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ARCHIVED DISCUSSION FROM 4/23/2001 All times are U.S. Mountain Time (Yesterday's Discussion.) TEX (04/23/01; 23:21:50MT - usagold.com msg#: 52429) Still Lurkin Oh......uh.........just checkin in. Still lurkin out here in cyberspace. Gandalf the White (04/23/01; 21:42:57MT - usagold.com msg#: 52428) Just cleaning out the OLD files -- (Updated to present Century !) "Are You Tired? Do You Feel Rundown? Overworked?"Perhaps there's a reason why. I have run across some irrefutable statistics that show exactly why you are tired, and brother, it's no wonder you're tired. There aren't as many people actually working, as you may have thought, at least not according to this survey recently completed.The population of our country is 205 million, but there are 72 million over 65 years of age, which leaves 133 million to do the work.Persons under 18 years of age total 66 million, which leaves 67 million to do the work.Then, there are 32 million who are employed by the Government … and that leaves 35 million to do the work … 11 million are in the Armed Forces, which leaves 24 million to do the work. Deduct 18,800,000 the number in our State and City offices and that leaves 5,200,000 to do the work.There are 2,626,000 in hospitals, insane asylums, etc., so that leaves so that leaves 2,574,000 to do the work. However, 2,062,000 of these are bums or vagrants who refuse to do the work.Now it may interest you to know that there are 511,998 people in prisons and jails, so that leaves just two people to carry the load. That is you and me, and brother … and I'm getting tired of doing everything myself!!!(Authors name withheld to protect the one who work himself to death!)<;-) Black Blade (04/23/01; 21:19:34MT - usagold.com msg#: 52427) More Crude Needed to Avoid Market Meltdown http://www.slb.com/ba.cfm?baid=1 Snippit:LONDON, Apr 23 (energy24.com) - An influential London based energy think tank has called on OPEC to increase crude production in order to stave off an 'ultra tight market at the end of the year.' But analysts said the problem may not be a lack of crude. Owen McQuade, an independent financial analyst and Financial Times author, told energy24 that refinery capacity was still very tight and there was the danger of extra crude supplies bottle necking at US refineries. He said the fact that US refineries were currently importing European gasoline did not augur well for a calm market later this year.Black Blade: Brits are feeling the heat too. Guess they had better raise petrol taxes some more. If this keeps up, it will cost more to ship gold than to buy it ;-) Black Blade (04/23/01; 21:10:05MT - usagold.com msg#: 52426) Refinery fire rages near Los Angeles http://biz.yahoo.com/rf/010423/n23295578_2.html Snippit:LOS ANGELES, April 23 (Reuters) - A spectacular fire at a major oil refinery outside Los Angeles sent huge plumes of thick black smoke billowing over three cities on Monday, forcing residents indoors and threatening to force up California gas prices.Black Blade: This just in. Tosco Refinery is burning brighter than a typical Los Angeles race riot. Just what the Grasshoppers need with gas prices on the rise. Many expect gas prices to rise into the $3.00/gallon range this summer. Kalifornia is especially at risk due to varying grades of reformulated gasoline due to be processed for summer use. Add this to the west coast energy crisis and it adds up to a nice bump in infaltion - oops, forgot, it's not in the CPI core rate. Never mind ;-) Trail Guide (04/23/01; 20:51:15MT - usagold.com msg#: 52425) Comment abudahhab (04/23/01; 18:15:47MT - usagold.com msg#: 52412)@Trail Guide re Arab free trade zone------Thank you abudahhab,, fine observations! I just read the forum and found yours. TrailGuide Gold Trail Update (04/23/01; 20:30:05MDT - Msg ID:52424) The Gold Trail Discussion has been Updated The Gold Trail Discussion has been updated. Click on the link to read the latest updates. Randy (@ The Tower) (04/23/01; 20:24:14MT - usagold.com msg#: 52423) I leave the challenge to you to "decode" the traditional media spin for the wider implications http://biz.yahoo.com/rf/010423/n23266619.html Excerpts:---- NEW YORK, April 23 (Reuters) - Global central banks could own the entire supply of marketable U.S. debt by the end of 2006 as growing foreign exchange reserves ... have swelled about 12 percent a year over the past two decades and have been concentrated in Asia where trade surpluses have increased the amount of dollar reserves central banks hold there in Treasuries...[according to a survey report by UBS Warburg.]----With the Federal Reserve and fellow central banks currently holding nearly half of all marketable Treasuries, the report stresses that "central bank behavior will become ever more critical to the Treasury market," as a result. Continuing:----- a little more than half of central bank respondents said they were looking at alternative asset classes to Treasuries ... 21 percent said they had begun making new asset allocations.-----Among those mentioned were debt holdings of GSE's such as Fannie Mae and Freddie Mac, with corporate bonds and asset-backed securities cited along with U.S. agency securities as alternatives. You DO recall our discussion two months ago profiling the likelihood of a national transition from government-based debt to commercial and private debt, don't you? All part of this scene: "We shall have the hyperinflation." Further:----- Central banks said one way to cope with shrinking U.S. Treasury supply would be to reduce the share of their U.S. dollar reserves and increasing holdings in euros.....the Fed has so far been reluctant to consider other debt classes for its outright holdings and has set no timetable for making changes. "That reluctance to adjust to the inevitable likely is encouraging other central bankers to drag their heels as well," the report said. But once the Fed acts, "its efforts will likely touch off a chain reaction abroad."----- YGM (04/23/01; 19:17:32MT - usagold.com msg#: 52422) Auspec & Rich.... A sincere 'Thanks' for the welcome back.....Just in time I might add to renew the GATA email blitz.....All I can say is God Bless Bill Murphy and Chris Powell for the origional idea and all the hard work and sacrifice they've shown us.Now back to the blitz :-))Go GATA, Go Gold & Go Physical w/ Marie @ USA Gold. megatron (04/23/01; 19:15:07MT - usagold.com msg#: 52421) Boomer gold rush? One thing I have yet to read is an appraisal of the possibility of the population bubble moving lots of their wealth into PM's as they approach retirement. Most of them were between 40 and 25 when gold went nuts, hopefully leaving an impression about the ramifications on them. Could Dent or Davidson or Dines have written about this? R Powell (04/23/01; 19:09:06MT - usagold.com msg#: 52420) Chris Powell Thanks for the info on Business Wire and all the updates on GATA's activities. Sounds like you fellows have been quite busy and productive. Thanks for the good work! Rich YGM (04/23/01; 19:07:20MT - usagold.com msg#: 52419) More GATA ....... The Tide is Turning and it's going to "RIP".. Le Metropole Members, Please bring this to the attention of the world pressalong with the GATA Business Wire release mentioned in the last email. GATA should retain the CongressionalBlack Caucus as spokesmen and spokeswomen. The hypocrisy of President Clinton and Treasury Secretary's Rubin and Summers must be exposed. They are lauded for their efforts to help the poor and theysecretly were doing just the opposite. NOW GATA HAS CAUGHTTHEM!!!SEE CONGRESSIONAL RECORD COPY of the CONGRESSIONAL BLACKCAUCUS and GOLD BELOW:Congress of the United States Washington, DC, June 30, 1999. Hon. William Jefferson Clinton, President, U.S. Of America, Washington, D.C. Dear President Clinton: South Africa has just inaugurated its second democratically elected President, Thabo Mbeki. Among the many challenges he faces is an immediate crisis--the terrible shock to his country's economy caused by the dramatic drop in the price of gold over the past three months. The many other gold -producing countries in sub-Saharan Africa are struggling with the same blow to their emerging economies. Ironically, tragically, the $30 decline in the price of gold can be traced in part to announcements of support for the sale of some of the IMF's gold reserves to fund debt relief for some of these very countries. The IMF announcement, coupled with the proposal by the British government to sell some 14 million ounces of their gold reserves, saw the price of gold plummet in just a few days from nearly $290 an ounce to below $260. This drop has already reduced the export earnings of the gold -producing Heavily Indebted Poor Countries (HIPCs) by more than $150 million per year. While we cannot change the decision of the British government to sell its gold reserves, we can prevent the IMF from further damaging the economies of the very countries it seeks to help. The IMF cannot sell any portion of its gold reserves without approval of the US representative to the IMF . And the Treasury Department must obtain Congressional authorization before the US representative can approve such a sale. When this proposal comes before Congress for consideration, we will oppose it vigorously. Make no mistake, we believe strongly in debt relief, and we intend to pursue every avenue to provide as much real relief as quickly as possible. However, selling gold reserves is the worst possible method of financing debt relief.Gold mineral reserves are a large part of the natural wealth of many poor countries, and is therefore one of the few avenues for economic development. More than three-fourths of the HIPC nations targeted for the IMF debt relief plan are gold producers, and gold plays a crucial role in the economies of 10 of those countries. Since the mining industry draws much of its workforce from the poorest and most rural communities in the subcontinent, often 10 people or more are dependent on the earnings of each miner. If the price of gold remains at the current 20-year low price of about $258, 40% of South Africa's gold production will become unprofitable, more than 80,000 miners will lose their jobs, and upwards of 800,000 Africans will be plunged into absolute poverty. Debt relief does not require IMF gold sales in order to be effective. In fact, the proceeds from the gold sales which are actually targeted to debt relief are virtually nil. According to one calculation, there would be less than $60 million per year available to retire the estimated $220 Billion HIPC debt. There are alternatives to gold sales which would provide more debt relief in a shorter period of time. We will not support central bank gold sales; we will oppose them in whatever form they are presented to the Congress. We intend to examine more realistic, more productive, and less harmful alternatives. We hope you will join us. Sincerely, James Clyburn, Sanford Bishop, Eva M. Clayton, Robert Scott, Bennie G. Thompson, Albert R. Wynn, Eddie Bernice Johnson, Melvin Watt, Edolphus Towns, Bobby Rush, Carolyn Kilpatrick, Danny K. Davis, Elijah E. Cummings, John Conyers, Juanita Millender-McDonald, Harold Ford, Jr., Earl Hilliard, Gregory Meeks, Carrie Meek, Charles B. Rangel, Major R. Owens, Stephanie Tubbs Jones, Alcee L. Hastings, Julian Dixon, Sheila Jackson-Lee, John Lewis.IMF GOLD SALE PROPOSAL -- HON. BENNIE G. THOMPSON (Extension of Remarks - July 21, 1999)*Mr. THOMPSON of Mississippi. Mr. Speaker, on Saturday, there will be an historic march in Pretoria, South Africa. For the first time ever, gold miners will march shoulder to shoulder with the management of the gold mining companies which employ more than 250,000 union miners. They will march from the National Union of Mineworkers Building to the British Embassy and to the Swiss Embassy to protest gold sales from those countries' central banks. Just the threat of central bank gold sales has caused the price of gold on the world market to plunge to 20-year lows over the past two months, endangering more than 80,000 jobs and the means of support of almost a million sub-Saharan Africans.*James Motlatsi, president of the NUM, and Bobby Godsell, head of the Chamber of Mines, will return from London--where they are petitioning the Bank of England to stop further sales--to lead the march.*Mr. Speaker, Mr. Motlatsi and Godsell came to Washington two weeks ago to warn of the dreadful consequences for their miners and their continent of central bank gold sales. They came here to tell us that the well-meaning efforts of many of the world's greatest powers, including the US, would cause some of the world's poorest countries to suffer needlessly.*The proposal, endorsed by the G-7 last month, to sell some of the gold reserves of the International Monetary Fund to provide a token contribution to debt relief for the poorest countries, is totally misguided and must be stopped. Because of the weighted voting structure of the IMF , it cannot sell any of its gold without the support of the US representative to the IMF. And, under US law, our IMF representative cannot support any gold sale without first obtaining approval of Congress.*Mr. Speaker, we here in Congress do not have the ability to stop the sale of gold from other central banks, although we can make our disapproval manifest. However, we can stop the sale of IMF gold , and we need to do it now. Our disapproval of the gold sale is not an obstacle to debt relief--there are many ways to deal with debt relief without IMF gold sales.*Mr. Speaker, Members of the House on both sides of the aisle have written to the Treasury Department and to President Clinton stating our unequivocal opposition to gold sales by the IMF , and without objection, I would like to enter into the record copies of those letters.*Before the South Africans begin their march on Saturday, I urge the President to respond to this crisis by withdrawing his support for IMF gold sales, and withdrawing Treasury's request for authorization to support it. The countries we are pledging to help should not be cursed by our misguided generosity.*Stop the gold sales now. ______END OF CONGRESSIONAL RECORD<A HREF="http://www.LeMetropoleCafe.com/entrance.cfm"> Le Metropole Cafe</A>All the best,Bill MurphyLe Patronwww.LeMetropoleCafe.com YGM (04/23/01; 19:05:03MT - usagold.com msg#: 52418) GATA News.... Score one more for the "Good" Guys & Gals....... Le Metropole Members, CNN, Bridge News, Yahoo and AOL All Run With GATA StoryThanks to so many of you who have been sending the GATA Business Wire release to various members of the press, gold companies, etc. We are really gaining ground here.For those of you who are stick and tired of what The Gold Cartel is doing to you and have not helped out yet, please help yourself by getting this incredible news out there.For credibility purposes, you might want to direct people to the CNN coverage by directing them to CNN at:http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=20141035&ID=cnniw&scategory=Metals+%26+Minerals%3APrecious We should target the White House press corps. All it is going to take is for one of them to ask President Bush or Treasury Secretary O'Neill the following:Is the Treasury or ESF involved in gold swaps with any foreign central banks? Have there been any over the past 7 years?Has the ESF, Treasury or New York Fed conducted any kind of gold transactions with the Bundesbank in recent years?Something like that. The same goes for the German press - to ask similar questions to the Bundesbank. It is time to turn on the heat! When these questions start being asked in public it will open up Pandora's Box. When the investment community realizes that gold demand has been 5,000 to 11,000 tonnes greater than the gold industry is telling you and that amount of gold has been lent from central banks (most of which they cannot get back), the gold price will go bonkers.From Chris Powell:The news story section on Kitco's cover page right nowhas a headline and link to our press release of today,connecting to the CNN site.