All times are U.S. Mountain Time
(Yesterday's Discussion.)
Caradoc (2/22/05; 23:13:05MT - usagold.com msg#: 129573)
A thought about timing
With some older decision makers in Britain still remembering firsthand what happened to the pound sterling when it ceased to be the world's reserve currency (and with the next generation having grown up hearing about it), it occurs to me that the hours of London trading are likely to be the time of day when the collapse of the dollar is first widely acknowledged.
Thoughts, anyone?
Caradoc
Great Albino Bat (2/22/05; 22:20:49MT - usagold.com msg#: 129572)
An ominous historical parallel?
From "ITALY AND HER INVADERS" by T. Hodgkin, Vol. I The Visigothic Invasion 376-476, Oxford, The Clarendon Press, 1880 pp.259-260:
"The Imperial City, during the first portion of this interval, [pending the invasion of Alaric the Goth] was suffering the pangs of famine. For centuries, as the rural element in the population of Italy grew weak and the urban element grew strong, the dependence of Rome for her food-supply upon foreign lands, and especially on the great grain-producing countries which lined the southern shore of the Mediterranean, had become more absolute and complete. In fact, the condition of Rome from the point of view of a political economist, was during the whole period of the Empire as unsatisfactory as can well be imagined. She had long passed (nor is that surprising) out of the self-sufficiency stage, in which she produced within her own territory all the necessaries of life for her citizens. But then, having devoted herself so exclusively to the arts of war and the science of politics, she was not producing any mercantile equivalent for the food which she needed. Her sole manufacture, we may almost say, was the Roman legionary, her chief exports armies and praetors;
and in return for these, through the taxation which they levied, she imported not only the ten thousand vanities and luxuries which were consumed by her wealthy nobles, but also vast stores of grain which were distributed by the Caesar, as a Terrestrial Providence, among the ever-increasing, ever-hungrier swarms of needy idlers who represented the Plebs Romana."
****
Can it be any clearer?
The GAB
Gandalf the White (2/22/05; 21:55:30MT - usagold.com msg#: 129571)
LOOK, Sir GAB !! ANOTHER little GREEN "X" !!!
http://stockcharts.com/def/servlet/SC.pnf?c=$GOLD,P
The GOLD P&F Chart is looking good !
TO THE MOON, Alice.
<;-)
Sundeck (2/22/05; 21:01:11MT - usagold.com msg#: 129570)
@Lady Whitewaterwoman #129554
Technical analysis for FX?
Ahhh...you have chosen an appropriate handle...US dollar descent about Grade 4 - 5 so far, would you agree? May soon become Grade 6. (Hope it doesn't become Grade 7!)
Have you got the golden rescue lines preplaced and out yet?
Welcome aboard...enjoy the ride...
;-)
Black Blade (2/22/05; 19:13:22MT - usagold.com msg#: 129569)
NY gold closes at 2005 peak
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh36034_2005-02-22_19-43-53_n22525175_newsml
Snippit:
"There was good fund buying today," said Tom Boustead, metals analyst at Refco. "It was a combination of the weakness we saw in the dollar and it's getting a lift from the crude oil."
"I think (gold) has some upward momentum and it's going to take crude to come off and the dollar to start stabilizing before we say that the bias isn't higher still," Boustead added.
John Kosar, president of Asbury Research, said gold was primed for a multiweek rally, with the latest Commodity Futures Trading Commission's Commitments of Traders data showing commercial traders are going long in gold.
Black Blade: No argument here.
Black Blade (2/22/05; 19:10:05MT - usagold.com msg#: 129568)
Gold futures surge, end above $435
http://cbs.marketwatch.com/news/print_story.asp?print=1&guid={110A7CEA-25F6-4BDF-8BC0-C764C03592B0}&siteid=mktw
Snippit:
WASHINGTON (MarketWatch) -- Gold futures closed sharply higher Tuesday, gaining 1.7 percent and breaking out above a six-week trading range in a rally directly related to weakness in the U.S. dollar.
Metals traders returned from the long Presidents' Day weekend in a bullish mood, taking their cue from the dollar's pullback against both the euro and the Japanese yen sparked by South Korea's announcement that it would diversify its foreign-exchange holdings away from the greenback.
Some currency traders sought to downplay the significance of the Bank of Korea's announcement, but metals strategist Peter Grandich was having none of it. "South Korea now joins Russian and Chinese officials who called for the end of the U.S. dollar as the world's reserve currency," Grandich said. "The second round of the secular bear market for the U.S. dollar was rung in today."
Gold "now looks set to target $440 and potentially head toward the $456 highs of last year if speculative players start to buy again," said James Moore of TheBullionDesk.com.
Black Blade: As I have said before, the "strong dollar policy" is dead and unsustainable due to the weight of the twin deficits. The dollar continues to look grossly overvalued.
