marc Rich
Marc Rich isn't out of the woods quite yet. A few weeks after Clinton left office the Attorney General's office filed additional charges. So it appears that Rich will not be coming back anytime soon. As far as the Enron crowd (WorldCon too) is concerned it looks like they will get a pass.
- Black Blade
Aristotle
(1/14/03; 13:21:42MT - usagold.com msg#: 94412)
Belgian's (rhetorical) question
What do the Saudis get for their friendly services?
Yep, I see what you're saying. That good question in light of today's world is most easily answerable only if a beneficial connection is made between Saudi Arabia and a smooth shift toward euro dominance.
In the meanwhile, and also in the interest of "smoothness" it sure doesn't hurt to build up a vault of positive political capital with the party (U.S.) that will ultimately feel the most "betrayed" by the inevitable shift in monetary alliance away from the dollar.
The King could say in good faith, "Look, we did all we could! What more would you have me do? It's nothing personal, I'm sure you understand..."
Gold. Get you some. --- Ari
goldquest
(1/14/03; 13:12:39MT - usagold.com msg#: 94411)
Marc Rich Was Pardoned
by Clinton on his last day in office. A payoff for a million dollar campaign contribution. Ken Lay and crew are laying low, waiting for the day Bush has to pay off his "debt!"
Buongiorno!
(1/14/03; 13:01:35MT - usagold.com msg#: 94410)
Grazia, Mr. Gresham
Empires do some gosh-awful things, and the Romans had more than their share of bad moments. However, I remember reading in one of Durant's history books that it took most of Europe over one thousand years to recapture the standard of living that prevailed under Rome before she fell. That is a lot of misery in itself.
And, less crosses by the roadside would have indeed been much better. If we must wear such a heavy mantle,(empire) may we do more of the good and less of the bad things. As do modern Romans--we agree they are a charming and engaging bunch--giving lots of great memories!
Empires come and go--Gold remains.
BUONGIORNO!
ElGordo
(1/14/03; 12:58:28MT - usagold.com msg#: 94409)
Confusing cross currents
SPECIAL TO WORLD TRIBUNE.COM
Tuesday, January 14, 2003
CAIRO — Iraqi President Saddam Hussein has for the first time signaled openness to an Arab plan for his exile in an effort to prevent a U.S.-led war against Iraq.
Arab diplomatic sources said Saddam has agreed to send a senior aide to discuss "personal issues." The sources said the aide could arrive in Cairo over the weekend for talks on a plan to organize asylum in a Middle East country.
On Monday, Iraqi Deputy Prime Minister Tareq Aziz said Saddam would never leave Iraq
Saddam's envoy was identified as Ali Hassan Al Majid, a senior member of the Iraqi Revolutionary Council.
______________
Some talk about Saddam stepping down. Bush is trying to bluff
him out, probably won't work, but media chatter affecting gold.
UN mediating in Venezuela. If we see compromise, correction
could result.
Long term fundamentals for gold and energy remain the same
with China buying weaker dollar in the cards.
Aristotle
(1/14/03; 12:45:03MT - usagold.com msg#: 94408)
balzac -- Canadian Govt selling Gold
That's one heckuva drawdown we've all watched over the years.
The lesson here, I think, is that there's some things a man simply gotta to do for himself. Ownership of Gold is one of them. (After all, can you cite any specifics where the Gold while it was in the government's hands ever once served you well during your personal times of need?)
Gold. Step up to the plate and swing before the ninth inning ends. --- Ari
Aristotle
(1/14/03; 12:35:09MT - usagold.com msg#: 94407)
Topaz, thanks for catching my drift
I was beginning to lose confidence in any ability to communicate a point through time and space!
Regarding the dinar movement, I will be surprised (quite pleasantly though) if it lives up to its billing as a force on the world stage.
I hope I didn't truly give an impression that I felt the euro to be a "ursurous $ equal" as you implied. True, as a nominal non-physical currency unit I do see the euro to be a bird of similar feather as the dollar, I see neither one as part of a usurous system -- precisely because neither of these two currencies are discrete physical items -- such as the Mona Lisa.