-----------------Forwarded Message to me from Chris Powell: Subj: Some remarks from GermanyDate: 4/23/01 4:25:12 PM Central Daylight TimeFrom: ralph_kutza@yahoo.de (Ralph Kutza)To: GATAComm@aol.comDear Bill Murphy,Most probably you got some answers from other German speaking guys hours before mine. Nevertheless here comes my opinion, though I'm no professional economist.You mentioned several Bundesbank-web-pages.The one describing "Auslandspositionen ... Gold und Goldforderungen" means exactly what you supposed it to mean.Furthermore, doing some really simple maths results indeed in what obviously seems to be BuBa-published proof for the fact that no more gold is left on German soil.One other page - on "Auslandsposition Bestand Gold" - is however not quite clear, though your translation is correct. The jump of 25% might be explained by plans of former Finance Minister Theo Waigel (on duty until autumn 1998), who planned some "dirty" tricks on the BuBa-gold some years earlier. I have to admit, that at that time my interest in gold wasn´t alive yet. So I can´t exactly remember what exactly went on then. As far as I can remember, there was a huge outcry of the German public about Waigel´s gold plans, but a certain kind of re-accounting on the gold was carried out nevertheless. Perhaps this reaccounting came into force at the end of 1998, just before the Euro currencies were fixed. This might be an explanation for the 25%-jump. With the beginning of 1999 the German BuBa gold became ECB gold. If things go ugly for Gata, the above stated fact of the 100% gold (and receivables) "abroad" will be tried to explain that way by some officials. This possible strategy might easily be proven wrong if (a big IF) the time row begins before Dec. 1998 (I cannot reopen and check it myself, sorry. See below). I was not able to open or download the BuBa-pdf-file, which you mentioned. And since some hours I personally cannot get the other to pages any longer if trying to reload them. Is it only a problem of my internet access, did the Buba shut down its browsers or is there a Denial of Service attack running from interested circles? I don´t know unfortunately. All three possibilities seem to be equally realistic.In a few internet gold boards in Germany there are engaged discussions about the question whether any official gold reserves are left in Germany since some months. I got the impression that a small majority of the disputants believes it totally has gone, or - to express it more exactly - that most of it has never been stored in Germany.Congratulations for your fine works.With best regards from Munich, GermanyRKAnd, THANK YOU Ralph. I will pass this on to Reg Howeand James Turk.BILL MURPHYCHAIRMANGOLD ANTI-TRUST ACTION COMMITTEE<A HREF="http://www.LeMetropoleCafe.com/entrance.cfm"> Le Metropole Cafe</A>All the best,Bill MurphyLe Patronwww.LeMetropoleCafe.com R Powell (04/23/01; 18:53:58MT - usagold.com msg#: 52417) Change in "analysts'" opinions Today's mail brought my usual fair share of bills and also an offer from David Nichols, editor of the 21st Century Investor, to subscribe to his news letter. He claims it's "Doomsday for the Dow!" and suggests that I send him lots of money to pay for the proper information on just how I can profit from this calamity. I've received more and more similar offers predicting more downside. His six step program includes Turning off CNBC, selling all stock holdings and buying bonds and gold, buying also defense and energy stocks and bottom fishing but only when he says it's safe to do so. I also get a multitude of opinions from "Consensus". More and more "analysts" are starting to recommend an investment in precious metals. Two or three years ago, we could count the number of "analyst" goldbugs on one hand. I believe the times, they are a-changin. Rich slingshot (04/23/01; 18:47:34MT - usagold.com msg#: 52416) Keeping It All Together Again I would like to thank all those at USAGOLD and those who post here for all their time and effort in education of the Small Time Investor (STINT). BEESTING'S Msg.# 52396 Calling for Positive Action and education of friends and family of Gold before it is out of reach due to the price explosion is one path the two of us follow. His question, "Anybody reading this with me"?, was the reason for my post. I believe that it is possible to lose great insight and information here if those who are taking the time to research and post feel that their time is being wasted. There are many names at this forum, yet one could feel that the circle is closed seeing the same names over and over again. I hope the rest of Goldbugs here see where I'm coming from. To ASPEC Msg# 52344 Keeping score I see. Very positive for us. To TOPAZ Msg# 52386 CHECKMATE. END OF GAME. Need I say more. You"al are keeping it all together.Keep up the good work. I'll keep on reading. Slingshot Chris Powell (04/23/01; 18:41:25MT - usagold.com msg#: 52415) Reply to R Powell re GATA press release Hello, Coz! Business Wire is a press-releasedistribution service, one of several suchservices. It does no original reporting. Butit is monitored by most major news organizationsin the United States and some in other developedcountries. As you can see, GATA did pretty goodwith its BW-distributed release today, muchbetter than we thought we'd do. The gold cat is getting out of the bag, not by any philosophizingbut by good old investigative reporting, publicitymongering, and political clamor. Canuck (04/23/01; 18:28:21MT - usagold.com msg#: 52414) JMB, White Hills There is definitely alot of third party credit going around but I don't see the prolific home 're-fi'schemes. I'm sure its there but not to the extent of what I see on US websites(ie:prudentbear/credit). I haven't see the 125% financing at all. Credible info. is not as abundant here.I just read Adam Smith's 'Paper Money', one of 3 of his books. The first 100 pages is dedicated to the California boom. Great book.Talk to you fellows later. R Powell (04/23/01; 18:15:57MT - usagold.com msg#: 52413) One fer day Some GATA news has been published on the businesswire. It's the post concerning the "Exchange Stabilization Fund/Bundesbank Gold Swap Operation Exposed." Is Business Wire out of Dallas a big time business news service? Have we gained publicity to a large number of people? If we must have one fer days, POG down, XAU down but lease rates up, I'm happy the one was the lease rates. IMHO this is the most important one to hold gains and rise. YGM, let me second auspec's "welcome back"! Rich abudahhab (04/23/01; 18:15:47MT - usagold.com msg#: 52412) @Trail Guide re Arab free trade zone Trail Guide,This one has been in the works for some time now and indeed, there is a direct tie to the Euro zone. The economic and trade news from the region as has been quite remarkable as of late. Indeed, we have the beginnings of a natural gas grid between, Egypt, Jordan, Syria, Lebanon and Turkey. The same countries have also agrred to a common electrical grid. The free trade zone has gained momentum since the end of the Lebanese civil war in 1990. There has been much talk in the Arab press (Jordanian in particular) about reviving the pre-WWI "Greater Syria" concept on an economic monetary and trade level. The EU officials have been making the rounds in the countries and discussing free-trade arrangements.As well, earlier this year there was a important summit meeting between the Gulf Co-operation Council and the EU. The idea of including the Gulf States in the EU trade zone while allowing for payment of oil in Euro was openly discussed at the summit. I have a hunch that this deal is now basically in play and much oil is being sold in exchange for Euro.Perhaps the most compelling feature of the Euro is the queaterly mark-to-market of its gold reserves as measured in $US. Once the on-going gold default begins to affect the $US price, it is highly concievable that the Euro could be made fully conertable into gold. This would solidify its use in the Arab speaking world.On another point, is the Treasury - Budesbank swap the ultimate trap for the US? Perhaps its ultimate maturity is the trigger for the coming hyperinflationay tsunami?Abudahhab White Hills (04/23/01; 18:02:27MT - usagold.com msg#: 52411) Canuck #52385-Real Estate Bubble Read your post about the Real Estate in Canada. Reminds me off the California Market some years ago. I really don't have any inside info on California but since the rate cut by the fed and what I have read since has convinced me that the event we have all been talking about could well be the coming crash in the red hot California