Black Blade (2/22/05; 19:05:18MT - usagold.com msg#: 129567)
Chancellor urged: sell gold to the Chinese
http://observer.guardian.co.uk/business/story/0,6903,1418353,00.html
Snippit:
Gordon Brown should use his trip to China this week to urge Beijing on a gold-buying spree if he wants to achieve his debt relief plans, analysts say. A buyer with deep pockets, suggests Kamal Naqvi, precious metals analyst at Barclays, could be the best route to persuading Washington to back the Chancellor's proposal for an IMF gold reserves sale to help the world's poorest countries.
'If you can find a big buyer, you can do the sale without affecting the market. China and Japan are the potential white knights, because their gold reserves are so small,' said Naqvi.
Black Blade: I suspect that won't be a hard sell.
Gandalf the White (2/22/05; 18:50:29MT - usagold.com msg#: 129566)
WELL, they finally got the US$ Chart machine FIXED ! <;-)
http://charts-d.quote.com:443/1002980432830?User=demo&Pswd=demo&DataType=GIF&Symbol=DX00Y&Interval=10&Ht=600&Wd=800&Display=2&Study=MA&Param1=13&Param2=0&Param3=&FontSize=10
Erased all of Tuesday from the memory and "Started" it again at 18:00 hours ! LOOK at that GAP !!
<;-)
Goldilox (2/22/05; 18:33:00MT - usagold.com msg#: 129565)
Sinclair Commentary
http://www.jsmineset.com/loginpage.asp?EVID=&fromType=&route=&RQ=&Gid=&CTID=&cCat=&cSubCat=&PRID=&archive=&qparam=&lottourl=&refURL=&GameID=&signout=
As JSMineset is now a subscription (albeit free) service, I will not cut and paste from the site, but I highly recommend those who value Jim's insights log in to the posted URL and sign up for his latest email commentary on the US$ vs. gold.
Goldilox (2/22/05; 18:21:44MT - usagold.com msg#: 129564)
Cold weather drives crude above $51 Cold weather drives crude above $51
snip:
By Steve Goldstein & Lisa Sanders, MarketWatch
Last Update: 4:09 PM ET Feb. 22, 2005
DALLAS (MarketWatch) -- Crude futures closed above $51 a barrel Tuesday for the first time in three months amid cold, snowy weather in Northeastern states.
Phil Flynn, senior market analyst at Alaron.com, said the close above $50 is significant, but allowed that some of the buying may have been related to the expiration of the March contract.
The last time oil traded higher than $51 a barrel was Oct. 28. It hit a record $53 a barrel on Oct. 27 in intraday trading, and its highest closing level was at $52.88 a barrel on Oct. 26.
"The cold snap and snowstorm in the Northeast has reminded traders that winter is far from over and there are still a number of 'degree heating days' left in 2005," said Kevin Kerr, president of Kerr Trading International.
-Goldilox
Nearly lost in the hubbub of today's dollar triple-gainer was the near $2.50 bump in Lt Sweet Crude. Gasoline pup prices rose nearly $0.10 last week, and today's action suggests there is more to come. Trilby Lundberg will get more press than Jose Canseco in the coming weeks - deservingly so, I might add...
Repeat the mantra, "There is no inflation, there is no inflation . . ."
MK (2/22/05; 17:58:37MT - usagold.com msg#: 129563)
YGM
That's
jill@usagold.com
MK (2/22/05; 17:57:29MT - usagold.com msg#: 129562)
YGM
Please contact Jill with your mail address and we will send the book along with the Gold Classics Series. It may have to get to you by dog sled this time of year, but it will get to you. Thanks for you long term presence here, Sir. I'd like to find about 100 more posters with your level of commitment to this Table and gold. What a better place we'd be!
Smeagol (2/22/05; 17:49:36MT - usagold.com msg#: 129561)
........
...sss...nice houndses...have some more fissh...you like fissh too, yess, like us...we can tell (cackle)... ach! who is that? (whispering) quiet, precious, or they'll see us...
S.
Gandalf the White (2/22/05; 17:21:58MT - usagold.com msg#: 129560)
ANOTHER WELCOME, Lady Whitewaterwoman <;-)
Happy that you have found the TABLEROUND !! Lots of reading to do here and in the ARCHIVES !