So when it comes to finance and accounting, I see no problem paying 105 dollars (or euros) next year for the right to borrow and use 100 dollars (or euros) this year. However, on the other (physical) hand, for example, for a museum to be expected to return *more* of a borrowed Mona Lisa would be completely fatuous (as "usurous" falls short of the mark.)
Yes, I said the euro and dollar were birds of a similar feather, but their BONES are surely different. A dissection of the underlying banking structure that suports the currency feathers reveals these birds to be completely different species, therefore it's not completely fair for any Nutter to point to dollar-system weaknesses and thus expect the euro-system to be the next Great Satan.
Well, on second thought, I guess rules of "fairness" and rational assessment don't apply to Nutters, so all bets are off on that account! What a world!!
Cheers to you, mate!
Gold. G.y.s. --- Ari
Black Blade
(1/14/03; 12:12:18MT - usagold.com msg#: 94406)
Kmart to fire thousands
http://story.news.yahoo.com/news?tmpl=story&u=/kr/20030114/lo_krdetroit/kmart_to_fire_thousands
Snippit:
Kmart Corp. will announce today that it is closing about 330 stores and firing more than 25,000 workers in the biggest cost-cutting move since the Troy retailer declared bankruptcy a year ago.
Black Blade: That's a whopping 25,000 tired old "bones" tossed aside like useless rags atop the growing "Bone Pile". The much touted "economic recovery" won't save these "bones".
Sierra Madre
(1/14/03; 12:12:18MT - usagold.com msg#: 94405)
Topaz: you ask "Will the Euro simply become the next Great Satan?"
I think it is more than likely, indeed a certainty.
Although Belgian is optimistic that the ECB and EU leaders have favorable aims up their sleeve, the evidence is flimsy at best. I would not count on any return to sanity, although I hope I am wrong. (Example: we are told the EU wants to ban all transactions in cash over 10,000 Euros in the near future. This is Statist thinking, and Statism hates real money (gold) with a vengeance.)
Just ask yourself; "Who is talking sense in Europe? In what Universities are the basic fallacies of the present system of paper money being exposed? Where are the influential thinkers writing books on the need for a new (actually, old and tried) system of controlling the expenditures of the State, and forcing the Banks and Banking systems to strictly control their expansion, limiting it to harnessing true savings as the basis for expansion?"
The intellectual foundations are missing entirely! These must precede any improvement in the human condition.
Paradoxically, the Islamists, strictly religious people - some would call them fanatics - who want to adhere to the religious precepts regarding money, are on a far better track to attain something worthwhile; not by employing reason, but by simple adherence to a fundamental religious precept - anathema to the West, which wants to reason everything out, and thus easily falls into destructive fallacies, diverse "isms".
Sorry to be so negative. I hope I am wrong!
Sierra
Pizz
(1/14/03; 11:57:32MT - usagold.com msg#: 94404)
balzac
Very good, bottom line analysis of dollar hedgemoney.
If I may add the fact that Canada has also, as a result of what you posted, been having a 20 year sale on your natural resources and labor, to the point that now it is a half-price sale, at least for us here in the US.
It's amazing how the system has been working. Based upon currencies, your exports should be up, balance of trade up, book profits are up, your companies are paying wages in depreciated Canadian dollars, with payment for goods in stronger American dollars.
Works for the few, not the many. That's why the few (all over the world) are frantically trying to keep the dollar alive, strong and kicking.
Hasn't worked long term in the past, and won't work long term into the future either.
