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ARCHIVED DISCUSSION FROM 9/25/2003 All times are U.S. Mountain Time (Yesterday's Discussion.) Waverider (9/25/03; 23:58:29MT - usagold.com msg#: 109423) Japan's promise - and problems http://www.atimes.com/atimes/Japan/EI26Dh01.html "There is very little but euphoria today over the performance of Japan's benchmark Nikkei index of 225 stocks, which rocketed upward by 45 percent over the past four months, making it one of the world's best-performing equity markets. That the market has fallen back over the past week on yen fears hardly tempers the excitement...But the fact is that Japan's financial system is a chamber of horrors and its long-term fiscal outlook, though growing slightly better, is staggeringly bad and appears to be based in large part on exports to recovering Western markets. If the US were to stumble, Japan faces yet another setback, Koizumi or no. There is plenty that can go wrong before Japan regains its turbo economy."[to find out...go due north to URL...] Kilo (9/25/03; 23:10:07MT - usagold.com msg#: 109422) Ummm, 'scuse me Smeagol But that Kellogg & Humbert Assayers gold bar may have only bid to $13,500 on eBay...... It actually sold for $88,000 (to a floor bidder I believe). Oh, but wouldn't it have been nice.......... :) 1340cc (9/25/03; 22:52:25MT - usagold.com msg#: 109421) What I kissed in Ireland Gandlaf # 109358The only thing I kissed in Ireland was a 6pk or two or three of Guinness! It ranks right up there with B.B.'s Negra Modelo. Which I have been known to empty a few bottles of. ;-)Rimh # 109349Ditto. Last year was my first conference and was the first time I met Bill Murphy, Bob Chapman and several gold mine CEO's.I guess Bob has dropped off the radar so I dought that he'll be there. Say is USA Gold going to have a booth there? Black Blade (9/25/03; 22:29:06MT - usagold.com msg#: 109420) Is The Dollar Toast? http://www.financialsense.com/editorials/wallenwein/2003/0925.html Snippit:The truth is, the days of unanimous anti-gold policies of the world's central banks are over. The fact alone that there is indeed a broad consensus to continue the Washington Accord is proof enough that the world's attitude toward gold has changed, and changed for good. This Accord was not just a one-shot deal. It was an announcement, from the highest levels of international finance, that the world's central banks will no longer support the US’ blatant anti-gold bias - just in order to support the dollar reserve system.In a world where the dollar was the world's only trade and reserve currency, such support was inevitable. The dollar was the only vehicle by which world trade could be expanded in the way it has been. But this is no longer so. As stated so many times before, an alternative now exists, and the world is reaching for it with both hands. This alternative is the euro, and it happens to be gold-friendly, in that the euro member banks value their gold stocks at market prices.Snippit:Gold is a natural store of value that requires no trickery, deceit, or economic or political arm-twisting to be recognized as such. In contrast, the dollar's masters, who had the unenviable job of convincing the world that a totally unbacked dollar severed from any gold-convertibility was "as good as gold," were forced by necessity to engage in all kinds of political, economic, and monetary shenanigans to support that illusion.Hence, the advent of gold and other derivative instruments, which were designed as hedges against all kinds of financial risks inherent in such a deceptive, often abusive, and economic resources-draining system. Hence, also, what has become know as the "gold-banking derivative crisis" with its over-extended gold bankers, overly hedged producers, unreported gold loans - and the producers’ current world-wide drive to "de-hedge" as they hear the golden bells tolling.Snippits:Gold will not be this cheap in fiat currency terms for decades to come. If the entire world (even minus the consistently weakening US) stands behind a higher gold price, who or what will stop Gold?The US has not been able to stand in gold's way alone, even during its economic heyday. Witness the Australian bombshell in 1997, the British gold auctions, the Swiss sales, the bullfrog-like posturing by Mr. Welteke during the nineties (without any real follow-through, of course), etc. A lot of foreign support was necessary to accomplish that.When the time is ripe, gold will be allowed to find its absolute, politically undisturbed equilibrium. And that equilibrium is likely to be higher than anyone today imagines.Looking for a time-table? A "road-map"? Who cares! Gold is going higher, and there is a presently announced, international shared resolve not to stop it. Only to ensure that "adjustment" is ultimately successful. Once it is successful, there is no more stopping for gold - because by then, all countries (minus the US?) will benefit from rising gold.Black Blade: No comment necessary - just read the article. I would only add that the US dollar is toast because the current account and budget deficits are rising to epic proportions and the dollar simply can't be supported even amid the current "competitive currency devaluation" schemes. Another important line from his report - "it's every American for him or herself." Ten Bears (9/25/03; 22:02:55MT - usagold.com msg#: 109419) A view on the nature of money. http://www.stanford.edu/class/history34q/readings/Rotman/Rotman_Origins.html " There are two basic possibilities. A major default can occur, for example a 100 billion dollar debt of some sovereign state goes bad. To avert a crisis the banks who own this debt are forced to appeal to their own central banks to act as lenders of last resort. They would do so by 'rescheduling' the loan into the future, thereby deepening the debt still further with their own reserves, and so increasing the likelihood of the next default occurring. Or, the process will be slower and less explicit: debt servicing activity will gradually enlarge until it depresses 'real' commercial activity into recession. And, since world currency - the dollar in which these debts are denominated - has no intrinsic value, the irresistible response to this recession would be to print money. The Federal Reserve would manufacture the required number of dollars. This would lead to a worldwide increase in inflation and so deepen the recession into a commercial and monetary collapseEither way the scenario is dire. The Incredible Eurodollar offers only one, fundamentalist, solution: eliminate 'false' money, dissolve the whole institution of xenomoney, terminate the unregulated conversion of trade surplus into debt, return to bilaterally balanced trade, re- establish fixed rates of foreign exchange, and beyond all else re- introduce a monetary order based on a convertible world currency.".....Good read from Brian Rotman "The Semiotics of Zero". Black Blade (9/25/03; 22:01:54MT - usagold.com msg#: 109418) Market Wrap Up – Goldberg http://www.financialsense.com/Market/wrapup.htm Snippit:As I tried to explain to my dentist, we're early in the precious metals bull run. Its eventual end will likely be marked by long high parabolic charts, and lots of smiling bullish analysts finally suggesting precious metals as a "strong buy". In addition to the fundamental and technical reasons why precious metals have a potentially spectacular future, there are simpler reasons that are not explained by the technical charts or fundamental analysis. There is still a lot of "hot" speculative money that is only chasing performance. Even as the stock market dropped from March of 2000 to October 2002, there was always some hot sector for the speculative money to pile into. If it wasn't donuts, it was defense stocks, crafts retailers, or generic drugs. At some point the hot money that currently is highly involved in technology, biotechnology, and retail stocks is going to discover the momentum of precious metals. This will happen when the momentum in the current hot sectors is soon lost. When they pile in, it's going to be very good for early buyers of the precious metals stocks. The relatively low floats and low market capitalization of these stocks will boost their stock performance well in excess of underlying fundamentals. Black Blade: First I am not pushing precious metals stocks, but the context of this snip and the