<;-)
YGM (2/22/05; 17:16:11MT - usagold.com msg#: 129559)
melda laure ...Korean CB Dumping Dollars...
actually I believe they have the 4th largest holding of Foriegn Reserves in the World and it is a big message to others when they divest US and invest in Canadian or other Nations Money Instruments...FWIW...YGM
YGM (2/22/05; 17:11:20MT - usagold.com msg#: 129558)
Gandalf the White (2/22/05; 13:28:13MT - usagold.com msg#: 129552)
I think any who read Michael's writings should already realize he's pretty much an expert on Gold and all that it relates to...TC ain't too shabby neither Huh?...I'm still fuming I missed out on the Free copy of MK book for all us oldtimers...Are the Hobbits pleased with the dollar?...Sir Ssssmeagol is AWOL...Send out the alarm...He must be into some devious mischeif, pulling levers somewhere...YGM
melda laure (2/22/05; 17:04:14MT - usagold.com msg#: 129557)
(No Subject)
Welcome WhitewasserWoman! I too, like to read the essays on the other gold sites, but this is the only FORUM worth reading!
TC, the KOREAN's said something? And the DOLLAR TANKED!?
It's a pathetic currency that can be walloped by a few comments by an itty bitty country like Korea - (actually only half of Korea) Perhaps next we'll hear that Our Dear Bozo (up north) is counterfeiting Euros instead of dollars next. Perhaps, (just musing) if a few more asian voices chime in, the Chinese can say "we just following crowd."
MK (2/22/05; 16:54:30MT - usagold.com msg#: 129556)
The Gordon Brown Indicator
When Gordon Brown was stumping for IMF gold sales, I published a post here that was picked-up and posted many places on the internet.
In it I said:
"In my view Brown's activity now signals the same thing it signaled in 1999 -- the beginning of a major move upward in the gold price."
Scenario (Analysis/Short & Sweet). . . .
Dollar problems act as a catalyst for gold demand.
Private (and possibly public) gold demand exacerbates an already strained system.
The strained system creates a new mind set by gold market insiders.
The new mind sets says cover short positions now or lose substantial net worth.
The reversing of short positions creates huge long volume in the paper gold markets - the long awaited equal and opposite reaction.
The price shakes and rattles (like a shuttle takeoff), begins to move higher.
This is what happened in 1999 but there was a delay in the first leg of the bull because Brown was able to persuade the Bank of England to sell most of its gold to fill the gap (abyss).
Brown is stymied this time because conditions are markedly different now than they were in 1999.
We may be in the first stages of a new monetary crisis.
(Soros' concerns about a equities market crash may be valid - DJIA down 179 today.)
There is no large and ready source of gold to be tapped.
The market senses blood in the water.
The second leg in the bull market is given breath.
The Brown indicator works once again.
Whitewaterwoman (2/22/05; 16:41:55MT - usagold.com msg#: 129554)
Hello from lurker
Just wanted to introduce myself. I'm a freelance writer in Austin, Texas, love the yellow and silver, and am researching two books I'm ghostwriting on Forex technical analysis. Hopefully, then I'll understand half of what I read here! The half I do understand is delightful, and I love the high level of discourse. When I know more of which I speak, I'll post. :)
mackattack (2/22/05; 15:32:00MT - usagold.com msg#: 129553)
Woa the markets spoke!
Well wasnt that refreshing!The plunge protection team gets overwhelmed and the only ones who dont know yet are the media.Darn i forgot to check the date on the gold guessing comp,i thought you meant today!Bubbles, bubbles toil and troubles,lots of houses for sale here in B.C,lots contractors screaming get them done now!Here she comes!Hurricane reality...at theatre near you soon!
Gandalf the White (2/22/05; 13:28:13MT - usagold.com msg#: 129552)
Question for Sir YGM ! <;-)
http://stockcharts.com/def/servlet/SC.web?c=$HUI,uu[h,a]daoayiay[pb200!f][vc60][iut!Uh89,21!Lp88,21,3]&pref=G
REMEMBER WHEN ? -- SIR MK announced that a POG CONTEST would be coming --- and I gave the LURKERS a one day "NOTICE" to get their Posting Handles before the following blaring of the HORNS !
--
Gandalf the White (02/04/05; 10:53:55MT - usagold.com msg#: 128869)
$$$$$$$$$$$$$$ A "PRICE of GOLD" GUESSING CONTEST!! $$$$$$$$$$$$
---
Note the date of that CONTEST start -- and then look at the CHART at the attached LINK ---
--
NOW you can see whom is the GREATEST WIZARD of all in the TIMING department ---
SIR MK !!!!
<;-)
USAGOLD / Centennial Precious Metals, Inc. (2/22/05; 13:21:18MT - usagold.com msg#: 129551)
Gold stands the test of time. Some of these are nearly two centuries old -- and still going strong!
http://www.usagold.com/gold/special/grp.html
USAGOLD Daily Market Report (2/22/05; 13:03:08MT - usagold.com msg#: 129550)
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.
Tuesday Market Excerpts
Returning from a long Presidents' Day weekend, gold futures closed sharply higher Tuesday, gaining 1.7 percent and breaking out above a six-week trading range in a rally directly related to weakness in the U.S. dollar sparked by South Korea's announcement that it would diversify its foreign-exchange holdings away from the greenback.