Market. This is sort of like a repeat of the past boom and busts that have happened over the years in Calif. If I have learned anything it is that if an opportunity for people to steal they will and if there is an opportunity to manipulate the system they are most certainly doing it. If the word gets out that there is plenty of money to lend even a necessity for the lenders to buy paper there will be operators who will phony up applications pad all the info and shove as much as they can to the lender. It has happened before and when the Bubble crashes and the borrowers find that what ever equity they had is gone and the house is worth much less than they paid for it they simply walk away. I think that that is going on right now as the need to buy debt and create money become more and more desparate to keep the system going. Its the Savings and Loan mess all over again in spades! Everyday in the mail I receive unsolicited offers by mortgage companies to borrow money even if you have no equity in the home. Sometimes 125% of the market value. Not to mention Credit card appplications preopproved. Think back and tell me when have you ever had offers to lend you money come through the mail to your house. I can think back to the time that I needed to borrow and couldn't find anybody that would. Watch the real estate market and when it busts lookout. Get Gold Now! White Hills Parsifal (04/23/01; 17:56:13MT - usagold.com msg#: 52410) COMEX gold and silver warehouse stocks-April 23 http://www.futuresource.com/search.asp?source=story¶m='id=i4144306964347944961'&filename=story COMEX gold stocks were reduced by approximately 13.4 per-cent today. See link for details. Mr Gresham (04/23/01; 17:48:05MT - usagold.com msg#: 52409) Correction on Bundesbank http://www.bundesbank.de/ezb/de/publications/pdf/statintreserves.pdf Here's the address given for the document... now off to read it... Mr Gresham (04/23/01; 17:43:15MT - usagold.com msg#: 52408) Sir Belgian Non, non, mais non! I have enjoyed every bit -- even what I did not fully understand. Your writing is a natural mind expander, and you have moved our discussion along by many leaps! auspec (04/23/01; 17:33:11MT - usagold.com msg#: 52407) YGM Good to have you back posting within our midst! You know catching the Govt and FED in blatant lies is reward enough, but will gladly accept whatever else comes our way. Belgian (04/23/01; 14:57:39MT - usagold.com msg#: 52406) Sir Gresham I've the impression that I offended you some way or another with wrongly choosen words. Quite the contrary was the purpose. Your "tidal wave, musical chairs and quiet comfort" are a very precise description of the unfolding events. Top class insight. Apologize my poor English, please. Thanks for understanding. Mr Gresham (04/23/01; 14:54:04MT - usagold.com msg#: 52405) Bundesbank site down? Try from a DOS window: "tracert www.bundesbank.de". It makes it to Frankfurt, but it seems da boyz have pulled the plug... Who woulda thunk it! Wherever you go, "Bankstaz will be bankstaz".(Kitco has a lead story on the GATA press release, and gives the Bundesbank page for the "swaps" document.) YGM (04/23/01; 13:25:08MT - usagold.com msg#: 52404) Peril of "Paper"...... Paper anything beyond Books to read....Not for me! Thai police seize $25 billion in fake U.S. bonds; 4 arrested04/19/2001Bloomberg News BANGKOK – Thai police said they seized about $25 billion of fake U.S. bond certificates just days after the Prime Minister visited a cave in which a senator claimed billions of dollars of bonds and gold had been stashed.The Prime Minister's visit to the cave outside Bangkok Saturday, spurred by politicians' claims that it might contain enough treasure to pay off Thailand's $61 billion debt, led to red faces in the government after the media ridiculed the visit.The police said they were tipped off by Prime Minister Thaksin Shinawatra himself after the suspects tried to sell the fake bonds to his brother, Payap. Police discovered the fakes at a Deutsche Bank AG Bangkok branch's security safe.Police said they had arrested four suspects, two Filippinos, a Singaporean and a Thai national, Sant Sarutanond, deputy chief of the Thai National Police, told a media conference."The U.S. officials have insisted those bonds have no similarity to the real bonds and the U.S. has never issued those securities," said Sant.The police action came after Senator Chaowarin Latthsaksiri claimed he had found $55 billion worth of U.S. bonds in the cave in Kanchanaburi province, about 100 kilometers west of Bangkok. The discovery prompted Thaksin's visit.Thaksin said the bonds found in the cave and seized by the police are the same. "The bonds were faked by these gangsters, put in a box and placed outside the cave," said Thaksin. "Chaowarin may have been fooled."Chaowarin has led a five-year crusade to convince Thais the treasure had been left behind by the Japanese during World War II. Doubts surfaced after Thai officials and academics said the U.S., more than 50 years ago, couldn't possibly have borrowed as much as $55 billion. Police also found fake gold coins.In February, Philippine police seized more than $2 trillion worth of fake U.S. Federal Reserve bond certificates. ******Gee I wonder what happened to all the Gold Certs afterU.S. confication of Physical?.....More Paper perils to come? You bet.....YGM. Belgian (04/23/01; 13:15:50MT - usagold.com msg#: 52403) The Confidence Cycle by Glenn Hautley http://csf.colorado.cdu/forums/longwaves/2001/msg00969.html Private sector taking over bankrupt government functions and assets.An instructive observation and a quite possible evolution.The worldwide distribution of physical gold and high concentration on gold with the initiative takers of the Golden Change (e-gold)!? Mr Gresham (04/23/01; 13:14:20MT - usagold.com msg#: 52402) Belgian "tidal wave of redemptions...musical chairs...quiet comfort ! "Did you ever, by a mistaken clock or information, get to a party early? Then wonder if you should stick around, especially when others were so late arriving at the appointed hour?There is "quiet comfort" in picking the position you believe others will finally arrive at, after their many bumps of quick and painful learning, and quietly awaiting their arrival. Not smugly -- for you may be wrong, as many times before -- re-examine your premises -- sometimes you ARE right -- you must take a stand SOMEwhere, so make it the best one you know. And help a few others along.I'm thinking of helping a single mom, with two teen boys, begin the process/purchase, next week. We'll see how good an educator I am -- see if she laughs me out of her house -- oh, the standard "5% of your savings in PMs" ought to do for now... beesting (4/23/01; 12:39:07MT - usagold.com msg#: 52401) Hi Sir Cavan Man & YGM http://groups.yahoo.com/group/gata/messages I have been able to get to all the GATA posts using the above URL.Posts 733,734, & 735, seem to have enough information to show spark the interest.The way I understand it, the ESF fund,(Equalization Stabilazation Fund) a part of the U.S. Treasury has been responsible for filling the gaps in Physical Gold supply(demand has been outstripping supply for several years) causing the POG to be much, much lower than it would be. The latest Treasury statements state about 1682 Tonnes of United States Gold now belongs to someone else.