article describes very how the Lemmings think. They are so easily led. The drones, carnival barkers, Wall Street morons and an assortment of alleged "experts" paraded before the TV cameras continue to cast out "hot tips" and lure in the suckers. "Hot Money" is an amusing way of putting it too. Just like Lemmings running to and fro with the latest fad in the market, precious metals are being overlooked while they throw their savings into "the sector of the day" hoping to regain their losses from the last "blow off" in equities. My discussions with those I work out with at the gym, are much like Goldberg's discussion with his dentist. It also reminds me of FOX's "Cashin In" while Jonathan Hoenig "The Capitalist Pig" debates the merits of gold with the other panelists who have been so anti-gold for the last two years. He smiles ear to ear while they try as they might about how gold is a "terrible investment" in spite of the metal's relentless rise. Some people will never learn. Smeagol (9/25/03; 21:58:32MT - usagold.com msg#: 109417) Oi! O MY!!! http://cgi.liveauctions.ebay.com/ws/eBayISAPI.dll?ViewItem&category=28292&ite Ach! O! O! Looks at this, Precious! Someone bid for gold bars on E-bay and they musst be laughing all the way to the vaults, yes! Ssuch a deal, ssuch a ssteal. We wishes we could be so lucky! Of the four lissted, thiss ingot has sstamped on it:"Kellogg & Humbert Assayers""164.8 oz.""945 fine""$3205.28"We calculates Its Gold value (at $395 an ounce) at $61246.96. It sold for $13,500! Sssss! Some more were auctioned by ssomeone else (and they gots 'proper' prices!), and a hisstory lesson:http://cgi.liveauctions.ebay.com/ws/eBayISAPI.dll?ViewItem&category=28292&item=2188785885>ssnip<..."Kellogg & Humbert Gold Bar No. 482 152.96 oz. 886 Fine gold. Value at time of issue: $2801.49. This monumental gold baris from the 1857 shipwreck of the S.S. Central America. Its fineness of 886 pure gold is higher than usual for native California gold. The lower right corner has been chipped off for assay purposes, as has the upper right corner on the back of the bar. The control number of the bar, No. 482, is stamped on the back of the bar.Between 1852 and 1857, the S.S. Central America was responsible for transporting approximately one third of the gold found during the California Gold Rush, amounting to an estimated $150 million. This bar was part of the ship's three-ton gold cargo that left Panama, en route for New York, on September 3, 1857, and was lost on September 11, 1857, when the ship sank du ring a hurricane off Cape Hatteras, North Carolina.With the loss of the gold cargo, New York banks began to fail and businesses closed, causing a financial crisis, not only in the United States, but also in Europe. It was called "The Panic of 1857.Kellogg & Humbert were government-supervised assayers in San Francisco, but until the recovery of the wreck of the S.S. Central America in the 1980s, no bars by these important California Gold Rush participants were known."...how do you say here, iss it 'WOWsers'?S. Smeagol (9/25/03; 21:50:53MT - usagold.com msg#: 109416) Applauses we give, yess, for all the Contest Winners! (clapclapclap... clap... urrr, why is the Wizard staring at us so, Precious?...)(whisper)?Eh.. we.. WON? A Precious? ANOTHER Precious?! O happy day!! (capering)We was very happy, we were, to have won a Silver Precious for our firsst Posst, (though we messed it up, we did... ach!). And now the Mighty Ones of the Great Table award us a 'Special Award' Precious too? O, they are jusst TOO kind to poor Smeagol! Even if mayhaps by the flip of a Golden Precious (grin), Smeagol is honored to have troubled their wise counsels to ssuch an impasse! We thanks all of you so very much! S.---------Once again, Gollum missed an important little detail due to his excitement. When I pointed out that his 'essay' was to be placed in the Hall of Fame along with the others, his eyes widened, his jaw dropped, and he just stood there blank-faced. Then his 'Precious' (which he was holding at the time) fell ringing on the stone floor. He looked at the screen, then he turned to me and said, 'Smeagol... is... we... is FAMOUS? You should have seen his face. I couldn't help myself, I burst out laughing.F. Baggins Black Blade (9/25/03; 21:27:54MT - usagold.com msg#: 109415) GAB and Waverider Thanks for reminding me! Ooooohhhh beeeeerr (in my best Homer Simpson imitation). Yeah, Bud may be "the king of beers" but Negra Modelo is the "nectar of the Gods". I once had a boss while working deep in the field who had said "if you want to find Jon just follow the trail of empty Negra Modelo bottles". I learned to be a bit more discrete with my disposal methods after that. ;-)- Black Blade Dollar Bill (9/25/03; 21:02:47MT - usagold.com msg#: 109414) (:->) Great work guys ! CongradulationsI am going to go enjoy rereading your winning words.A toast! to the knights of honor at this 5 year celebration at this great Oaken Table of Yore.Frame your work with the award so your families will know of the respect you are held at this Great Table.US GOLD EAGLE Winner, Sir Remarx RUNNERS-UP Sir Usul and Sir phil288Special AwardsSir Aurion; Sir R Powell; and Sir SmeagolTwo Honorable Mention Sir Yukon; and Sir a nation of one Waverider (9/25/03; 20:58:42MT - usagold.com msg#: 109413) It's coming on.....a Haku.... Negro ModeloQuench Golden Warrior's thirstSavor thine Nector. Goldendome (9/25/03; 20:54:31MT - usagold.com msg#: 109412) @ tyro: Citi bank creating $200 million fund for low income home buyers. Tyro: Your profound question below makes its own Point! "With all the unemployment, wonder how low and moderate income families, including those with bad credit histories are going to make the payments?"Goldendome: One of the big problems that will come back to haunt the holders of Mortgage Backed Securities is the fact that many people that probably shouldn't be buying homes now are able to buy them with easy credit screenings, in many cases home builders or realtors actually lending or giving downpayments to buyers, and in fraudulent cases, even making phony bank deposits for prospective buyers to make them appear more credit worthy. Check your newspaper, the legal listings for forclosures are becoming more lengthy the furthur we move into this real estate bubble. My guess is that down the road many of these now- soon to be- "happy" new low income homeowners will be in default, have their credit ruined for a lifetime, and the homes will be scooped up by someone in the business.Unless-- Citicorp, or someone is prepared to make the actual mortgage payments for many of these unsuspecting, first time buyers. Myself, being in retailing, I have seen over the years, many people who were on foodstamps and welfare three months before--who were now in the process of buying a home. Huh? How do you go immediately from a position of total dependence to an assumed knowledge and responsibility of what is involved with the monthly payments and upkeep of a home, month after month for years? Answer: It often doesn't happen very well. In another year the people are out of their job for one reason or another, and they're back to square one, minus one home, and their credit rating. -----Gdome Waverider (9/25/03; 20:35:55MT - usagold.com msg#: 109411) Congratulations Sir Remarx and other winners.... Congratulations to you All. I know that alot of time and thought goes into entering the essay competitions here and in fact, everyone who entered is to be commended. I enjoyed reading all of the entries - thank you! And again - a thank you to Sir MK for his graciousness in hosting the essay competitions. Cheers,Waverider Great Albino Bat (9/25/03; 20:32:10MT - usagold.com msg#: 109410) Black Blade: don't forget the important things in LIfe.... like having your Negra Modelo once in a while. I've switched to N.M. and it's truly superior.GAB Cavan Man (9/25/03; 20:07:07MT - usagold.com msg#: 109409) China Gold Market Potential Focus: China's gold rush( 2003-09-25 11:10) (China Daily HK Edition) Prominent gold experts and officials are urrging the government to lift the ban on individual trading in the precious metal as soon as possible, as quoted prices at the Shanghai Gold Exchange (SGE) continually hit record highs this month amid a surge in buying enthusiasm. A woman shows a bar of gold in Wuxi, Jiangsu Province. Enthusiasm for individual investment in