Some currency traders sought to downplay the significance of the Bank of Korea's announcement, but metals strategist Peter Grandich was having none of it.
"South Korea now joins Russian and Chinese officials who called for the end of the U.S. dollar as the world's reserve currency," Grandich said.
"The second round of the secular bear market for the U.S. dollar was rung in today."
COMEX April gold surged $7.40 to end at $435.80.
---(see url for 24-hr news, market prices)---
Rimh (2/22/05; 12:54:16MT - usagold.com msg#: 129549)
TC
Timely and Timeless Advice! Thanks for the article!
TownCrier (2/22/05; 12:36:18MT - usagold.com msg#: 129548)
An investor's choice between solid fundamentals and shattered faith
http://business.timesonline.co.uk/article/0,,8211-1493480,00.html
HEADLINE: Morals can help to rebuild investor faith
(TimesOnline.co.uk) February 21 -- It is now some five years since the bursting of the dot-com bubble. As symbolised by the recent return of London's FTSE 100 index to above the watershed 5,000, the markets are at last reviving from the devastation that the collapse caused to investor wealth.
However, although shares are on the rise once more, the same cannot be said of the confidence of millions of investors, nor of the public at large, in the broader financial system on both sides of the Atlantic.
In the years that followed the dot-com debacle, the public's faith in financial markets and their participants was shaken to its foundations, not merely by the tech-stock bubble and its collapse, but by the startling series of financial scandals that followed.
From Enron and WorldCom in the US to Europe's Parmalat, trust in corporate management has been tested to breaking point. When we are no longer sure, even of the likes of Shell and other paragons of corporate virtue, what confidence can be left?
Here in Britain, the trust of thousands of ordinary savers has, meanwhile, been sapped by the home-grown imbroglios over endowment mis-selling and split-capital investment trusts, not to mention a number of lesser affairs that have bedevilled UK investors.
All of this has been profoundly damaging to the standing of the institutions and people upon whom we depend to generate wealth and protect our financial security.
...How much does this generalised and deepening loss of faith matter? A lot.
There are many complex factors behind what we have come to know in Britain as the "pensions crisis". But a straightforward and basic factor is that people are failing to save enough for their old age because they have little or no trust in the means available for them to do so.
It is not too hard to work out that the consequences will be severe.
It matters, too, that some of the closest and best-informed observers of the tech-stock implosion are giving warning that, in spite of those events, some may still have failed to learn that there is no such thing as a free lunch.
...Professor Partnoy wondered aloud about the recent resurgence in US stocks such as Google and Yahoo, and the factors behind the high ratings they enjoy from some of Wall Street's biggest institutions.
...reinforced by the growing complexity of financial markets and institutions. ... Partnoy cites the work of David Skeel, of Pennsylvania University, in his book Icarus in the Boardroom, which argues that, in the dot-com episode, analysts and bankers exploited this complexity to enrich themselves at the expense of the investors.
^----(from url)----^
Keep your savings secure -- free and clear of the exploitation of complexity. That is, keep your gold out of the banking system.
The beauty of a "fully-backed" physical gold savings standard is that the golden wealth that you set aside as savings should by and large be free of the typical depreciations that affect the value of monetary (national currency) savings.
An additional beauty of this type of "100% honest" system is touched on by a paragraph in this article, as follows:
"...a market that is known to be secure and run along ethical principles will be more trusted by investors. It will therefore be larger and more inclusive than otherwise, attracting a wider range of participants. And ... bigger, deeper markets are more efficient and more liquid".
Gold as a savings vehicle has been doing well enough throughout the world even though it has been off the mainstream Western investors' radar screen for decades.
Imagine how much better the market will accommodate your needs as growing numbers of Western investors wake up to this idea whose time has come. Gold ownership offers a much-needed means of saving and certainty of tangible wealth that will allow people to confidently make strides toward a comfortable and secure retirement.
Call USAGOLD-Centennial today to discuss a diversification strategy of gold ownership that's right for you.
R.
otish mountain (2/22/05; 12:29:25MT - usagold.com msg#: 129547)
MK - Alan Greenspan
Alan Greenspan's "Gold and Economic Freedom" C. 1966 is a wonderful essay, one that I feel he still fully believes in today.
I imagine him as a character in one of Ayn Rand's works of fiction yet to be written.
Set in a time of an altruistic moral society disguised as capitalism and democracy. The hero plays to the wishes of the populist until such time that the whole financial structure caves in on itself, ushering in an era of change.
Ten Bears (2/22/05; 11:25:46MT - usagold.com msg#: 129546)
Sound money advocates
http://www.monetary.org/index.html
Sound money sites, worth a read for those interested in the question posed by Ron Paul, "why we have a central bank at all, and whose interest it serves?"