(Germany)But is still located at the West Point Mint in New York state.Bottom line:The U.S. now has (8140 Tonnes minus 1682 Tonnes) or 6458 Tonnes in their vaults that still belongs to We the people.The ownership of 1682 Tonnes was changed without any Congressional approval. A violation of the U.S. Constitution!!!If you sell something that doesn't belong to you, but you are supposed to safe guard it, what would happen to you???Thanks for Reading....beesting. Old Yeller (4/23/01; 12:07:36MT - usagold.com msg#: 52400) Galearis Thanks for your thoughts on the gold lease rates,especially under such adverse conditions.I appreciate your insights into this purposeful murk(apt description).One thing you mentioned that really stuck with me.Namely;"they're public,too public,yes"It would appear that way,yes. YGM (4/23/01; 12:06:29MT - usagold.com msg#: 52399) beesting... Yes, I concurr...... When the Gnomes of Zurich and their allies decide the end of the Gold and other Financial scams have run their coursethey will do as they always have done thru history. Dry up liquidity (credit), foreclose on any and all property mortgages etc and plunge the world into war or depression. GATA is but one of many thorns in the side of these evilmen and women and it really does appear to me the end game is near. Bust has and will always follow Booms.....FWIW.. What a time for those with courage and insight, when one keeps in mind that PMs are at fire sale prices. Houses and property are being sold by many at the top end, only to be repurchased at the same fire sale values Gold buyers now enjoy after the Bankers wreak their usual havoc on the world.......I never in my years thought I'd be putting Gold back in the ground instead of digging it up!........YGM. YGM (4/23/01; 11:52:52MT - usagold.com msg#: 52398) Has the unwinding begun? Monday April 23, 1:07 pm Eastern TimeFunds See Record $15.4 Billion PulledNEW YORK (Reuters) - Investors pulled a record $15.4 billion out of stock mutual funds in March as declining share prices and negative fund returns caused redemptions to exceed sales for the second consecutive month, data trackers Lipper Inc. said Monday.The last time withdrawals exceeded purchases for back-to-back months was in August and September of 1990 when Iraq's invasion of Kuwait spooked financial markets.The previous record withdrawal occurred in August 1998, Lipper said. About $9 billion was withdrawn from stock funds in that month when Russia defaulted on its debt and financial markets skidded lower.Although the March withdrawals set a record in dollar terms, as a percentage of fund assets the pace was far less than occurred in the 1987 stock market crash.In February of this year, fund investors withdrew a net $2.4 billion from stock funds, according to Lipper. Lipper and others collect data on fund activity but because they use different methodologies, the figures are not exactly the same. End.****Go Gold, Go GATA and "GO PHYSICAL"....... Cavan Man (4/23/01; 11:44:28MT - usagold.com msg#: 52397) beesting Yes. Where can I download a clean copy? beesting (4/23/01; 11:30:08MT - usagold.com msg#: 52396) Time for Some more Positive Action! I have made copies of GATA parts 1 and 2 concerning ESF manipulation and will take them today to my local coin dealer. He has heard of GATA.There is a local coin club that meets in our area about once a month.I'm sure our coin dealer will bring up this topic at the next meeting.IMHO in every society since the cave men there has been an underground network formed to spread truth that may be considered controversial.I believe it is my duty as a Goldheart to educate my small circle of acquaintances and family before a major spike up in Gold occurs putting Gold prices out of the reach of many.Anybody reading this with me?Thanks......beesting. Randy (@ The Tower) (4/23/01; 11:26:42MT - usagold.com msg#: 52395) Manufacturing new reserves for the banking system ...and bolstering bonds markets in the process The Fed today added $1.992 billion in reserves via 28-day repos...a temporary add for the sole-purpose of pumping up the reserve base. (You see, at the time of the operation the fed funds market was already trading at 4.375%, below the FOMC 4.5% target.)To help you understand this better, on Friday, Federal Reserve Bank of Dallas President Robert McTeer said "Inflation is still around," but stressed the Fed's current focus: "Under the current circumstances, I personally think we need to put concerns about inflation on the back burner for awhile and save the economy from the 'R' word." By that, he meant "recession". Yes, the banking sector will be saved from rolling loan defaults and bankruptcies at the expense of sacrificing the purchasing power of the dollar. Say "Bye-bye" to the value of your children's bank savings accounts! Perhaps you should steer them toward a gold savings plan.Also on Friday, while the fed funds market was below the target rate, the Fed added $790 million in PERMANENT reserves to the banking system through the outright purchase of Treasury securities.And again today, on top of the 28-day repo operation mentioned earlier, the Fed added yet another $1.421 billion in PERMANENT banking system reserves through the outright purchase of U.S. Treasuries. Randy (@ The Tower) (4/23/01; 10:55:13MT - usagold.com msg#: 52394) Pomp and Circumstance http://www.usagold.com/jewelry/goldjewelry.html With High School and College graduations right around the corner, rethink your gift of cash and give the gift of gold instead!Marie says to give her a call...she'd be happy to discuss and recommend various gift ideas, including gold coins and jewelry/accessories, suitable for young men and women poised to enter the "real" world. (see link above) Randy (@ The Tower) (4/23/01; 10:46:22MT - usagold.com msg#: 52393) Recent additions to the Gilded Opinion http://www.usagold.com/gildedopinion/Caseygold.html From the "The Case for Gold" by Doug Casey:"Estimates are that world demand for gold is 50 percent higher than annual production of 3,000 tonnes, and that's been the case for years. The deficit has been funded by gold loans from central banks, abetted by forward sales of some mining companies.... It's been an excellent game to play for almost 20 years. But when the market turns, many players are going to get caught short....This is likely to be the strongest gold market in history, driven by both fear and greed." Belgian (4/23/01; 10:43:21MT - usagold.com msg#: 52392) No Title * Tannehill : Your sublime message to all !....should know that citizens of the world stand ready to accumulate physical Gold, in increasing quantities, should the paper price fall !!!! Super !Germany and Russia disagree on debt. Roll it over boys. Russia piles up its Gold and Germany is wondering about how much is really left over. Sorry, no reaction on GATA so far.* Journeyman : Quebec and MAFTA...currencies are taking their battle positions. Evidence of CHANGE !* Gresham : On top of it with your...tidal wave of redemptions...musical chairs...quiet comfort ! The hart of the matter ! Japan consumer confidence, down again. Even at zero %, they don't want to consume. Prospect of unemployment = more contraction.* Elevator guy : GATA : isn't it unbelievable that not a single soul is reacting on the increasing evidence that GATA is providing ?* Auspec : "Crescendo" and the fuse + powder keg...exactly how I also feel about it. But we must be crazy, after reading the latest GFMS-report. How is it possible that these people can produce such absolute insignificant nonsense ? Randy (@ The Tower) (4/23/01; 10:41:48MT - usagold.com msg#: 52391) Recent additions to the Gilded Opinion http://www.usagold.com/gildedopinion/TaylorGoldApril01.html From the "April Gold Review" by Jay Taylor:"I can't help but remind our readers that gold did triumph over paper during the Great Depression, when Roosevelt found it necessary to buckle under to market forces and revalue gold upward by 69% from $20.67 to $35 after assets denominated in paper, namely stocks, declined by almost 90%! Gold ultimately triumphs over paper when complete confidence is lost in paper, as it inevitably will be and always has been. For a host of reasons we remain more than ever convinced that investors who own gold will find their portfolios greatly protected against the ravages that most likely lie in our immediate future. As such our portfolio contains a minimum of 22% committed to gold and silver." Randy (@ The Tower) (4/23/01; 10:38:49MT - usagold.com msg#: 52390) Additional Reading http://www.usagold.com/HallDiscussion.html New to the forum? Get yourself up to speed for one of the prevailing discussions these days by reading this early background on various sides of the issue -- the role of gold in the monetary system. JMB (4/23/01; 08:22:22MT - usagold.com msg#: 52389) CANUCK Regarding the hot housing market in Canada, do you know if the re-fi game is being played and to what extent? Clint H (4/23/01; 07:29:17MT - usagold.com msg#: 52388) Gold Anti-Trust Action Committee This was just posted to all AOL members.Gold Anti-Trust Action Committee: Exchange Stabilization