gold has always been high in China. [newsphoto.com.cn] The introduction of individual traders, they say, would kill four birds with one stone, by invigorating flagging consumption, slashing the foreign trade surplus, trimming conspicuous foreign exchange reserves and easing international pressures on China to appreciate its currency. It is "safe and feasible" for China to spend part of its foreign exchange reserves on gold imports, as well as place such purchases on the domestic market and open the market to individual players at the earliest possible opportunity, said Xi Jianhua, Bank of China's gold business expert. About 20 per cent of respondents to a recent national survey said they were willing to spend 10 to 30 per cent of their savings in gold investment, indicating a huge potential demand for gold. Outstanding individual bank savings in China hit 10.61 trillion yuan (US$1.28 trillion) at the end of July. After trying in vain for years to encourage a high growth rate in private spending, China has had to rely on proactive fiscal policies, marked by heavy government investment since the Asian financial crisis in 1997, to maintain fast gross domestic product growth. Based on the survey results, Xi estimated that a possible injection of as much as 300 billion yuan (US$36.15 billion) in private money could flow into the gold market. The money would create demand for about 3,000 tons of gold, he said. It would then only be natural for the country to expand imports as China currently has just 600 tons of gold reserves at its disposal, far from enough to cope with the potential gold rush. In the initial stages, individual investors would create a market demand for 300 to 500 tons, according to analysts, and further growth would be gradual. Spending on such a scale for gold imports would not have a significant impact on China's foreign exchange reserves, they said. Even if the anticipated 300 billion yuan worth of private investment was made right away, the country's US$356.5 billion worth of foreign exchange reserves at the end of July could cater for the demand with ease. Using the reserves to purchase foreign gold would not only help withdraw billions of yuan now in circulation, but also boost the overall national import volume, Xi said, and thus "ease pressures on the appreciation of the yuan". Xi's suggestions were echoed by Xu Shouxin, vice-director general of the China Gold Association. Xu said the association has long proposed promoting individual ownership of gold, adding that the best way would be to allow commercial banks to start individual gold investment services at the earliest possible date. He also stressed the need to spend part of the country's foreign exchange reserves on gold imports once the domestic market is opened to individual investors. The time is now perfect for the government to make the move, say analysts, citing potential room for further hikes in gold prices, both in the domestic and international markets. Rising prices Gold prices in China have risen more than 15 per cent since the Shanghai Gold Exchange started operating last October, initiating free trade in gold for the first time in the history of the People's Republic of China. But its members are limited to 108 institutions, including producers, processors and traders of gold and gold products, plus commercial banks. Staff at the Shanghai Gold Exchange follow closely the international gold prices. [newsphoto.com.cn] The price of Au99.95, the type of gold used in the manufacturing of ornamental items, which was 83.5 yuan (US$10.10) a gram last October, climbed to a record high on September 22, closing at 102.21 yuan (US$12.31). Meanwhile, the price of Au99.99, gold reserved for investment-oriented speculation, which was 84 yuan (US$10.16) a gram last October, closed at 102.45 yuan (US$12.34) on September 22. Analysts note that trade at the Shanghai Gold Exchange, dominated by Au99.95 in the beginning, is now marked by heavy transactions in Au99.99. Meanwhile, prices of gold jewellery in Shanghai and other major Chinese cities also increased by 2 to 3 yuan (24-36 US cents) per gram this month. Some SGE members have been increasing their stocks in anticipation of heightened demand once the market is open to individual investors, said an industry insider who declined to be identified. "These investors have been very active, taking every possible chance to buy in." A gold analyst with the Industrial and Commercial Bank of China said the domestic gold market is following the appreciation trend of gold against the US dollar, predicting that prices will further rise following an influx of new capital at the Shanghai Gold Exchange. International gold prices recently hit a six-year high of US$390 per ounce, exceeding the previous record of US$388 set in February when the US invasion of Iraq was imminent. Prices dipped to US$318.75 an ounce on April 7 in anticipation of a quick end to the war but started to bounce back as it dragged on, and the rising trend has gained strength since the beginning of this month. Local analysts say the complicated situation in the Middle East, the world's oil barrel, and a sluggish international economy are the two main forces driving the increase in gold prices. The slow restoration of peace and order in Iraq, escalating tensions between Israel and Palestine and the weaker-than-expected economic recovery in the United States, Europe and Japan have blunted consumer confidence and diverted a large amount of capital into the gold market, said Li Xisheng, an analyst with Qilu Securities. Sluggish stock markets worldwide have also driven investors to the gold trade, Li said. Xi noted that Japanese investors have been buying in substantial amounts of gold since the beginning of this month, while the appreciation of the euro against the US dollar has produced more opportunities for European investors in the gold market. Other analysts even predict that international gold prices may surpass US$400 an ounce before the end of the year. Short supply As the world's third largest gold consumer and fourth largest gold producer, China is suffering from a long-term shortage of gold, said Li Xisheng. The country's annual consumption is about 200 tons, while its production equals roughly 180 tons a year. The Shanghai Gold Exchange, initiating free trade in gold last year for the first time since 1949, so far serves only institutional traders, rather than individuals. [newsphoto.com.cn] According to the China Gold Association, national gold output hit 88.12 tons in the first half of the year, an annualized increase of 13.21 per cent. The industry created a profit of 974 million yuan (US$117.35 million), up almost 60 per cent from the same period last year due to rising gold prices and soaring demand. However, analysts say, it is difficult for China to maintain major long-term growth in gold production because of limited natural resources and production capability. In China, some 800 producers, each equipped to handle a daily capacity of more than 50 tons of ore, employ a workforce of 400,000. Their combined annual gold production capacity is 150 tons. However, Li said, 80 per cent of these producers have a daily ore processing capacity of less than 200 tons each. Small-scale production, a lack of the latest technology and management techniques, and low production efficiency keep most Chinese gold producers from being competitive enough, as do high production costs, he said. Meanwhile, strong growth is expected in domestic gold demand over the long term, Li said, as individual incomes continue to increase. -- First, per capita annual gold consumption in China is only 0.2 grams, far below that in Western and other Asian countries. The figure for India is one gram, while the United Arab Emirates averages the highest at 30 grams. China is the largest potential jewellery market in the world, said Chu Xiangyin, an official with the China Council for the Promotion of International Trade. Consumption of ornamental objects topped 80 billion yuan (US$9.65 billion) in 2002 and has been growing by 15 per cent annually. The market value should grow 10 times in 10 years, Chu said. China is also on course to become a major manufacturer of gold jewellery in 2010 as a result of increased private spending power and lowered import tariffs, said Kang Xingzhou, vice-chairman of the China Gold Association. Kang