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ARCHIVED DISCUSSION FROM 3/17/2006 All times are U.S. Mountain Time (Yesterday's Discussion.) Ten Bears (3/17/06; 20:20:38MT - usagold.com msg#: 142554) Willie http://www.financialsense.com/fsu/editorials/willie/2006/0302.html corrected Clink! (3/17/06; 20:19:16MT - usagold.com msg#: 142553) Those old pennies .... On a day when copper closed at yet another all-time high, I thought I would recalculate the melt value of pennies. Pre-1982 now stands at 1.54cents, and even the current one now stands at 0.63cents. Just as a comparison, I first started posting these numbers on 1/22/04, when the corresponding values were 0.74c and 0.26c respectively. Actually, it is zinc that has gone up more than copper. So how long before the penny is discontinued, I wonder. Or they start going back to using aluminum wiring.C! Ten Bears (3/17/06; 20:15:20MT - usagold.com msg#: 142552) MOSQUES, CIVIL WAR, OIL & GOLD http://www.financialsense.com/fsu/editorials/laird/2006/0303.html >"As a preface, the Iranian Oil Exchange will not set up shop in March 2006. The exchange for Central Asian energy product sale, will not go into operation, will not come to pass, at least not anytime soon, and certainly not this month. My reliable sources traceable to London tell me that Iranian mullahs and clergy entrenched in high office have decided they do not wish to relinquish their corrupt siphon from vast energy sales into their personal accounts" by Jim Willie CBMarch 2, 2006Willie's information appears to be entirely accurate. Toolie (3/17/06; 18:35:26MT - usagold.com msg#: 142551) Come to think of it... It takes a lot of nerve for the US to accuse the Chinese of counterfeiting our products. When our entire economy is built on counterfeiting money. Toolie (3/17/06; 18:25:37MT - usagold.com msg#: 142550) Townie -- msg#: 142539 Any idea of what is meant where your article states "25.02 tonnes of gold equivalent" ?What is this gold equivalent stuff? Is that like farmer Chang's not so yummy apple equivalent IOU's? The problem with Farmer Jones behavior, as I see it was in counterfeiting apples -- benefiting noone but farmer Jones.Is Belarus stuck with counterfeit (paper) gold?Knallgold – I think you're right. Good to think he's still around. Cometose (3/17/06; 18:17:11MT - usagold.com msg#: 142549) goldilox/ Tamiflu should have read "kills Japanese children" Cometose (3/17/06; 18:15:54MT - usagold.com msg#: 142548) UP 40% the debt Cometose (3/17/06; 18:15:06MT - usagold.com msg#: 142547) sundeck / 28 Eiffel Towers................. You put in perspective for all of us goldbugs......how out of balance we have become with regard to the current fiat regime .. and almost up 40% since Bush took office....might just blow the lid off the precious metals and many thanks to our Indian friends and Chinese friends who have picked this time to renovate their world ..........and save in GOLD AND SILVER.......... Cometose (3/17/06; 18:09:40MT - usagold.com msg#: 142546) goldilox/ Tamiflu sounds like something they might serve at Neverland resortvery esoteric sounding .....catchy ..........upscale .......marketing ........GLITZ.......Only it kills japanese ..................So when the oriental population contracts the disease........ (Chinese) and they recieve our tamiflu virus fighter........It will kill them off.........GOOD JOB..............Cure is worse than the disease........and looks like it's been engineered specifically for our EASTERN FRIENDS.........Slap my mouth !!!!! Wonder so many microbioligists met their untimely deaths last year...............NO one left to prove the unthinkable in a laboratory setting ..... Flatliner (3/17/06; 15:10:49MT - usagold.com msg#: 142545) How long has it been? http://news.bbc.co.uk/2/hi/middle_east/4818002.stm Since the US and Iran publicly had a face to face? And, my goodness, look at the timing. Yesterday noble ge helped us with (msg#: 142496) which reads "Iranian oil bourse hits wall http://www.iranian.ws/iran_news/publish/article_14125.shtmlThanks Goldilox." It says, "According to the attached link, Iranian oil bourse has been postponed. I get the impression that lots of talking is being done in smoke filled backrooms. I wonder whether we shall be informed after the handshaking ceremony is finished."Ge also pointed us to (http://en.rian.ru/russia/20060315/44334563.html). It read something like: "Russian oil exchange to launch in late 2006 – minister…MOSCOW, March 15 (RIA Novosti) - Russia's economic development and trade minister said Wednesday that an oil futures exchange would be opened in Russia in the second half of 2006.""Is there a big picture here? An elevation of status maybe for Iran? Exposure that it's really Russia that wants the exchange? Or is it that all countries appose the US but none are willing to go it alone?It looks like Iran will not be publicly supporting the means for