Fund/Bundesbank Gold Swap Operation Exposed DALLAS--(BUSINESS WIRE)--April 23, 2001--The Gold Anti-Trust Action Committee will reveal proof of the suppression of the gold price by the U.S. and German governments and bullion banks at the GATA African Gold Summit on May 10, 2001, in Durban, South Africa. Attending will be government officials from South Africa and other African gold-producing countries, representatives of South Africa's National Union of Mineworkers, major gold producers, and the world press. For more than two years GATA has claimed that the gold market has been manipulated lower by a faction of the U.S. government and a cartel of bullion banks to the detriment of mostly poor gold-producing nations. One of the speakers at the Durban conference, GATA consultant Reginald H. Howe, has brought suit in U.S. District Court in Boston, against participants in the scheme. The defendants are: the Bank for International Settlements; Alan Greenspan, chairman of the Board of Governors of the U.S. Federal Reserve System and a director of the BIS; William J. McDonough, president of the Federal Reserve Bank of New York and a director of the BIS; five major bullion banks, J.P. Morgan & Co., Chase Manhattan Corp., Citigroup Inc., Goldman Sachs Group Inc., and Deutsche Bank; and Lawrence H. Summers, former secretary of the treasury, who by law exercised control over the U.S. Exchange Stabilization Fund (ESF), subject only to approval by the president. On April 19, 2001, Reg Howe presented the following to the court. It is posted at http://www.gata.org/lawsuit.html. "The Department of Justice's memorandum on behalf of the Secretary of the Treasury's motion to dismiss asserts and re-emphasizes the secretary's contention 'that in fact the ESF has no holdings of gold and has not traded in gold or gold derivatives since 1978.' "The plaintiff has recently discovered a highly relevant statement in the transcript of the Federal Open Market Committee's meeting on January 31, 1995. Responding to a question by then Fed Governor Lawrence Lindsey about the ESF's legal authority to engage in a financial rescue package for Mexico, J. Virgil Mattingly, the Fed's general counsel, stated: "'It's pretty clear that these ESF operations are authorized. I don't think there is a legal problem in terms of the authority. The statute (31 U.S.C. s. 5302) is very broadly worded in terms of words like 'credit' -- it has covered things like the gold swaps -- and it confers broad authority.'" James Turk, who also will speak at the Durban conference, revealed the following in a recent commentary, "Behind Closed Doors," which also can be read at http://www.gata.org/lawsuit.html.: "The Treasury Department has changed the designation of nearly 1,700 tonnes of inventoried gold at the U.S. Mint's facility in West Point, N.Y., which is approximately 21 percent of the total U.S. gold reserve, from 'Gold Bullion Reserve' to 'Custodial Gold.' "The August 2000 Status Report on U.S. Treasury-Owned gold stored at West Point has a designation of 'Gold Bullion Reserve.' But the September 2000 and subsequent status reports inexplicably designate this same gold that is stored at the U.S. Mint at West Point as 'Custodial Gold.' "This change in the descriptive label for nearly 1,700 tonnes of gold at West Point from 'Gold Bullion Reserve' to 'Custodial Gold' was purposeful. It happened for a reason. This conclusion is all the more plausible because the Treasury did not change the classification from 'Gold Bullion Reserve' to 'Custodial Gold' to describe the gold stored in Fort Knox or at the U.S. Mint at Denver." Turk goes on to establish "that the ESF has 'gold swaps' with the Bundesbank. According to Turk, "It therefore does not require much conjecture to add one supposition to the equation by concluding that the gold at West Point has been swapped with gold owned by the Bundesbank, thereby necessitating its reclassification from 'Gold Bullion Reserve' to 'Custodial Gold.' The Treasury Department wanted to make gold available to some bullion banks." "We now know what has happened. The Bundesbank has loaned 1,700 tonnes, half its 3,400 tonnes reserve; the other 1,700 tonnes were swapped for gold in the U.S. reserves, requiring the change in the West Point vault from 'Gold Bullion Reserve' to 'Custodial Gold.' "In other words, the Bundesbank's vault is empty because half its gold is stored at West Point, not Europe, and the other half has been loaned out." Further evidence of the validity of the GATA/Turk claims come from the Bundesbank itself at http://www.bundesbank.de/ezb/de/publications/pdf/statintreserves.pdf On Page 37 on the PDF file, some numerical examples of how the accounting for gold reserves is done are given. Example 3 states: "3. 20 Dec. 1999: 'A' undertakes a gold swap with the United States Federal Reserve in which 'A' provides the Federal Reserve with 1,000 ounces of gold in exchange for USD 300,000, in currency. The transaction will be reversed on 20 January 1999, at the spot price of the gold prevailing in the market at that moment." GATA chairman Bill Murphy says: "The New York Federal Reserve is an agent for the Exchange Stabilization Fund, and while these numbers are small, it is clearly more evidence of a substantial ESF/Bundesbank operation that James Turk refers to. "This is most troubling, since both Mr. Greenspan directly and Mr. Summers indirectly have asserted that neither the Federal Reserve nor the secretary of the treasury acting through the ESF has authority to manipulate dollar gold prices. In a letter to Sen. Joseph I. Lieberman dated January 19, 2000, Greenspan stated that transactions by the Federal Reserve "aimed at manipulating the price of gold or otherwise interfering in the free trade of gold, would be wholly inappropriate." Similarly, officials who worked under Secretary Summers, though not Summers himself, denied any interventions in the gold market by the ESF and have made those assertions in dozens of letters to congressmen and to inquiring individuals all over the world." Murphy continues: "What is so disturbing is that a few bullion banks and the ESF have made a State Department decision that a privileged few in the financial world count, while the economies and hundreds of millions of citizens of the poor gold-producing countries in Africa do not. The ESF operation has suppressed the price of gold hundreds of dollars below its natural equilibrium price and deprived the natural resource-rich sub-Saharan African countries of desperately needed money to fight crime, disease, and unemployment. "In the end this gold market collusion will make Watergate look like child's play, as it impugns the proposal by the Clinton administration to sell the gold of the International Monetary Fund in the name of helping poor countries. It also may affect the governments of Britain, Germany, and Switzerland in regard to the motives of their recent gold sales and lending." CONTACT: Gold Anti-Trust Action Committee Inc., Dallas Bill Murphy, 214/522-3411 Midasnh@aol.com KEYWORD: TEXAS SOUTH AFRICA BW0357 APR 23,2001 6:00 PACIFIC 9:00 EASTERN Trail Guide (4/23/01; 06:18:34MT - usagold.com msg#: 52387) Mediterranean Arab Free Trade Area (MAFTA) http://www.usagold.com/DailyQuotes.html Just a few items. Looks like it won't be long before someone sees the advantage of using Euros only in the settlement of trade! Could oil trade settlement be far behind? And all of this started in 1995, before EMU,,,,, ============Arab states look to create offshoot of Euro-Med free tradeagreement By Rana Awwad ----------- AMMAN — Arab member states party to the Euro-Mediterranean Association Agreements are set to study the possibility of establishing a Mediterranean Arab Free Trade Area (MAFTA) during their next meeting in May, officials said on Sunday. --------The meeting, to be held in Brussels, will also examine the harmonisation of rules of origin amongst the Arab partners as a first step towards achieving the trade area. ---------The Jordanian-EU bilateral agreement was developed under the Euro-Mediterranean Partnership, a governmental forum comprised of the 15 EU member states and 12 Mediterranean countries, including Jordan. -----------The 1995 Barcelona Process which