predicted that China's annual gold jewellery sales volume would reach 189 billion yuan (US$22.78 billion) by 2010, accounting for more than 10 per cent of the world's total. -- Second, the demand for gold for industrial use will also increase rapidly as China becomes the world's manufacturing centre. Currently, 90 per cent of the gold consumed in China is used to make jewellery. -- Third, the potential for individual investment in gold as an option to currencies to maintain private wealth is almost unlimited. Uncertainties about worldwide political stability and economic growth have strengthened this function of gold, Li said. For instance, global investment in gold rose by 8 per cent in the fourth quarter of 2001 following the September 11 terrorist attacks, while growth for the previous three quarters was only 4 per cent. Closer to home, gold prices in China surged amid plunging stock markets during the SARS outbreak earlier this year. Such uncertainties may also bring about adjustments to China's foreign exchange reserves. When China's foreign exchange reserves grow to US$400 billion and the ratio of gold in the reserves is brought to 5 per cent, according to Merrill Lynch, a new demand for 122 tons of gold will result. Gold comprised just 2.6 per cent of the US$286 billion worth of reserves at the end of last year. For thousands of years, the Chinese have traditionally saved gold and worn gold ornaments, analysts reason. If the government does decide to allow individual investors into the sector, the landscape of the entire gold industry worldwide could change completely.China's gold rushThe introduction of individual traders in the gold market will, according to gold experts and officials:-- invigorate flagging consumption;-- slash the foreign trade surplus;-- trim conspicuous foreign exchange reserves;-- ease international pressures on China to appreciate its currency.As much as 300 billion yuan (US$36.15 billion) in private money is estimated to flow into the gold market, creating demand for about 3,000 tons of gold. A market demand for 300 to 500 tons of gold will be created by individual traders in the initial stages. Gold prices in China have risen more than 15 per cent since the Shanghai Gold Exchange started operating last October. Prices of gold jewellery in Shanghai and other major Chinese cities increased by 2 to 3 yuan (24-36 US cents) per gram this month. CM comment: Game. Set. Match. Gandalf the White (9/25/03; 19:45:38MT - usagold.com msg#: 109408) One more little Green "X" and LOTS of COMEX Fireworks today !!! http://stockcharts.com/def/servlet/SC.pnf?c=$GOLD,P Well that is the one that the Wiz has been awaiting !BUT, looks as if the Cabal is not going to roll over easily.A $10 PAPER AVALANCH to end the day in NY !!That's OK, would we want it any other way ?Winning over a good opponent is a much better feeling!!Get ready to "ROCK & ROLL" !!Let's see 390 AGAIN !<;-) Remarx (9/25/03; 19:45:33MT - usagold.com msg#: 109407) Wow!!! Many Thanks I am stunned, honored and grateful to MK and everyone at CPM. I have never won any kind of contest in my life. I did try my best to answer it as asked, but I know I focused pretty heavily on the "LONG-TERM" aspect of the question.Perhaps the best part is that I now feel better about purchasing for my precious metals IRA the other day on a peak! I warned George Cooper that I have that effect on markets -- the spot dropped by $12 within hours of my purchase. ;^)I must say I still feel like a squire in this world of gold. I hope to continue learning from others around this excellent round table as I lurk nearby and listen.Thanks again,Squire Remarx Tate (9/25/03; 18:56:26MT - usagold.com msg#: 109406) On US dollar What if US treasury simply devalues USD by 30% to gold. How this will effect Japan and China?I guess they can not do that due to US Money Changers having control , and they are massively short gold. No way out. One exit is guarded by Asians the other by their own US boys - Money Changers. Sundeck (9/25/03; 18:33:38MT - usagold.com msg#: 109405) Dummy ANI and Rich Powell - Gold Shorts Thank you for your comments and helping to clear the fog in my brain:-) misetich (9/25/03; 17:35:53MT - usagold.com msg#: 109404) Talk From The Trenches http://www.economeister.com/reg/popup/single_story.jsp?prod=63&banner=mainwire_features Snip:Carl Weinberg of High Frequency Economics says Japan's economy cannot tolerate a stronger yen because its "bankrupt financial system" owns $2.5 trillion in overseas assets. "We doubt Japan's institutions can afford to mark that portfolio down by the yen equivalent of $200 billion (the rough equivalent of the currency effect from the dollars from Y120 to Y111), without breaking," Weinberg says. Japan needs a weaker yen by the close of business next Tuesday, which is the end of its fiscal half-year, he says. ..................Former Ministry of Finance official Sakakibara, once affectionately known as "Mr. Yen", reportedly said that Japan can continue with yen-selling intervention despite the recent G-7 statement, but it is unlikely to succeed due to the yen's underlying strength. ..................**************MisetichAs MK appropriately commented nothing has changed since Dubai - Japan will continue its policy of a preferred weaker Yen - Since the US is "desperately" playing its last ace card, US devaluation as the other two IR & taxation have failed to propel the economy forward ( never mind the nonsense of statistical GDP growth fuelled by hedonics) China and Japan will continue their chosen pathAll On Board The Gold Bull Express steady (9/25/03; 17:27:38MT - usagold.com msg#: 109403) opps http://www1.chinadaily.com.cn/en/doc/2003-09/25/content_267390.htm link steady (9/25/03; 17:26:24MT - usagold.com msg#: 109402) (No Subject) ok the link above conifms that gold is valued in grams in china exhchange.sio ill just assume that silver is to. now if one gram is 1.0 then the tenths and 100ths place value in grams is where the physical off take will occur as traders can shave on transactions. and over time each .04 gain or .07 gain will accumulate in trades accounts drip drip rip rip paer fire balls perculating thru fiat currencies taking on each compnay one at a time arbitrating, judging and executing if need be its financial balnce sheetrember the talk of wall street bringingh back 1/16th 1/8th 1/4 so on and so forth as it was a money maker for them . im sure the same thing goes on in the china exchange, now to figure out that game and get involved in the trading as gold valued in fgrams is easier to invest in fiat wise than the comex. more at the link about chinas time frame to open up trading on its exchange beyond the 108 limited members now misetich (9/25/03; 17:25:49MT - usagold.com msg#: 109401) US Reality Check: Home Durables Execs: 2H Orders Up, Pxs Low> Sep 24 / 9:55 EDT http://www.economeister.com/reg/popup/single_story.jsp?prod=62&banner=mainwire_features Snip:NEW YORK, Sept. 24 (MktNews) - Shipments of home appliances and consumer electronics have surged in the second half of 2003, possibly in response to unusually steep price declines at wholesale and retail, say industry officials. Low, low prices are making for happy times for consumers but creating headaches for manufacturers and merchants, who find they have to work ever harder to make the same amount of money. ...................."That is a record number by a lot, and frankly it makes no sense whatever," he said. Shipments have been totally out of proportion to consumer demand, which will likely mean "immense carryover" going into next year. "There will either be a lot of stock sitting in retail warehouses or the manufacturer will have to buy some of that back." ................ "Air conditioning pricing continues to fall. Price pressures continue on the manufacturer," Deming said. "There's a lot of pressure every year on manufacturers to bring the price of the product down." ***************MisetichDoesn't sound the long awaited US economic recovery is materializingMore layoffs are to be expected as inventory glut require to be unloadedThe pressure cooker is heating up as the market manipulators, the egocentric central bankers bite the dust and the public awakes to a nighmare scenario - HIGH DEBTS LEVELS - NO JOBSAll On Board The Gold Bull Express specie-man (9/25/03; 16:32:46MT - usagold.com msg#: 109400) Earthquake Just wait till the "big one" hits California. I've often opinioned that a major California earthquake could be the "shock" that sinks the whole US economy. How ? California is the focal point of the current housing bubble. A big quake would hit California housing values HARD. The real estate bubble would burst. And with the extremely poor state of California's fiscal condition, the US goverment would have to step in and bail them out (by "printing" massive quantities of new US dollars to pay for it, of course). misetich (9/25/03; 16:24:00MT - usagold.com msg#: 109399) Foreign cen banks keep buying U.S. debt - Fed http://www.reuters.com/financeNewsArticle.jhtml;jsessionid=ZO3BZ3YLT1AJECRBAEOCFEY?type=bondsNews&storyID=3510012 Snip:NEW YORK, Sept 25 (Reuters) - Foreign central banks were big buyers of U.S. Treauries and agencies in the latest week, despite recent worries that a potential long-term deterioration in the dollar could prompt Asian central banks to pare their massive holdings.The Federal Reserve said on Thursday its holdings of Treasuries and agencies for foreign central banks rose a hefty $8.8 billion to a record of $968.1 billion as of Wednesday Sept. 24 compared to the prior Wednesday. The Fed also releases figures that average the daily flucations in custody holdings.........................Foreign central banks mostly bought agencies rather than Treasuries, a departure from the past few months when foreign central banks appeared to shy away from agency debt after the management shake-up at Freddie Mac FRE.N in early June.****************MisetichForeign CB's are "courageous" to be buying GSE's debt - Obviously it is not the EU banks as they have "For Sale" sign on GSE's debtNo wonder Japan economy has been going nowhere for the last 13 years but down - With this type of leadership, Japan will sink bringing the whole house of cards with themHow many more billions and billions can the Japanese (Chinese) print to buy decelarting US $?All On Board The Gold Bull Express Black Blade (9/25/03; 15:49:46MT - usagold.com msg#: 109398) Pisani and ETFs The reason I thought Pisani's exuberance rather odd was because he has displayed a dislike for gold and even gold mining shares. It was an all around dislike for precious metals. Lately he has mellowed considerably on PMs and is pushing the ETF and suggesting the the same thing could result for other "commodities" like oil. BTW, I see Townie got onto the Quake news pretty quick. I noticed it as a ticker "crawl" while watching the Democrat candidate debate. My take - 10 blind people describing an elephant. - Black Blade Operative (9/25/03; 15:47:59MT - usagold.com msg#: 109397) Tsunami Warning Issued http://wcatwc.gov/wwareas.gif The US West Coast is looking ok for now, Alaska is in the red zone. Something to keep an eye on this evening. Gandalf the White (9/25/03; 15:41:45MT - usagold.com msg#: 109396) Comments from the Contest Moderator ! I, Gandalf the White, moderator of contests, having heard numerous cheers together with a moan of civic duty, have investigated the video tapes of the Essay Contest judging procedures, and, what I feel to be the most important video, that of SIR M.K.'s announcement of the contest.I may be releasing confidential information on the procedure of the contest judging methods, so everyone that reads this posting shall forget all about it before the next contest. <;-)This Essay contest had the greatest response of any to date.Forty-eight entries ranged from light hearted to extremely complex. They consisted of poems, data stacks, TA, and many other methods of writing. EACH entry was evaluated by different judges and given a ranking. (Each judge is an independent thinking person or Hobbit.) These ranking lists were then combined and the top ten determined. Then this top ten list and the complete list of 48 were re-reviewed by the Lead Judge. The Lead Judge did requested that two entries be reevaluated to see if they could make the top ten. The List was expanded to be the Top Twelve !Each of the twelve entries were "defended" by a proponent as to why it should be the WINNER. Other judges then debated the advantages and disadvantages of each entry.The list was reduced to eight entries. As there were only three prizes to be awarded, the discussions and debates were becoming heated. (At this late date point, the video tape contains only a view of a hand raising the lens of the video tape machine so that the focus was only showing above the meeting table, and loud music is heard to be playing adjacent to the microphone.)However, by watching the video picture closely, it may be noticed that gold coins were infrequently seen flipping in the air above the meeting table.After a while the FINAL RESULTS, were presented to me, the MODERATOR.ALSO, concerning the video of SIR M.K.'s announcement of the contest -- IF you could have seen it, he is seen smiling and actually winked as he posed the Question !SOOO, you may be totally correct Sir ANOO, when you say, "that makes it difficult for me to take your contests seriously".<;-) TownCrier (9/25/03; 15:40:56MT - usagold.com msg#: 109395) (oops) "USAGS" was a typo, probably from long habit of typing"USAGold"Simply "USGS" was the acronym I was shooting for.R. Black Blade (9/25/03; 15:40:46MT - usagold.com msg#: 109394) Breaking News - Earthquake Smacks Japan An 8.0 quake hit the northern island of Hokkaido causing a lot of damage and tsunami warnings are issued. Some fires reported too. This could shake up the markets tonight (no pun intended). I noticed a lot of gold shares being sold in after hours and then suddenly dried up. Maybe on this news. It could be an "interesting" market tonight. We shall see.- Black Blade TownCrier (9/25/03; 15:36:19MT - usagold.com msg#: 109393) As yesteday's O/N $9 billion ran off, Fed adds $16 billion in today's open market ops http://biz.yahoo.com/rf/030925/markets_fed_openmarket_1.html While the fed funds market was trading in line with the FOMC target, the NY desk on behalf of the System never the less saw fit to inject new money into reserves of the nation's banking system.Of this $16 billion, $4 was through 14-day repurchase agreements, $6 through seven-day repos, and the remaining $6 through RPs of overnight duration.All done as easily as a keystroke.Choose gold.R. Operative (9/25/03; 15:35:47MT - usagold.com msg#: 109392) @ TownCrier, Thanks for the "heads up" http://gldss7.cr.usgs.gov/neis/bulletin/bulletin.html Above link is one of those daily "check it" chores. Operative (9/25/03; 15:27:31MT - usagold.com msg#: 109391) Watching the Loins As the story goes there once was a ship's captain whose aid rushed up and informed the captain that there were 5 British ships approaching. The captain ordered his men to prepare for battle and told the aid to bring him his red colored jacket. Having won that engagement a few days later the aid rushes in again to inform the capatin that there are 10 enemy ships approaching. The captain once again orders his men to prepare for battle, and tells the aid to bring him his red jacket. The aid inquires why did the captian put on the red jacket before going into battle?The captain replied,"in case I am wounded, I do not want the crew to panic, hence the red jacket." A few days later the aid informs the captain that 20 ships are approaching. The captain tells the crew to prepare for battle, and tells the aid to bring his brown colored britches.A similar story is related in the bible. The prophet Daniel is called before the king to reveal the mysterious handwriting on the wall. Daniel proceeds to tell the king that he has been wieghed and found wanting and describes the terrible things that will soon happen to the king and his kingdom. It says that the king's knees began to shake and his 'loins were loosend". I think when gold topped over 390.00 in the early morning hours last night that loins where loosened and brown pants where ordered. They beat gold down today, but gold will return to its bullish pattern soon enough. As for me, I have enjoyed the show, especially when taken in context with the above two stories. It is good to see them in panic mode. And I thank those powers that wish to control gold prices for the opportunity to load up on an even better price today. TownCrier (9/25/03; 15:21:38MT - usagold.com msg#: 109390) USAGS says quake was 8.0 Hurricanes here, quakes there... and in response the governments try to