1. American Monetary Institute Stephen Zarlenga, Director http://www.monetary.org/index.html
2. The Money Masters http://www.themoneymasters.com/
Also see Alexander Del Mar, "Science of Money" and "History of Monetary Systems"
Gandalf the White (2/22/05; 11:22:11MT - usagold.com msg#: 129545)
this Chart is LOOKING GOOD !! <;-)
http://www.futuresource.com/charts/charts.jsp?s=GC&o=100/DX&a=D&z=610x300&d=LOW&b=LINE&st=
US$ and GOLD "INVERSE" relationship confirmed in SPADES !
---
AND the almost ONE POINT DROP in the US$ has BROKEN the DX Chart machine and it will not "update".
Something about "LIGHTNING in the NIGHT" !
<;-)
TownCrier (2/22/05; 11:02:26MT - usagold.com msg#: 129544)
Gold climbs
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh31473_2005-02-22_16-03-47_n22392334_newsml
NEW YORK, Feb 22 (Reuters) - U.S. gold futures surged to a seven-week high on Tuesday morning as the dollar dropped sharply against rival currencies, raising the precious metal's allure for investors, dealers and analysts said.
...Gold powered through resistance at $430 an ounce, mainly tracking the euro, with which it has a strong correlation.
...The dollar sank on worries that central banks were shifting their reserves out of dollar assets. South Korea's central bank said it planned to diversify its reserves, which are the world's fourth largest, into a greater variety of currencies.
U.S. financial markets were shut on Monday for the U.S. holiday of Presidents Day.
^----(from url)----^
Nothing so powerful as an idea whose time has come.
Gold diversification is that idea. Act on it today with a call to USAGOLD-Centennial Precious Metals.
1-800-869-5115
R.
Rimh (2/22/05; 10:51:47MT - usagold.com msg#: 129543)
Gandalf
Whadda ya mean, who let the "dogs" out? It's the steroids you slipped in their roo meat this am. Stand back, fellas, those dogs look hungry! The whole commodities sector is charging - is the "Trip to Europe" just bad timing or is it generating some selling of the Buck?
The CoinGuy (2/22/05; 10:42:19MT - usagold.com msg#: 129542)
#129538
Huge Trail Marker.
TCG
Knallgold (2/22/05; 10:42:00MT - usagold.com msg#: 129541)
Goldstandard?
From TC's #129521 : "Driven by supply and demand, any initial 100% gold-backed money supply would expand to a fractionally-backed system in which every bank is a bullion bank and the prices of everthing inflate ... ...We have "been there and done that" and discovered a gold standard monetary (banking) system to be rife with flaws..."
At the risk of teasing Ari a bit too much: is an honest Goldstandard not even a bit better than an "honest fiat" (Aristotle)?(I couldn't resist this one...)
"Alternatively, can anyone point out a flaw in a gold property savings system"--TC
No,in fact its uncomplicated and logic reasoning is convincing.The standard value for wealth is expressed in grams of physical Gold in possession.You can't argue against this.
But something to consider in regards of drawbacks: the money used daily will still have no value with all its dangers of overprinting-crux is the link of valueless money to precious limited resources.So,essentially,will it (FreeGold) be sufficient to stabilise the financial system?And bring back the term "value" in people's mind,especially regarding resources?Surely,there must be more in the social/financial/political/ architecture.
Like everywhere,the proof of the pudding is in the eating.And,in the end,it lives or falls with the moral of the participants.Which brings us back to the "honest" discussion above...
Gandalf the White (2/22/05; 10:37:15MT - usagold.com msg#: 129540)
WHO let the "DOGS" out ? <;-)
GO YELLOW !!
<;-)
Arcticfox (2/22/05; 10:26:36MT - usagold.com msg#: 129539)
Anyone else just see Don Coxe on CNBC
Stated that $US bear just beginning and commodities and metals place to be right now..
Belgian (2/22/05; 10:11:11MT - usagold.com msg#: 129538)
@PNB
Look at the rising South Korean won, PNB ! Rember that the S.Koreans asked the EU to, please, be paid (trade) in euro.
By the end of '05, the kiwi dollar will be at par with the US$.
All currencies stop to be a dollar's derivative. The killing competitive global currency devaluation is over.
The dollar will not be able to "export" inflation anymore...a unilateral declining dollar will "import" priceinflation into the US. The complete opposite reverse movement of the past 35 years.
Goldilox (2/22/05; 10:11:08MT - usagold.com msg#: 129537)
GS as Kal-El?
@Boilermaker
How about GS as Superman?