Pizz
Christian
(1/14/03; 11:51:17MT - usagold.com msg#: 94403)
ITERA
@ knotakare- Mark Rich Would like to move back to USA. He is a wanted man in Europe just like he is here. That does not stop him from being able to do business or whatever you want to call what he does. He is a trader for a quick money.-- ITERA was formed as a means to move proceeds from export raw material sales out of the country. They have accounts with such banking giants like Goldman Sachs, J.P.Morgan, Citibank, etc, etc. It is impossible to have a savings or checking account in Russia, where the bank itself will not steal your money. I know that from my own experience. Most Russians have no money and what they have is denominated in paper form from other countries hidden under the mattress or such some place. A US penny is worth a lot more in Russia then it is here. Mark Rich is the main man who got Russia's gold out. Still it was not enough to cover all of the losses many banks and LTCM had to accept from the Russian default. Still Putin did the right thing. Default is a way to get out of impossible debt payments. USA should do the same. It is the right thing to do. The sooner the better. Why keep the agony going? ITERA like Carlyle Group use gold for credit creation to buy into other companies. Both entities do what the FED does. They know how to loot corporations like Enron. Enron's loot was transfered into their Jacksonville Florida office via FED wire.
balzac
(1/14/03; 11:38:07MT - usagold.com msg#: 94402)
CANADIAN FINANCE DEPTS BLUNDER
FOR ALL YOU FELLOW CDNS
We talk about the British govt mistakes in gold sales , our Liberal
Govt in Feb 2002 sold 95,000 ounces of gold at $US 298. Today
the price is $354 - a loss of $56 per oz. ,when converted to Cdn
the loss is Cdn $8,393,000.
In 1979, we had 22million oz. in the Cdn Treasury ,today we have
1 million oz. , today we pay $1.55 for a US buck , in 1979
we were at par approximately.
Look at the stupidity of our
gold policy and the ensuing price the Cdn public has paid.
Balzac
Ten Bears
(1/14/03; 11:26:34MT - usagold.com msg#: 94401)
Mr. Gresham
Bravo!
"Empire usually benefits only a small contigent within the
imperial center...finance vs productive industry.." Much wisdom in a few words...thanks.
MK
(1/14/03; 11:19:41MT - usagold.com msg#: 94400)
canamami. . . The New Gold Lease Market, Some Thoughts
There are reports from good sources that the demand for gold leases is down and likely to stay down. Central banks who act primarily as depositors in these banking tranasactions are looking for better returns than the bullion banks are willing to offer. Simultaneously, the mining companies who engaged in the gold carry trade are winding down operations due to the minimized arbitrage opportunity. They were borrowing gold, selling it and then buying Treasuries thus capitalizing on the spread.
Whenever, you look at the gold lease equation supply and demand have to be taken into account equally. The lease rate more less acts like a price mechanism. Now the situation is greatly reduced demand and likely to remain so for some time to come. I would not read any more than that into these low lease rates.
The Dutch central bank recently withdrew its gold from the international lease pool because of the low rates -- 140 tonnes by the way. The head of gold deposit operations at the Dutch cb also said publicly that he believed other cb's have positioned themselves similarly. If lease rates do spike again, it will likely be because someone has gotten into trouble and needs physical.
It look like there will be some available but if all the Dutch want to put on the table is 140 tonnes and that's indicative of the major cbs, the bullion banks could be in for some problems if their loan books are as voluminous as many think they are. The Welteke push for Germany to sell gold, by the say, sounds very familiar, doesn't it? Think Gordon Brown a few years ago before the BOE sales. He essentially went on tour to find gold and pushed hard for IMF sales. All external sources caved-in on him and he was forced to sell out of BOE. My gut hunch is that one of the Bundesbank's commercial gold lenders is in trouble -- and it's a big number -- and like BOE they are looking for metal to fulfill its lender of last resort function. As Mr. Turk has said pointedly, "You cannot print gold." This could become a major factor in facilitating a gold spike down the road. While everyone is watching a major American bank carefully, we could get blind-sided from across the water.
Topaz
(1/14/03; 11:19:25MT - usagold.com msg#: 94399)
Ari.