offer paper social security for everyone.Choose gold if and when you see the writing on the wall.R. TownCrier (9/25/03; 15:14:20MT - usagold.com msg#: 109389) That is to say... Will gold be pressed harder into service as meaningful savings as it becomes clearer that socialized national money is pressed harder into service as a balm for the localized wounds that Mother Nature delivers?R. TownCrier (9/25/03; 15:09:17MT - usagold.com msg#: 109388) 7.8 earthquake rocks northern Japan, tsunami warning issued Fire breaks out at oil refinery.Will natural disasters press physical gold harder into service?R. mikal (9/25/03; 14:57:59MT - usagold.com msg#: 109387) @a nation of one I appreciate your insightful posts and I'm sure I'm not alone. Keep up the good work. phil288 (9/25/03; 14:52:37MT - usagold.com msg#: 109386) Essay contest As a new poster, I am surprised and greatly honored to be awarded a runner-up prize in the recent essay contest; more importantly the "Sir" monacher is certainly interesting if a bit premature. Thank you to the wizzard and all his assistants, and especially thank you to MK and the castle posters who have been a great source of education to this three year lurker. I have apparently learned enough to now be authorized to preach what we all practice. The price behavior today was certainly interesting. Nobody said these markets were not manipulatable. Federal_Reserves (9/25/03; 14:45:52MT - usagold.com msg#: 109385) Stock Market Correction Engaged Last week I mentioned that it looked ready to start a nice corrective phase after options expired. May not get much of a rally for this month end.The SnP just broke some key support.The 10,20 day moving averages and other support including the 1010-1015 area on the charts. Could fall down to the 200DMA down around 960 in a flash.If GOLD consolidates around this 400 level while this goes on it would be a very good sign for continued appreciation. R Powell (9/25/03; 14:31:03MT - usagold.com msg#: 109384) Black Blade In regards to Bob Pisani pushing gold ETFs, I wonder if there has ever been a planned stock IPO that he has not liked? Bob loves equities of all kinds, happy economic news and higher stock prices regardless of any and all other considerations. It's probably only a distasteful sense of duty that ever forces him to report any stock unfriendly news. Stocks backed by gold or moon rocks or someone's as yet undisclosed planned future profitmaking scheme,... hey, don't sweat the small details, smile and order some up! The television commercial sponsors make money from active commission-generating markets. He's a lot like the Friday night Guru Lou of Rukeyser, only his grin is not quite as large. I wonder what his bartender hears from him when the cameras are not around? Rich erayboy (9/25/03; 14:29:17MT - usagold.com msg#: 109383) To Black Blade - Re: Pisani on GOLD ETF The fact of the matter is that the ETF is "paper" GOLD. No matter how well it is backed, it is still paper. Tberefore, by shifting the sheeple off onto paper GOLD, it lessens the possibility of their buying actuals, which would drive up the price by creating a shortage. The price, value, and demand for "paper" GOLD can be more easily manipulated than that of the actual bullion. This ETF becomes another mechanism to take money from the masses.Furthermore, I believe this action will postpone the GOLD bull. R Powell (9/25/03; 14:14:33MT - usagold.com msg#: 109382) Trading ranges Today's Dec. gold high as listed at our link to MRCI's quotes was $394.8 and the low was $385.5. Trading range was $9.30 In silver, $5.395 and $5.21. Tradin range was $0.185 This is not your father's metals market, anymore. tyro (9/25/03; 14:06:23MT - usagold.com msg#: 109381) $200 Billion for Mortgages http://story.news.yahoo.com/news?tmpl=story&ncid=1204&e=8&u=/ap/20030923/ap_on_bi_ge/citigroup_mortgages&sid=95616121 snip: Citigroup Launches Lower-Income Program NEW YORK - Citigroup, the nation's largest financial institution, is launching a $200 billion program to help low- and moderate-income families buy homes. The program, to be run by Citigroup's mortgage lending unit CitiMortgage, will include low down payment mortgages, reduced closing costs and help for people with bad credit histories, Citigroup said Monday. tyro: With all the unemployment, wonder how low and moderate income families, including those with bad credit histories are going to make the payments… Black Blade (9/25/03; 13:54:08MT - usagold.com msg#: 109380) Gold Drops From 7 Year High - So What Gold drops sharply today on profit taking as options expire but does that even matter now? Of course not - the US dollar is in "blow off" mode. The current account and budget deficits have the Fed pumping out a flood of dollars because Japan and China won't play ball. The pressure is now on the Fed after Treasury Sec. John Snow's humiliating grovelling in Asia and the inability to get his point across at the G7 conference. The "competitive currency devaluation" scheme continues as all currencies head for the dumpster. Meanwhile equities markets have suddenly started to tank again shearing the sheep once again. I suspect now that we will get through expiry this week we will be back to rally mode in short order. BTW, Bob Pisani of CNBC is really pushing the planned World Gold Council ETF. He has been doing this for some time. Now what's up with that considering he used to disparage gold at any given opportunity in the prior two years? "Interesting Times" indeed!- Black Blade R Powell (9/25/03; 13:43:48MT - usagold.com msg#: 109379) Contest Gandalf, Michael and all, Thanks for the contest, the real winners were all who entered, it was fun (and educational) as usual. Although gold is more precious, I may be the least disappointed of the silver winners. (;>) a nation of one (9/25/03; 13:42:56MT - usagold.com msg#: 109378) my civic duty I feel it is my civic duty to express the following. It is not hard to admit that mine was perhaps not the best entry. It is also easy to admit that Remarx's entry was of a very good quality. But I don't think that anyone who tried to answer the contest question --as you asked it-- can fail to appreciate that Remarx's entry did not answer the question that you asked. I wouldn't mind losing to someone who answered your question. But to lose to someone who didn't, that makes it difficult for me to take your contests seriously. USAGOLD Daily Market Report (9/25/03; 13:38:09MT - usagold.com msg#: 109377) Page Update! http://www.usagold.com/DailyQuotes.htmlThe Afternoon Gold Report by Jon H. Warner 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.Gold tumbles on profit taking today but the trend remains intact. Newmont Mining CEO Wayne Murdy (an insider) on CNBC today states that he remains very optimistic on the price of gold. More physical demand is likely to emerge on the lower price as weak hands get shaken out. And Indian "Wedding Season" and "Festival Season" about to get underway. White Hills (9/25/03; 13:34:05MT - usagold.com msg#: 109375) any doubt? It is pretty obvious that the POG is being manipulated at the Comex.I think there might be just a little panic behind the scenes the word is slowly getting out to the general public. I have begun to hear from people now asking me how to buy gold. O f course I tell them about USA Gold have steered 52 Oz their way in past month now people calling from Florida want to know about Gold. I have shot my mouth off for 5 years and finally somebody is listening. White Hills Clink! (9/25/03; 13:30:44MT - usagold.com msg#: 109374) The Grim Sweeper of irrelevant posts has struck again - Thank You !!C! Clink! (9/25/03; 13:29:17MT - usagold.com msg#: 109373) @ alkahulik With all due respect, I think you want the Yahoo! bulletin board for NEM for that sort of posting. If you have something more on topic, we would all like to read it.C! Liberty Head (9/25/03; 13:28:00MT - usagold.com msg#: 109372) Re: cockerel1 msg #109348 Democracy Thanks for posting the quote by Sir Alex Fraser Tytler.Another quote about democracy that I favor, but can't remember the source is: "Democracy is when two wolves and a sheep vote on what to have for lunch".There is not much recognition of the rights of an individual in a democracy. Don't be too hard on the baby boomers. Socialism was well in place before we were born.The baby boomers post date "The New Deal" and were not responsible