Comex book hero who, as mild mannered reporter for the AYN RAND empire, glorified gold standard as a beacon of freedom, but in his mighty role as FED "man of steel", leads the bankster charge to debase the dollar and rescue banks from the vagaries of inflafla.
Too bad phone booths have gone the way of the dodo, leaving him no opportunity to change back.
Goldilox (2/22/05; 09:57:07MT - usagold.com msg#: 129536)
Bush Praises Modest Pledge From NATO on Training Iraqi Forces
http://nytimes.com/2005/02/22/international/europe/22cnd-prex.html?hp&ex=1109134800&en=99f279222db6e60c&ei=5094&partner=homepage
snip:
By ELISABETH BUMILLER
Published: February 22, 2005
snip:
BRUSSELS, Feb. 22 - President Bush met with NATO leaders today about the alliance's future role in Iraq and was rewarded with a modest plan to train and equip Iraq's new Army and police .
``The NATO training mission is an important mission, because after all, the success of Iraq depends upon the capacity and the willingness of the Iraqis to defend their own selves against terrorists," Mr. Bush said at NATO headquarters here. . .
However, countries that opposed the Iraq war such as France and Germany indicated they would not send instructors there but rather would work outside the framework of this agreement to contribute toward the training of Iraqis.
Goldilox:
Oft' touted as support for the US$, we get to see right away whether or not this rhetoric will curtail the fall of the USDX.
Goldilox (2/22/05; 09:44:24MT - usagold.com msg#: 129535)
Chronology of recent miner takeover bids
https://us.etrade.com/e/t/invest/Story?ID=STORYID%3De-trade_delv_2005_02_10_etrade_reuters-eng-reuters_CHRONOLOGY-RECENT-TAKEOVER-ATTEMPTS-IN-N-AMERICAN-GOLD-SECTOR&provider=ReutersUSCompanyNews
snip:
Following is a chronology of the large, attempted takeovers in the sector since the start of 2004 (values are at the time the transaction was announced):
March 30, 2004 - Iamgold Corp. ((IMG.TO)) makes friendly $2.2 billion bid for Wheaton River Minerals Ltd. ((WRM.TO)). The deal fails when Iamgold shareholders vote against it on July 6.
May 27, 2004 - Golden Star Resources Ltd. ((GSC.TO)) makes unsolicited $880 million bid for Iamgold. Golden Star lets its bid lapse on Aug. 16 after South Africa's Gold Fields Ltd. ((GFIJ.J)) unveils a "white knight" transaction with Iamgold.
May 27, 2004 - Coeur d'Alene Mines Corp. (CDE,Trade) makes unsolicited $1.7 billion bid for Wheaton River. The deal fails when Coeur is unable to get enough support from Wheaton shareholders before the bid expires on Sept. 30.
Aug. 11, 2004 - Iamgold makes friendly $2.1 billion bid for offshore assets of Gold Fields Ltd. ((GFIJ.J)). The deal fails when Gold Fields shareholders vote against it on Dec. 7.
Dec. 5, 2004 - Goldcorp Inc. ((G.TO)) makes friendly $2 billion bid for Wheaton River. Goldcorp shareholders back the deal on Feb. 10. Two-thirds of Wheaton shareholders need to tender their stock by Feb. 14 for the deal to pass.
Dec. 16, 2004 - Glamis Gold ((GLG.TO)) says it will make an unsolicited $3.4 billion bid for Goldcorp. Transaction fails when Goldcorp shareholders vote in favor of the Wheaton River deal on Feb. 10.
-Goldilox
Strong activity in the gold-in-the-ground market, as big fish wanna eat middlesze and middlesize wanna gobble up little fish. Gulp!
Puplava has been calling for this for a couple years.
Goldilox (2/22/05; 09:35:51MT - usagold.com msg#: 129534)
Dollar crumbles as holiday ends
http://www.marketwatch.com/news/story.asp?siteid=bigcharts&dist=bigcharts&guid=%7B6F9B98E2-2C5F-4462-8A97-CC4AF6481599%7D
snip:
By Leslie Wines, MarketWatch
Last Update: 10:28 AM ET Feb. 22, 2005
NEW YORK ( MarketWatch) -- The U.S. dollar was under siege on Tuesday after reports overnight that South Korea's central bank may sell some of its U.S. currency reserves triggered a wave of dollar selling against the major currencies.
Goldilox:
Now CNBC is investigating "suspicious" trades on NDS index, and Lt Sweet is over $50 again.
Quite a day so far, as even US protectorate So. Korea is giving in to "currency diversification".