other countries to trade oil for Euros. I would guess that all countries will have to continue to do this privately. But the underlying issue has not gone away. Reading between the lines, one would expect that if one can't appose the system with public options, one will turn to private options. As ge has concluded, you might expect high oil prices and that the excess from those sales will find their way into gold. What other choice do they have? Topaz (3/17/06; 14:18:54MT - usagold.com msg#: 142544) alt-Gold http://www.futuresource.com/charts/charts.jsp?s=GC&o=100/DX&a=D&z=610x300&d=LOW&b=LINE&st= Things took a turn for the worst on Thur with our alt- Currencies, or more specifically the Euro, giving PoG a pasting and the Au-Ag ratio pretty well flatlining.Ag's Sabre-toothing this week looked like a "paper sell-metal buy" thing. Could be a precursor of much grander flight to the "here and now" of Cash-Metal in the very near future?We'll see! USAGOLD Daily Market Report (3/17/06; 14:17:46MT - usagold.com msg#: 142543) Page Update! http://www.usagold.com/DailyQuotes.htmlThe 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.FRIDAY Market ExcerptsGold up 2.5% for weekMarch 17 (from DowJones) -- Comex gold made little moves on Friday at the New York Mercantile Exchange and settled nearly flat after reaching a fresh two-week high of $558.60 an ounce earlier in the session. The most-active April contract settled 30-cents lower at $555.10. After the bounce to the highs, the April contract appeared sluggish and traded in a sideways manner, traders said. "It was such a quiet day and there was nothing going on to move this market," said Leonard Kaplan of Prospector Asset Management. Other analysts said gold continued to consolidate in a tight range as the market "remained boring throughout the whole session." "The only relevant point is that physical demand from Asia and the Middle East is emerging on any price dip," said analysts at MKS Finance.---(see url for full news, 24-hr newswire)--- OvS (3/17/06; 13:41:22MT - usagold.com msg#: 142542) Sundeck! I wouldn't mind buying upthe China futures tea pro-duction with that kind ofmoney; but resettle the Middle East in Oxfordshire?Your mother-in-law livingthere??? Hello, Belgian.We are missing you aroundhere. So I'll be a littlebit controversial to keepme going.. :-) OvS 968 (3/17/06; 13:35:42MT - usagold.com msg#: 142541) Polyus to deliver 10 tonnes gold to Credit Suisse in 2006 http://www.interfax.com/3/139572/news.aspx MOSCOW. March 17 (Interfax) - Polyus has received a Russian Economic Development and Trade Ministry license for the direct export of 10 tonnes of gold in 2006, Russia's No.1 gold producer said in a statement. Polyus will export the gold under a contract for that amount of gold with Credit Suisse. Payment for the gold will be at the London bullion market fixing. Polyus sold 15 tonnes of gold to Credit Suisse in 2005, so sales to the foreign bank could fall 5 tonnes this year unless new contracts are signed. "The domestic market is shaping up very well now. Russian banks are buying more gold on much better terms than in 2005, which is why Polyus is not exporting quite as much gold this year," the company quotedYevgeny Ivanov, its president, as saying. But direct export contracts are enabling Polyus to build a reputation as a dependable supplier and attract financing on more lucrative terms in the future, he said. Russia's Polymetal and Britain's peter Hambro Mining, which produces gold in Russia, also export precious metals under direct licenses.----------------------------------------------------------------------------------------------------------------------So, why are Russian banks buying gold from Polyus ??? Any thoughts ? TownCrier (3/17/06; 13:14:43MT - usagold.com msg#: 142540) Almost silly March 17 (Reuters) -...Silver has risen on hopes that the U.S. Securities and Exchange Commission might soon approve a silver exchange-traded fund proposed last year by Barclay Global Investors.Traders are accumulating positions on thoughts that the ETF, which would be backed by physical silver, will gobble up much of the available metal supply and help boost demand and prices in the market.--------------------Are there some speculators pushing for Barclays next to arrange for a pie ETF to gobble up much of the available pie supply so that a night out for dinner with dessert becomes more valuable?R. TownCrier (3/17/06; 12:46:20MT - usagold.com msg#: 142539) Belarus central bank to increase gold reserves http://www.resourceinvestor.com/pebble.asp?relid=17951 17 Mar 2006 -- The National Bank of Belarus plans to set up a gold reserve of at least 32 tonnes of gold equivalent by 2011, a source in the main precious metals and stones department at the National Bank of Belarus told Interfax.The National Bank expects that in 2010 gold and forex reserves will amount to $3 billion. The National Bank's gold reserve amounts to 25.02 tonnes of gold equivalent, compared with 4.41 tonnes in 2001.