for the removal of silver and gold backing of our currency.We may not have created our current mess, however we do have the responsibilty to fix it.Best Wishes Cavan Man (9/25/03; 13:05:49MT - usagold.com msg#: 109369) Dear FOA If in good health; Sir: you promised a return @$360. Cavan Man (9/25/03; 13:04:29MT - usagold.com msg#: 109368) Shades of Another...... http://www.321gold.com/editorials/wallenwein/wallenwein092503.html Buy physical gold. "Let the game come to you." TownCrier (9/25/03; 12:43:58MT - usagold.com msg#: 109366) WGC on today's notable London fix "The heightened interest in the gold market was illustrated by this morning's fix, which took almost half an hour, and in which the "trying price" moved down to $391.10/ounce, before working up to $391.90/ounce and finally settling at $391.85/ounce."Further,"With COMEX options due to expire today, and OTC options expiring tomorrow, the market has maintained its pace and the $390/ounce level was cleared in the early hours in Europe. Meanwhile the physical markets in the regional purchasing centres have retreated once more to the sidelines, a common occurrence when prices are high and volatile."Dealers are reporting that borrowing is appearing in the longer dates (two-years and further), with rates rising by 10-15 basis points." Cavan Man (9/25/03; 12:39:45MT - usagold.com msg#: 109365) Here it is Lady Leigh washingtonpost.com Gold Hits 7-Year High, Looks to $400 ReutersThursday, September 25, 2003; 11:42 AM By Veronica BrownLONDON (Reuters) - Gold rose to its highest level in more than seven years on Thursday as fund buyers piled into the metal, inspired by a surprise decision from OPEC on Wednesday to cut oil output and a weaker dollar, which raised bullion's safe-haven appeal."The bulls have got the bit between their teeth and any news is good news -- it doesn't matter what it might be, it's good news," Societe Generale economist Stephen Briggs told Reuters.By 1515GMT, spot gold closed at $390.40/391.10 per troy ounce after spiking to a high of $393.30 -- not seen since mid May 1996. That compared with $387.00/387.80 at the New York close on Wednesday.Analysts signaled even more gains, after a period of consolidation, with prices over the psychologically significant $400 barrier looking increasingly likely."The technical chart looks very strong still -- so from that point of view we could see further speculative buying into gold. The next target is $401.00," said Ingrid Sternby of Barclays Capital.Share prices dropped on concerns that higher oil prices could jeopardize an economic rebound in the United States, leading to a wave of gold short covering in Asian and European trading.Further fuel was added to gold with the release of disappointing U.S. economic data. A surprise 0.9 percent drop in U.S. durable goods orders in August pressured industrial metal prices, traders said. Wall Street had expected orders to rise 0.6 percent.MAGIC $400?In other precious metals, silver was again fired up by gold, with the spot reference price fixed at a fresh 3-1/2 year peak at 531.75 cents an ounce.The spot price was last quoted at $5.22/5.24, after touching a high of $5.35 earlier and compared with $5.26/5.28 late in New York on Wednesday.Platinum moved up to $711.00/716.00 from $705.25/709.75, while palladium edged up to $216.00/220.00 from $215.00/220.00 previously.Bullion has risen some 14 percent since July as the dollar has weakened making gold more affordable for buyers using other currencies, while doubts over a recovery in the U.S. economy has lit up the precious metal on the radar screens of less traditional investors.Traders said the oil supply news was supportive for gold in its use as a hedge against inflation.Rising oil prices are generally seen as an early indicator of the inflation scourge, which lessens the value of traditional assets such a stocks and bonds.The Organization of Petroleum Exporting Countries (OPEC) decided on Wednesday to remove 900,000 barrels a day from supply limits from November.Briggs said however that the oil news was just an excuse for the market to go higher in its current bullish mode, with fundamental issues like weak physical and fabrication demand remaining in the background."How long this run will last, nobody can say. We're going to see a dramatic slide in physical demand for gold but in the short term it simply doesn't matter," he said. USAGOLD / Centennial Precious Metals, Inc. (9/25/03; 12:25:02MT - usagold.com msg#: 109364) Your source for BULLION to build your financial base... http://www.usagold.com/gold-coins.html Socrates964 (9/25/03; 12:18:32MT - usagold.com msg#: 109363) PA Seems like POG was bombarded to limit losses on Comex shorts. In retrospect, therefore, the gold stocks behaved impeccably as lead indicators.Seems to me that the Cabal is now in tactical retreat mode, rather like the end of WWI when the trench warfare system broke down.Gold will do all kind of things in the very short term, but when all's said and done, there seems to be a gentlemen's agreement that POG will rise by $10-15 every 2-3 weeks. Assuming that this is the case, we should be in the $430-60 range by Xmas. Paper Avalanche (9/25/03; 12:05:24MT - usagold.com msg#: 109362) POG Chart for Today - Text Book Cabal Again As if we expected anything different, the old play book is still being used by the cabal. However, one must wonder how effective this startegy can continue to be when you realize that the spikes in the POG occured in Asia and London before the open of the Comex (if I remember the graphs and exchange hours correctly). This has not been the typical pattern over the past year or two. As best I remember the average trading day consisted of a steady price in Asia, then taken down a bit in London and finally slammed after lunch time if there was a buying surge in NY during normal Comex trading hours. Looks as if Asia is buying on the dips and will be more than happy to have the POG taken lower on the Comex by TPTB. Could be a whole new ball game.I have a feeling that POG will be back above $390 within twelve hours.I may be worng. I often am.Paper Avalanche Socrates964 (9/25/03; 11:53:39MT - usagold.com msg#: 109361) Sir Gandalf Everyone has their own way of doing TA. I take the London PM fix as it is a real market (where metal is traded) and the PM close occurs within the NY action.The key event in establishing the transition from retracement to primary bull market is the break through the 78.6% level. The theory being that it then becomes very likely that the price goes to the next major Fib level at 127.2% of the major down move. It may move beyond this, to the 161.8% level, but a breach of the 78.6% level signals that the dyke has been breached.Evidently, you need a secondary criterion to determine what constitutes a definitive breach of the 78.6% level. In general, we look for a close 1.5 to 2% above it - this is a purely arbitrary figure that we have arrived at by trial and error.Since the 78.6% level comes in around 380.6, a PM fix above 388.2 confirms the successful breach of the 78.6% level - we got that this morning.We can now say that there is an 80-90% chance that gold is in a primry bull market that will go to at least $460. Gandalf the White (9/25/03; 11:37:24MT - usagold.com msg#: 109360) WOWSERS --- Look at the $10 paper avalance !! http://focus.comdirect.co.uk/en/detail/_pages/charts/main_large.html?sSymbol=GLD.FX1 The PTB did it on light volume too.Looks as if the are fighting for their lives !Where are Sir Slingshot's armies when you need them ?<;-) Gandalf the White (9/25/03; 11:28:12MT - usagold.com msg#: 109359) Question for Sir Socrates964 !! Socrates964 (9/25/03; 09:42:50MT - usagold.com msg#: 109347)Gold Essay===Did that have to be a CLOSE above the Fib ?Did we slip a little too much at the end ?Can we wait until tomorrow ?Thanks for the TA lessons !!ALSO -- Please advise us of the NEXT HIGHER resistance level. $430. ? <;-) Gandalf the White (9/25/03; 11:01:04MT - usagold.com msg#: 109358) Lady 1340cc -- a Question -- 1340cc (9/25/03; 09:23:50MT - usagold.com msg#: 109346)===Did you also "KISS" a certain stone, while there ?