With a half hour to kill before venturing forth in search of fortune may I address this point of Gold Money/Wealth you so clearly demonstrated yesterday. The Euro, a mimic of the Dollar in all respects other than it's perceived ability to live in harmony with physical Gold, is "standing ready" to accept the mantle of World reserve Currency. As an ursurous $ equal, a point your previous explanations tacitly acknowledged, how do you view this Euro harmonising with the Dinar brigade whose philosophy is at variance with not only ursury, but also the systemic methodology you so clearly pointed to? (banking, loans etc)
...bearing in mind that our current system (to be perpetuated AGAIN with the Euro) is SO open to ridicule that any Nutter with a Bee in his Bonnet can simply point to our system, highlight the weaknesses thereof, create mass frenzy to the point where otherwise rational souls go around blowing everyone up.
Will the Euro simply become the next Great Satan?
Pizz
(1/14/03; 11:07:48MT - usagold.com msg#: 94398)
Interesting articles
http://www.etherzone.com/2003/burn011403.shtml
Interesting link scooped from another site.
Here's a guy that looks at the events of the last century as somewhat of a global roadrace with a lot of detours and sidetrips, but with a destination that has been planned not to the benefit of the bulk of the US.
Kind of like launching a rocket to a predetermined destination in space. If you don't understand the route it must take, it sure can look like your launching it in the wrong direction. . . .
One of the articles has a comment on gold certificates that I found both amusing and truthful. It was a senator's comment that gold certificates were not issued so as to be redeamable, but more as a reciept that the gold had been taken away.
I'm not that much of a conspiratory buff, but when you realize that no fiat economy has ever lasted long term, is it unreasonable to assume that some moneied interests have "hedged" their bets on a global basis?
Physical Gold seems to be the required hedge. . .
Pizz
Belgian
(1/14/03; 10:54:30MT - usagold.com msg#: 94397)
Saudi Arabia (SA)
Why is SA so accomotif towards oil-POO ? Why do they want to help the planet's oil-consumers in times of oil-stress ?
Much of islam-fundamentalism is indirectly financed by oil-confetti...the 9/11 atrocities were committed by Saudis and wanted OBL is still a fugitive (?) Saudi. SA's internal tensions find their feeding bottom in anti-americanism and the whole ME region risks to come under foreign control. The Saudis even recognized/accepted the existance of the state of Israel.
A periodic (strong) rise of POO (plus 30$) is not going to initiate immediate search and application for Arabian oil-alternatives. SA compensates for Venezuela as the closiest oil-supplier to the US, the victim of 9/11. The US$ is declining in exchange rate and still pays for oil.
Under these circumstances, it is quite normal that one asks the question...
WHAT DO THE SAUDIS GET IN RETURN for these rather friendly services ?
Are there other answers, different than the euro/Gold theory ?
silvergolong
(1/14/03; 10:50:08MT - usagold.com msg#: 94396)
dollar bouncing lower
http://quotes.ino.com/chart/?s=NYBOT_DXY0&v=s
Today's dollar chart looks like a slinky going down the stairs, a nice pattern of lower lows and lower highs.
Hard to believe that gold can stay down with this type of action on the dollar chart, especially considering how tightly correlated the gold and dollar have been lately
Mr Gresham
(1/14/03; 10:49:17MT - usagold.com msg#: 94395)
Buongiorno!
Sorry, forgot the punctuation in your name! (And it does cheer me each time I see it -- reminds me of pleasant journeys -- mi piacere!)
Mr Gresham
(1/14/03; 10:47:32MT - usagold.com msg#: 94394)
Buongiorno
I wish I could do justice to the topic, and I searched on Mark Twain and the Anti-Imperial League of a century ago, but got a bad bunch of pop-ups at the first site I clicked in on ("boondocks.net" I think it was) so I'm back here.
Empire usually benefits only a small contingent within the imperial center (e.g., finance vs. productive industry, or export vs domestic consumption), and the others may weigh in against it, albeit somewhat unconsciously.
Also the loss of core values and quality of life may be sensed by them. Empire has a (probably in this time) short burn-out life, rotting the center nation quickly. Many will resist this.