Boilermaker (2/22/05; 07:58:26MT - usagold.com msg#: 129533)
MK msg 129510 -try this- Greenspan as Macbeth
Shakespeare's Macbeth could have been written about Greenspan, a man who once espoused the incorruptible concept of gold just as Macbeth risked life and limb in defense of his king Duncan. Change the subject, noble power (gold) to corrupt power (fiat), the murder of Duncan (removal of gold in 1971), continued murders to maintain power (gold cartel), the witch's prophesies "beware Macduff" (the Euro), "none of woman born will harm Macbeth" (Euro born of gold lineage) and "Macbeth will prevail until Birnam Wood come to Dunsinane Hill"(the Euro joins oil to defeat Greenspan and his fiat kingdom).
Knallgold (2/22/05; 06:33:43MT - usagold.com msg#: 129532)
Clink!
Ah we Pavlovbugs...or was that dogs???
Knallgold (2/22/05; 06:28:54MT - usagold.com msg#: 129531)
@PNB
To rain on your parade: we have either 6$ rule in charge or it will be a 1 day wonder :-)
Clink! (2/22/05; 06:27:20MT - usagold.com msg#: 129530)
Sore eyes indeed, PNB !
POG up to the $6 limit already, and the NY market hasn't even opened yet.
PNB (2/22/05; 05:43:22MT - usagold.com msg#: 129529)
Sore eyes
Gee, it's been many a month since I have seen a rally in gold like today (so far).
I read an interesting article a few days ago.
Apparently the USD can not decline much further against the Euro/Yen/Pound without a banker led revolution in those countries.
The next signal for possible USD devaluation is supposed to be the break of the Yuan peg. My previous comments may be incorrect, about a sharp dip in Gold when the peg is moved.
Belgian (2/22/05; 04:25:16MT - usagold.com msg#: 129528)
@Sundeck
The most interesting of Bush's message in Brussels was...we (the US administration) want a strongly unified/unifying Euroland. Well, w'll wait and see if and when this statement will be made hard...through the UK (breakfast with Tony)!?
W'll see if Syrians out of Lebanon and France in ?
Not a single word on lifting the arms embargo on China.
How long... before the US starts taking in...euro-reserves ?
Then we can go both (US-EU) go to the ME with euro for oil and a stabilizing military force and all live happily together...Dream on Belgian.
Belgian (2/22/05; 03:56:54MT - usagold.com msg#: 129527)
It is suggested that....
...Greenspan is going to set an "inflation-target" !!!
To inflate means, "adding more" upon the existing.
The central banker of the world's reserve currency is telling us all that more reserves are getting worth less !!!
Can you keep making money as fast as the world's central banker is ? Can you run "faster" than the hungry lion of fiat/digit devaluation ?
$-POO=$50 €/$ = 1,3222. Watch the USDX Maginot line.
Sundeck (2/22/05; 03:50:38MT - usagold.com msg#: 129526)
(No Subject)
Well this is getting interesting...
1. Putin says, a few days ago, that Iran's nuclear program is all about energy and nothing about bombs and that Russia has been helping Iran out lots and will continue to do so... (Interpretation: US irresistable force meets Russian immoveable object!)
2. Bush (all smiles...though not as pleasant as Condi's) continues the "charm offensive" in Europe - including a MONUMENTAL visit to Brussels to announce that the EU and the US are always going to be the best of buddies... (Interpretation: "Goddamn...that Euro-thing looks like it is gonna work after all!" Betta try to salvage the friendship and mitigate the effects of a declining dollar as best we can...and try to get the EU to realise that democracy...errr energy....in the Middle East is in all our (western) best interests).
3. Meanwhile China and Japan and other east-Asian countries build their dollar reserves, but with increasing diversity. (Interpretation: China and Japan et al. have enoungh dollars to buy their oil for ten years or more at current prices, should OPEC keep accepting dollars....BUT...we need some Euros and gold as well, for when the tide changes.)
4. Gold is building its persona/profile fairly dramatically in the mainstrem media. Thinking back three years, there was scarcely a mention of gold in the mainstream financial print - and that always deridingly. NOW, there is scarcely an issue that does not mention gold in some ever more strident/urgent/credible way. (Interpretation: Midas Greenspan may have a golden mind and a golden tongue, but he has feet of clay...its time he was asked to tend his Connecticut tomatoes and let someone else deal with the pieces...errr...peaces??)
5. The World's creditors are not prepared to sell Uncle Sam's shirt for a song (just yet). They realise that uncle Sam is an amazingly resourceful old coot and that the next big thing(s) might just occur in America. Better keep a supply of dollars handy so that we can play along, just in case...
...just thinkin out aloud...
:-)
Belgian (2/22/05; 03:04:27MT - usagold.com msg#: 129525)
Simplification
Whilst Greenspan-ism remains "publicly" succesful with its 25 years old sheme of semi-fixed-gold-exchange...that other fundamental, the oil-standard,...definitely started floating.