^---(from url)---^A few more steps upon the 'Trail'.R. USAGOLD / Centennial Precious Metals, Inc. (3/17/06; 12:00:26MT - usagold.com msg#: 142538) CPM -- Since 1973. Proven Reliability, Longevity, Quality and Professionalism ---- Transact with Confidence!! http://www.usagold.com/cpm/aboutcpm.html Clink! (3/17/06; 10:57:24MT - usagold.com msg#: 142537) Not to start comparing apples with oranges, but .... "Isn't this the same as saying that everyone must balance (pay) all debts by barter of goods + services? Would the farmer also pay for fertilizer, insurance, electricity, clothing etc. ONLY with apples??"Sure, if that's all he produced. But that's not the point of the story. The situation here is "what happens if he doesn't produce enough apples to cover his purchases?" He produces IOUs which will eventually be called. Flatliner (3/17/06; 10:09:13MT - usagold.com msg#: 142536) Beamer's question Beamer: 'Would you take this beautiful pile of gold coins or the equivalent weight in gold and qualify the answer with a why?'To a coin collector, the thought of pure gold is like a canvas that carries no paint. But, to the mint, it is the canvas on which to create the fine and valued art. Both have value that is above and beyond its gold price. Choose carefully as to your usage and reap the rewards that follow. R Powell (3/17/06; 10:07:29MT - usagold.com msg#: 142535) Clink "Rich, what you say is perfectly true as long as you stay in the limited world of a single farm. The only way for the apple IOU's to balance the oranges is if Farmer Chang wants to pay for golf using apple IOUs." Isn't this the same as saying that everyone must balance (pay) all debts by barter of goods + services? Would the farmer also pay for fertilizer, insurance, electricity, clothing etc. ONLY with apples?? I believe your notion is the one "in the limited world". It's a world of barter which works fine except for determining how many apples or oranges are required to buy clothing, insurance, gasoline, etc. It gets cumbersome, no. Why not use, as Goldilox says, fiat to ease commerce. And, yes, will all know depreciating currencies are not a safe place to store wealth, but I'd hate to have to pay all my bills by an exchange of my labor without the convenience of money. Btw, I will pour + finish concrete in exchange for gold or silver. 8>) Sundeck (3/17/06; 09:40:35MT - usagold.com msg#: 142534) US spends its way to 28 Eiffel towers: made out of pure gold http://www.timesonline.co.uk/article/0,,11069-2090441,00.html Snips:"...The vote to increase the debt limit, requested by the White House, is the fourth since Mr Bush took office. In 2001 the national debt was $5.7 trillion. Today it has ballooned to $8.2 trillion, figures rarely talked about in Washington. ...$9 TRILLION Is roughly four times Britain's GDP Equates to $1,500 for every man, woman and child in the world Would buy all the tea in China. In fact it would buy all the tea in the world for the next 2,000 years. Is enough to solve the Palestinian crisis by rehousing every Israeli and Palestinian family in a £1.5m detached house in Henley-on-Thames Would build 28 Eiffel Towers — constructed out of gold...."Sundeck: Mmmmm....gold is not strong enough to make Eiffel towers...but I nit-pick...A trillion here, a trillion there...pretty soon we are talking UNreal money...if we aren't already!:-( Knallgold (3/17/06; 09:21:28MT - usagold.com msg#: 142533) IOB http://www.uxc.com/ So if the Iranian oil bourse is indeed postponed,you would expect the oil price to increase again,especially in the light of the US M3 cessation(=more $ inflation),no?I'm assuming the other follow up bourses on the oil for euro deal (Norway,Russia,xy) aren't ready as well.How high an oil price can we handle?Those 70-100$/barrel mentioned?What if too high prices destroy the power of the oil cartel forever,ie the west going alternative with full conviction?Now watch the Uranium price,its now at 40$ (upper left at the link),it appears to be in an up-only mode.We live in interesting times! Clink! (3/17/06; 09:20:58MT - usagold.com msg#: 142532) Golf Rich, what you say is perfectly true as long as you stay in the limited world of a single farm. The only way for the apple IOU's to balance the oranges is if Farmer Chang wants to pay for golf using apple IOUs. But country clubs are probably very snooty about who they let play, and I don't think they would invite him to join. From what we have seen in the news recently, it's even difficult to use apple IOUs to buy that house (real asset as part of the farm) on the fairway (Think Unocal & DPW).C! Goldilox (3/17/06; 09:00:31MT - usagold.com msg#: 142531) Golf vs. apples @Rich,But when times get tough, those golf balls are a bit crunchy and offer little food value.It reminds me of Forrest Gump, who parlayed his shrimp