It may not be efficient to go out with swords swinging, but to keep imperial swagger to a minimum for maximum propaganda value at home. Conscientious, educated workers are needed to run the home economic machine. Imperialists may be tentative in their efforts, sensing their political base at home may be shaky.
Rome's legacy, which we celebrate each Spring at Easter: Roads lined with crosses. People in Central America and Argentina have photos of their disappeared loved ones on the wall, equivalent to those crosses.
Each Empire is different, and the technology this time is SO different from any other (and so mis-matched, with the USSR gone) that direction will be taken thoughtfully, if those directing it are "wise".
You're right: We are very far from any alternatives. If you were to ask me, I think "Saddam's oil" should be put into trust for the long-term benefit of humanity, such benefit to be determined by supra-national processes we are nowhere near having. So, shoot me for being "ahead" of my time. ;)
However, the oil problem (Hubbert's Peak) is irrefutable, and it is not surprising that our "leaders" are choosing this time to "do something about it". I can almost sympathize with them. Almost.
sector
(1/14/03; 10:42:19MT - usagold.com msg#: 94393)
@ pizz Pushing down on gold
Marshall Auerbach 1/14/2003: "...the last gasp of a declining empire"
Your note about the divergence between shares and metal is perceptive.
The media's frenetic arm-waving at "Gold's weak performance" is a wonderful contrary indicator. The strong hands world knows what is up in the gold pits and is buying the metal on ALL dips. The "Confused" share buying ,hot money is even more confused that the approaching US Iraqi invasion isn't running gold high enough for them.
The long-awaited gold market awakening will occur when the gold share sellers ultimately realize that the metal has made what cyclists refer to as a "breakaway". The investment "peloton" made of these latent gold share buyers is a potent collective force but like the cycling kind, takes time to appreciate the metal's breakaway and even more time to respond. THAT the gold share buyers will respond to the metallic breakaway is beyond serious doubt. The metal buyers are in control and they are also buying shares on the cheap.
A final full-court press down on gold is a very good sign that a short covering end-game is in process. The coordinated Mineweb, CNBC and select Wall Street marionette anti-gold propaganda reveals a clear tactic coming as it does just before an options expiration. The cost to the G-10 is enormous in terms of metal to do this kind of all-out-blitz.
And there sits the price of gold at $352.70 at 12:28PM.
The dollar is down a bit but the DIVG will set yet another high this evening. it is this metric that count in my view. This is their fuel gauge, how much ammunition costs to the G-10 treasuries.
it is wonderful entertainment to observe the futile gold-bashing attempts of the cabal. The peloton is only dozing. The breakaway is near.
And then Iraq. Turkey moves on Kirkuk, then to Baghdad. Will Iran move a division the few hundred kms to Basra and then Westward to the oil fields?
To continue to sell gold DURING the war is utter stupidity for the G-10. They must roll with the punches. It is the logical way to conserve their precious metal. Better to have one last cover BEFORE the shooting and who-knows-what happens. Let gold run up $30-40 dollars.
There's your breakaway.
The peloton will get rolling and make up for lost profits in a very big way.
USAGOLD - Centennial Precious Metals, Inc.
(1/14/03; 10:41:19MT - usagold.com msg#: 94392)
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USAGOLD / Centennial Precious Metals, Inc.
(1/14/03; 10:37:37MT - usagold.com msg#: 94391)
Why gold? Why now? (And how to get it...)
http://www.usagold.com/cpm/aboutcpm.html
Would you invest in a stock that graphed like this?
Probably not. But that is precisely what you have done if you own
stocks, bonds, cds, money markets or anything denominated in U.S.
dollars.
Sooner or later gold is going to react strongly to this simple dynamic:
The dollar has been continuously devalued without stop for the past 57 years. It has
not appreciated against goods and services once -- not even once -- in that entire time period.
There are periods when this policy has not been fully reflected in the price of gold.
Is "Now" one of them? "Is Now the Right Time for Gold?"
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