established the Euro-Med partnership, calls for gradual trade liberalisation between members, with the ultimate goal of establishing a Mediterranean free trade zone. -------Meanwhile, European imports will be granted preferential treatment depending on the agreed schedule of reducing tariffs. ------- Topaz (4/23/01; 05:17:26MT - usagold.com msg#: 52386) .....aand! ....when they go to obtain Bullion....there's none there!!CHECKMATE! Canuck (4/23/01; 05:10:44MT - usagold.com msg#: 52385) @ Whitehills, Shermag, JWB Thanks for noticing my question; I concur with you guys.Whitehills,On a side note, I live in Ottawa, Canada, "silicon valley north". Five kilometres (about 3 miles) to the north is Nortel, Mitel, Alcatel, Siemens, Lochheed-Martin and 10 km. to the east is JDS Uniphase (formerly JDS Fitel), Mosaid, and in and about is a 'herd' of other giant 'techies'.The housing market has been on fire over the last 2 to 3 years. I work for a national (across Canada) private telephone company (PBX, VMAIL, IVR, LAN, peripherals, etc.) and have many buddies, neighbours, relatives that work throughout the industry. It work be an understatement to say that we are getting nervous about 'things'. Two of my brother-in-laws are employed with Nortel and these 2 guys are 'beyond nervous'. The one poor puppy just started half a year ago, elected a whack of stock 'options' and a mediocre salary. The options are at $56 CDN (NT is at $26 CDN now) and when I explained that he would be holding a fistful of 'nothing' in a couple months he just about fainted.The situation is grim; anyway my point regarding your housing statement............The real estate market as I say has been wild. A friend of a friend told me this story; he accepted a job with Nortel a year or so ago. They bought a nice garden home for $149,000 and on moving day with the 5-ton truck unloading in the laneway, and on 2 separate occasions someone walked up the lane and offered to buy the guys house. One guy offered $160,000 and the second offered a stunning $180,000;this is while the guy is moving in, on 'closing day'. My son, as it turns out, now goes to school with the new homeowners son and a few weeks ago I was able to talk to the guy and confirm the story. The fellow was laughing and said he was one thread away from yelling to the movers to halt the process. Absolutely amazing.So anyway,....I'm in a real estate office the other day and I love talking to these people. The agents are falling all over each other with the new listings, buyers bidding each other up, etc., etc. One guy, in the heat of a discussion blurts to me "so do want to list your place?"I said, "No, I'm going to wait until the crash!""What", he says, "You could make some good money son""I'm going to wait until the crash to make some money", I responded. "Since the housing market has gone up by 30 or 40 or 50 percent in the last 2 or 3 years, I will pay a premium to sell my little house and 'move up'. The spread is a disadvantage to me now but when real estate plummets I get the spread back"The guy is glazed and dazed so I elaborate."Let's say a big house, say $200,000, has gone up 50% to $300,000 and a smaller home of $135,000 is now $200,000. The difference, originally $65,000 is now $100,000; I'm not moving now, it will pay me to wait"Now in the lurkerness, a quiet gentleman obviously in tune with my story offers THIS."Do you want to know what I see going on out there. The smart cookies are cashing out at the top. There is a trend starting. They are selling now with a long, long closing; some as long as 6 months. They intend to buy at the last minute for a reduced price. I saw one last week. A young couple, the husband works for Nortel, sold his home for $225,000 with a 6 month closing and I bet he gets 'it' back for $175,000, maybe less."The agents all had confused looks about they, I smiled at the 'smart one'.Welcome to 'THE UNWINDING', coming to a theatre near you!! Topaz (4/23/01; 05:02:04MT - usagold.com msg#: 52384) Shell told "no thanks" This could prove interesting!The Australian Gov't today rejected a hostile takeover bid by Royal Dutch Shell, for Woodside petroleum.As we all know, a Goldbug is always taking a Lance to those Windmills and it is this bugs opinion the recent volatility (and consequences, a-la Centaur) of $A is (has been) directly related to this T/over.One could expect the Aussie Dollar will be punished for the Gov't having the "temerity" to reject the offer.Woodside and Shell are J/V partners (of 6) on the North-West Shelf NG operation. NB BB.Watching A$550! ....could happen today....short covering Aussie Miners will be all over POG if it does. Black Blade (4/23/01; 04:58:09MT - usagold.com msg#: 52383) Summer Natural Gas Prices to "Whip-Saw" Summer Market http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_CATEGORY=TOPST&ARTICLE_ID=98836 "This is the first time in history we've had such supply and demand fundamentals, since gas was really deregulated in 1992," said Craig Clark, executive vice president of US operations for Houston-based Apache Corp. "We've lost our storage cushion, which has resulted in more price volatility." However, he said, "As gas-fired power generators come on line in July and August, there will be a significant increase in demand, and we're just not going to have enough gas." The result will be a "whipsaw" in gas market prices, he said, "much more volatile than we've ever seen during any injection period." Over the long run, the new floor for natural gas prices will be around $5/Mcf. Meanwhile, the gap is widening between growing US consumption of natural gas and declining production, despite the recent run up in commodity prices.Black Blade: DITTO! Interesting article. Black Blade (4/23/01; 04:49:16MT - usagold.com msg#: 52382) Cheney sees no quick fixes for US energy policy http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_CATEGORY=TOPST&ARTICLE_ID=98681 Snippit:OGJ Online WASHINGTON, DC, Apr. 19 -- The nation's energy problems won't be solved overnight, US Vice-President Dick Cheney told a group of high-technology business leaders Wednesday. "We won't offer a quick fix, because there is none," Cheney told the Northern Virginia Technology Council. "In fact, narrow short-term thinking is what got the country into an energy crisis in the first place." According to Cheney, the US will need at least 65, maybe up to 90 new power plants every year for the next 2 decades to keep up with a growing economy. And some of those plants should be nuclear-powered, if the US "is truly serious" about reducing greenhouse gas emissions. Black Blade: 1800 new power plants over the next 20 years. Hmmm… The energy crisis will be the trigger as the economy plummets in a death spiral. We need the energy now, not later. Canuck (4/23/01; 04:21:15MT - usagold.com msg#: 52381) @ BB @ All My on-line broker had the P/E of Nortel at about 28 pre-1Q01earning report. After the dismal performance (a 2.6 billion dollar loss in 1Q) it shows Nortel at a P/E of 92. Black Blade (04/23/01; 03:27:27MT - usagold.com msg#: 52380) Stillwater earnings surge, but hedging caps gains http://m1.mny.co.za/MGPlat.nsf/Current/4225685F0043D65385256A35004808B6?OpenDocument Snippit:Hedging contracts were revised during the previous quarter in order to leverage higher metal prices, but the $185 per ounce given up is significant relative to the company's heavy debt load. Without a cap, Stillwater would have generated additional sales of $30 million on the 124,000 ounces produced,taking total potential revenues well over $100 million for the quarter. Actual realized prices were $704 for palladium and $529 for platinum.Black Blade: Ah, the wonders of hedging! Barrick, Anglo and other miners should take notice. Black Blade (04/23/01; 02:50:41MT - usagold.com msg#: 52379) Youth Sell Gold http://www.businessreport.co.za/html/busrep/br_frame_decider.php?click_id=345&art_id=ct20010422202526619N243863&set_id=60 GFMS report says that youth inherit gold and then sell it. Elders held gold as investment while youth have no desire to own gold. They just love them Dot.Coms. Black Blade (04/23/01; 02:38:11MT - usagold.com msg#: 52378) Russia may boost its platinum stockpile - Then Again Maybe Not