profits into a fruit company called "Apple". I love my iBook, but I keep a supply of the cruchy variety handy, as well.Similarly, I pay my bills with FIAT, but keep a stock of "real" money, just in case I need it. R Powell (3/17/06; 08:40:52MT - usagold.com msg#: 142530) Apples or golf course...? Here where I live in New England, golf courses make gazillions of dollars, most houses near them are priced at a million $$ or more. I have worked on many, and some such housing communities require home buyers to purchase yearly course memberships, whether you play golf or not. These often start at $50,000/year and do not include food + drink. Apple orchards are located in "the country" where land is much, much cheaper than it is in densely populated areas. Basically, if Farmer Jones' golf course is successful, he'll make much more than he ever did growing apples. Then, if he's an honest man, he can honor his apple IOUs with apples purchased elsewhere or simply honor them for cash, no? Hey, maybe he charges in physical gold for the use of his golf course, then he'd be able to buy back the apple IOUs for gold. One of the first great advances in economic terms was the division of labor. This raised the standard of living for everyone involved + necessitated a means of exchange, money. This is basic economics, we know this! Why can't apple IOUs be paid back with cash from the golf course profits? I pay the plumber with money, he doesn't have to wait until he needs a concrete floor to be repaid! rich Goldilox (3/17/06; 08:38:56MT - usagold.com msg#: 142529) Bird-flu misinformation Former Sec Tommy Thompson just told CNBC that 50% of the 200 reported HN51 cases have died. While this seems pretty ominous, a larger picture view should include the fact that most of these case reports have come from locales where visiting the doctor is a 'crisis only" experience. This suggests that those who may have the flu but are not near death are not counted in the statistics.Not downplaying the lethality itself, the statistical base is poor, at best, and those, like Thompson, who communicate them are completely ignoring the poor quality of their own statistical base in the rush to sell the governement a few $billion of Tamiflu.Disinformation is perhaps too strong, but relying on bad statistical evidence certainly qualifies as "misinformation". mikal (3/17/06; 08:03:45MT - usagold.com msg#: 142528) @Clink Re: Golf course - Some just have to learn the hard way. Rather than playing below par, they drive into the roughon nearly every hole. mikal (3/17/06; 07:56:09MT - usagold.com msg#: 142527) Gold vs stock newsletters sentiment http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BA1502DB0%2DA1DA%2D4404%2DB8AB%2D494F652400BC%7D&siteid=mktw&dist=nbc From sentiment point of view, gold looks better than stockmarket - Mark Hulbert - Marketwatch - March 17, 2006Long-term comparison of stock timing newsletters and their gold counterparts positively correlated with charts of gold beating the stuffing out of stocks. Clink! (3/17/06; 07:17:36MT - usagold.com msg#: 142526) A Tale of Two Farmers http://www.321gold.com/editorials/schiff/schiff031706.html Ther's nothing like a good allegory.Snip :-Farmer Chang only grows oranges. Farmer Jones only grows apples. Each grows only the fruit that he produces most efficiently, trading the surplus for the fruit grown by the other. Both farmers benefit from comparative advantage and free trade. The sole reason that Farmer Chang "exports" oranges is to "import" apples, and vise-versa.--------------Eventually it dawns on Farmer Jones that he is eating pretty well, without actually farming. He therefore decides to turn his apple orchard into a golf course, and simply play golf all day while enjoying Farmer Chang's oranges. In other words, Farmer Jones now operates a "service economy."End snip.C! I won't spoil the end, but Farmer Jones' choices in the end aren't pretty.C! Knallgold (3/17/06; 06:21:15MT - usagold.com msg#: 142525) The Newropean article If you scroll down'someone put a commentary there:"Write Your Comments Gold-euroWritten by on 2006-03-17 08:55:53--------------------------------------------------------------------------------Let there be "Freegold" and a gold-euro numeraire to replace the $-IMS. Let the world compete on a level playing field with a multilateral gold-euro instead of with the selfserving, unilateral $-regime. "Sounds familiar to me! Goldilox (3/17/06; 01:30:03MT - usagold.com msg#: 142524) Newropeans Article @ TIH,Great post! The Invisible Hand (3/17/06; 00:28:53MT - usagold.com msg#: 142523) Confirmation of Global Systemic Crisis end of March 2006 http://www.newropeans-magazine.org/index.php?option=com_content&task=view&id=3612&Itemid=85 Written by LEAP/E2020 Friday, 17 March 2006 Nine indicators prove that the crisis is unfolding ViewYesterday's Discussion.
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