Soon, everybody will allow the dollar to float as free as a bird. No currency-snakes, tunnels or any other interventional "constructions" will be necessary. Happy floating.
GOLD...NOT ITS PRICE FLUCTUATIONS, will become the universal standard. Everything can then float free around the yellow sun. A universal standard of "STABILITY" wich will allow any competitive improvisation you can imagine.
I refer here again to gold having priced the euro as stable as can be, for the past 15 years.
The Greenspanists don't want the golden barbaric relic tell the dollar where its floating place (level) actually should be. Gold...the new (barbaric) goldmarket, will teach us how to fly with our respective floating fiats.
Let's ask the "barbarians" to leave the existing goldmarket alone and let anyone chose what he wants to offer in exchange for gold !!!
The oil-reserve holders are in the process of "generalizing" this idea. Barbaric...? Tyrranical...?
TownCrier (2/22/05; 02:09:07MT - usagold.com msg#: 129524)
Dollar falls as CB reserves shift concerns weigh
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh21636_2005-02-22_08-49-37_l22445121_newsml
LONDON, Feb 22 (Reuters) - The dollar fell one percent against the euro and yen on Tuesday as growing concerns that central banks were diversifying their reserves out of U.S. dollar assets pushed the greenback through key technical levels.
South Korea's central bank said on Monday it planned to diversify its currency reserves, which are the world's fourth largest, into a greater variety of currencies. Reserves have traditionally been held in U.S. Treasuries.
Bahrain's central bank governor told Reuters on Tuesday he saw a growing role for the euro in international reserves as Europe's economy starts to grow and capture a bigger part of world trade.
He added however the bank was in no hurry...
^----(from url)----^
Effective diversification is about having a position in place BEFORE it's needed. Otherwise, you're just chasing the crowd.
Call USAGOLD-Centennial and become a gold-owner today.
R.
TownCrier (2/22/05; 01:28:54MT - usagold.com msg#: 129523)
Seen another way...
Even though it is not completely free, semi-floating gold is rising in overnight markets.
If we were on a fixed gold standard, there would be no "fun" to be had watching the price rise in overnight markets. The price would be fixed.
If we were on a fixed gold standard, the only prices we could watch rise at this time would be the prices of everything else as the money supply gets inflated (and depreciated) all the same.
In order to keep up with this inflation, all the same, we would need to deposit all of our gold into the various banks in the hopes that we could earn some sufficiently offsetting interest while tossing and turning each night that tomorrow might be the day a bank run leaves us with nothing personally to show for our idealistically high-minded but unstable monetary standard.
R.
Golden Lionheart (2/22/05; 01:04:06MT - usagold.com msg#: 129522)
Gold up and running..............
Don't miss the boat, the yellow metal is up and running in Australia today.
TownCrier (2/22/05; 00:29:44MT - usagold.com msg#: 129521)
Ron Paul suggests, "Americans should question why we have a central bank at all, and whose interests it serves."
http://www.321gold.com/editorials/paul/paul022205.html
At the risk of oversimplification, we have a central bank because Congress was pressured to make it so.
Individuals and shopkeepers demanded government action to protect them from the potential of losing their savings and from economic shocks in the event that a bank run took down their local bank.
Bank owners weren't wholly supportive of the idea, but larger bankers, such as JP Morgan, were weary of stepping in (as during the crisis of 1907) in that sort of capacity as the lender of last resort to prevent a wider crisis.
Ron Paul goes on to suggest, "The laws of supply and demand work better than any central banker to determine both the correct supply of money in the economy and the interest rate at which capital is available- without the political favoritism and secrecy that characterize central banks. Americans should not tolerate the manipulation of our economy and the inflation of our currency by an unaccountable institution."
Again, at the risk of oversimplification on either side of the presentation, one must not lightly fob off the challenges of monetary- and market-based social structure as something most optimally governed by the "laws of supply and demand".
As excessive local demand (for cash) brought down banks that could not provide the supply, a new type of demand by constituents brought about change by the power of the same democratic process that Ron Paul is part of.
So the question I pose to the readers is as follows -- what post-modern corrective is he suggesting? A return to a gold standard?
At what fixed price per ounce would he recommend the government sponsor the new dollar with gold-backed convertibility?
Driven by supply and demand, any initial 100% gold-backed money supply would expand to a fractionally-backed system in which every bank is a bullion bank and the prices of everthing inflate (except, of course, the government's FIXED monetary price of gold) and bank runs wreak havoc the margins of the system and ruin both banks and individual depositors who lobby Congress for change.
Am I right is asking if this is what Ron Paul has in mind? Here we go again(?).
We have "been there and done that" and discovered a gold standard monetary (banking) system to be rife with flaws. Alternatively, can anyone point out a flaw in a gold property savings system -- a permanently 100% backed physical standard of tangible savings?
R.
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