http://www.bday.co.za/bday/content/direct/1,3523,835444-6094-0,00.html Snippit:MOSCOW The text of a new presidential decree, approved by the Russian government and awaiting signature by President Vladimir Putin, will require increased sales of platinum group metals to the state stockpile, a well-placed Moscow source said at the weekend.Black Blade: If this plan goes as well as the Russian plan to make good on it's PGM deliveries, then we can expect the stockpiles to remain depleted. Black Blade (04/23/01; 02:31:21MT - usagold.com msg#: 52377) Gasoline Prices Yet To Top Off http://www.ctnow.com/scripts/editorial.dll?eetype=Article&eeid=4428046&render=y&Table= Snippit:If you haven't topped off your car's gas tank in a while, you're in for a shock. In the past month, the average price of a gallon of regular unleaded gasoline has surged 9 cents in Connecticut and 15 cents nationwide. And that could be just the beginning. Some fuel experts expect gas to hit $2 a gallon in Connecticut this summer and $3 a gallon in the Midwest. Nationwide the average price is already just pennies shy of last year's mid-summer high, and it's only April.Black Blade: $3.00 a gallon gas. Don't worry, it's not in the core rate, so inflation should remain benign ;-) Black Blade (04/23/01; 02:24:42MT - usagold.com msg#: 52376) U.S. Gas Prices Soar Higher http://search.news.yahoo.com/search/news?p=gas&n=20&c=news CAMARILLO, Calif. (AP) -- U.S. gasoline pump prices soared by nearly 13 cents per gallon in the past two weeks even though oil prices remained steady, an analyst said Sunday. The average price of gas, including all grades and taxes, was $1.67 on Friday, up 12.69 cents, or 8.4 percent, from April 6, according to the Lundberg Survey of 8,000 stations nationwide. Supplies are tight because environmental protection requirements that kick in for spring and summer are forcing more complicated and expensive refining as gasoline is reformulated to produce less smog.Black Blade: It should be noted that the Venezuelan rep for OPEC has indicated that another crude oil production cut is in the works for the next meeting. Possibly as much as 1 million bbl/day. Better get those fuel cells - oops! - fuel cell technology is predicated on a cheap source of hydrogen and so far are fuel cell tech relies on hydrogen from NG. No help there. Black Blade (04/23/01; 02:15:19MT - usagold.com msg#: 52375) Even Fed Cut Can't Support Market http://biz.yahoo.com/rb/010422/business_markets_stocks_dc_583.html Snippit:NEW YORK (Reuters) - It's not enough. Sure, stocks jumped last week when the U.S. Federal Reserve surprised the market with an interest-rate cut, but investors need signs of a pick-up in corporate profits. Next week's earnings reports aren't going to give it to them, and stocks are likely to fall or be little changed.Black Blade: Cheetah has 450 basis point left. No stellar earnings reports came out over the last couple of weeks. The question is how much will investors be willing to pay for declining earnings. It looks as if it could get a bit choppy on Wall Street. Though Cheetah isn't supposed to be out to protect the stock market, he obviously sees some looming storm clouds on the horizon. Thus the second intra-meeting rate cut this year. Parsifal (04/23/01; 01:25:57MT - usagold.com msg#: 52374) Mucho POG volatility tonight http://www.kitco.com/charts/livegold.html Erratic, violent, oscillating in a $4 range. Mr Gresham (04/23/01; 00:23:03MT - usagold.com msg#: 52373) Liquidity Preference I scribbled a lot of notes in the margins of Doug Noland's latest, but the one that stands out before I turn in is: "Hey! _I_ could be a Money Market Fund (or even a Mutual Fund) under the present rules of reserve maintenance ( = none), as long as people were sending me more money than they were withdrawing. Cash flow is king, even if you're not really running a real productive business."Once the flow reverses, watch out! (Requires Fed rate cuts, etc., to boost morale.)As people withdraw their funds-at-risk, to bring their assets into more liquid, safer, holdings, these bloated momentum-maintained shells will collapse. A tidal wave of redemptions: from mutual funds to money market funds, from money market funds to insured bank accounts, from bank accounts to paper dollars, and then, from paper dollars to gold and silver coins, the moneys representing greatest liquidity.(Only, what people know little of now, is that those final two categories are strictly limited in quantities -- well, at least until the $100 bill plates get re-installed on the $1's machines. But gold? Naw, we're shuttin' down the mines.)Some people will be just ahead of the wave; but, most will get washed away. The numbers (musical chairs) are just not on their side. There is little existing of the safer financial media to be grasped onto, and these will be bid skyward.Gold is so thinly-held now, it occurs to me that it may remain a minor and brief footnote in the hyper-infla-la-la ahead, as it is noted in the media blah-blah that central banks hold massive amounts for their inter-bank dealings, and a small number of individuals hold unknown amounts of now-highly-valued PMs, "quietly comforting them in their times of need." No news here; everyone just move on, please. PGAs just a footnote (?), and content to be... Netking (04/23/01; 00:19:19MT - usagold.com msg#: 52372) megatron-(52350) Megatron-(52350)Classification: Super-Trader. The truth is as they say,"Out There". One just needs to open ones eyes in an objective manner as you obviously do Sir. This topic is really 'Market 101', 'Demand & Supply Dynamics 101'& 'PM's & Market History 101'.I believe that what has been will be again. Hindsight will become foresight if you use it often enough.Cheers Netking elevator guy (04/23/01; 00:07:49MT - usagold.com msg#: 52371) second thoughts I seem to be caught in an internally conflicted spiral of wealth logic, due to my having grown up in Dollar Land. When some prominent poster here said that GATA was "barking up the wrong tree", I felt GATA had been given short shrift for their efforts. Now I see his opinion this way-GATA is indeed barking up the right tree, its just that the cat has a way of coming down that the dog can little alter.What I mean is-The Dollar is about to fold, due to its overprinted disease, decling useage and importance to the emerging Eurozone, and gold cannot be bashed anymore, since it is treading at cost of production as measured in dollars. So what will happen will happen regardless what we do, say, or think.Here is a snippet of Trail Guides' logic from the Gold Trail.<snip>It's almost as if they didn't really want gold wealth in the first place. I see it as if they want everyone else to make physical gold worth more so their fiat based assets can grow? God awful logic for a gold advocate, but then again, they aren't gold Advocates? These are the new breed, aren't they? Fiatgold bugs? Well, I write it all off as the Gold Bugs can't see the difference anymore and still crave playing in the same house, using the same house rules. Most of them would rather the government keep the fiat going at the expense of just a little higher gold price. Say $500? Just enough to make their fiat grow. Instead of advocating holding bullion wealth and a freegold market to crash the old system. Ha! Ha!, These guys even want those in charge to change the rules back into the players favor, bankrupting the house in the process! There is no chance in hell of any casino doing that to themselves. It'll only happen when the casino's credit is taken away. And that process is in the works, don't we know! That's why I am a physical gold advocate. My time will come as the fiatgold bugs go broke with the casino. I guess it's the nature of life that we go down with the ship we sail."""""<unsnip>Fiatgold bug? Yeah, I guess thats me alright. I wanna have my cake and eat it too!So when does the big day come, when the dollar unwinds its stranglehold on the world's financial markets? Its coming in little imperceptable movements, like the ants in Ray Bradburys' The Whirlpool, (from the Illustrated Man).Maybe, just maybe, the time has come to make some changes...Hmmm... ViewYesterday's Discussion.
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