<;-) Leigh (9/25/03; 10:58:28MT - usagold.com msg#: 109357) QUICK!!! Go to the Drudge Report! You guys -- the Drudge Report has a GOLDEN-COLORED headline about the rise in the gold price!! Gandalf the White (9/25/03; 10:53:54MT - usagold.com msg#: 109356) TA TA TAAAAAAAAAAAAAAAAAAAAA -- We have WINNERS !!!!! We have numerous Fifth Birthday Anniversary ESSAY CONTEST WINNERS ! First, "Thank you all" for the fabulous response to the CONTEST ! BUT, let me advise you that the WHOLE Judging Committee has been sequestered for over FOUR DAYS in the entry review procedure !!! They have worked 24/7 on the ranking of all these great entries, and NOW having completed their task, are demanding a two-week paid vacation to the quiet backwoods of the GREAT Pacific Northwest ! I know that Sir MK will be issuing a statement as soon as he reads this annoouncement.NOW -- the Winners listing ----TA TA TAAAAAAAAAAAAAAAAAAAAAAAAAAAA !!!!!The one ounce US GOLD EAGLE (with value NOW in excess of $390. !!! ) <;-) is: Sir Remarx Two very close RUNNERS-UP" winners each winners of a Wilhelm II German 20 Mark GOLDPIECE are: Sir Usul and Sir phil288Three also close Essay entries receive "Special Awards" of an one ounce U.S. Silver Eagle.These three are: Sir Aurion; Sir R Powell; and Sir SmeagolTwo Honorable Mention commendations are also given to:Sir Yukon; and Sir a nation of one==Will all of the prize WINNERS provide Lady Marie (via email at marie@usagold.com)their Real NAME, POSTING HANDLE, and mailing address in order to receive the PRECIOUS ! Thanks!!Attached below is a copy of the Top Prize Winning Essay by Sir Remarx --- (and all the Contest Essays may be shortly found in the USAGOLD Forum "Hall of Fame")===Remarx (09/17/03; 22:29:31MT - usagold.com msg#: 108822)******The New Bull Market in Gold? Yes.******** One may favor a capital based Keynesian, neo-classical or Austrian school economic model, or even a labor based socialist model, as the best way to organize commerce. One may lean politically toward a neo-liberal or neo-conservative perspective, lean much further to the left, prefer to remain outside the fray, or even feel that all politics is without hope. One may be a citizen of any nation on the planet.Yet all must recognize the role of gold as a stable measure and store of wealth throughout the course of human history since its first monetary use thousands of years ago. It cannot be denied that the presence and distribution of gold has often been used as a foundation for restoring health to sickly economic systems whenever circumstances or human nature have allowed the value of currency to drift far enough from a meaningful base. There is no doubt that we find ourselves in a global economy that is in such an unhealthy state today. Significantly different from difficult times in the past, however, the level of interrelatedness between nations and the number of people affected by failures in the system add up to an illness of epidemic proportions.The 20th (American) century was a tumultuous period of global class and nation state warfare, and rapid growth of capital-intensive industrialization. Extremes in poverty, genocide, heroism and ingenuity were matched by the turbulence of the market and the peaks and valleys in the economy. In hindsight, the number of repeated attempts to loosen gold ties to currencies is remarkable during such a short period of time -- a frequency unmatched in history.It is now the 21st (quite possibly not another American) century, and here we are again. The symptoms of our worldwide economic malady include:- a massive trade imbalance; for the US, a staggering record current account deficit; for its trading partners, economies based on massive exports with no way to spend the wealth but to reinvest US dollars in US bonds and equities- artificially, improperly valued currencies, particularly the undervalued yuan and the overvalued US Federal Reserve Note (FRN)- a massive US government deficit and snowballing debt that may rival Third World nations within the decade- a decrease in real value of the USD to less than a quarter since the final severance of all ties with gold only thirty odd years ago- record increases in the money supply- high unemployment in the US and Europe, weakening their roles as economic enginesThis state of affairs is sufficient to drive the price of gold higher until collapse and/or remonitization occurs. But this tallies only a few of the weights on the balance in favor of gold. The supply of and demand for gold are significant factors that will have a force multiplier effect on the rise in price:- reduced returns from mine production as the finite resource is extracted will ensure that the supply of gold is constantly diminishing with respect to growing populations.- increased demand from acquisition of monetary gold by everyday citizens in China and the Muslim world (through the Islamic Gold Dinar)- "overbooking" of physical gold through hedging and derivativesThe most intangible, but perhaps most important factor favoring the coming bull market is the increasing lack of faith in the capabilities and integrity of our leaders:- US political responses to problems seem to be diversionary tactics such as spurious warmaking and unstimulating tax breaks; no real attempts at restoring manufacturing and trade balance are being made- few tools remain to the Fed, and the control of interest rates is showing little positive effect- a covert and unverifiable factor restraining the price of gold may be the intervention by the international banking system, perhaps in concert with attempts at hiding the true price of the rapidly diminishing crude oil stock that lubricates the world economic engine.Although the US is displaying the most severe symptoms at present, no currency is safely isolated from its contagion. People around the world will increasingly turn to the only universal haven for their hard-earned savings as symptoms spread. Your current dollars may be nearly worthless in future years in comparison with the highly inflated future currency, but the value of your gold will remain relatively constant -- that is the straightforward, honest promise of gold.====PS: to Sir Erayboy, I have recommended that you be included on the next essay contest judging committee. <;-) R Powell (9/25/03; 10:34:37MT - usagold.com msg#: 109353) From Jing Zu's link // Kodak news "NEW YORK (Reuters) - Jeans maker Levi Strauss & Co. said on Thursday it would close its remaining North America manufacturing and finishing plants, leaving nearly 2,000 employees out of work." Another company relegated to the bone pile while I suspect Levi's will still be here but manufactured outside of the USA. I noticed this one as I'm from that generation that had to wear "dress" clothing from grade one through high school. I did attend college and was amazed to see most people in dungarees, Levis. I have been wearing them along with cheap sneakers ever since. I have one suit only for weddings and funerals. Dungaree's are fine for concrete work and everywhere else I go. Good bye American made Levis, we wore you well. The peoples' stock picking television channel has been talking of a gold discussion segment upcoming but, as of yet, nothing but adds and stock news. Kodak cut dividends and announced it plans to move into digital as it believes the era of film cameras is drawing to a close. The POS was above 530 but has understandably dropped. Buying opportunity? Clink! (9/25/03; 10:30:28MT - usagold.com msg#: 109352) @cb2 You might be right, but today is options expiry, so it may be shorter term. We shall see.C! CoBra(too) (9/25/03; 10:22:56MT - usagold.com msg#: 109351) Wow, Look at 'em Bugs run fer Cover ... Pathetic! Seems to me the PTB are trying to pull "Another" reversal, a.k.a. February 2003, pre Iraq war stunt on POG.Well, fine and good luck - though this time they may run into a brick wall of willing buyers. Maybe even the "Stalker", who was just now seen sharpening his scalpel for the final incision.Well, can't have all those shorts coughing up bullion they don't have for tomorrow's execution of the Oct. parade. Too bad as the game is drawing to an end...Got Gold? Uh, fer sure and will be buying da dips ... cb2 Lothar of the Hill People (9/25/03; 10:16:20MT - usagold.com msg#: 109350) News of the unexpected Lothar is bemused.A great albino carrier bat arrived this day with from the Hill People's investment adviser & broker--the Hill people deal with him because his firm is one of very few that deal in guano, and allow guano as well as PMs in one's self-directed 401K.A few months past Lothar, with much argument and outright pleadings, prevailed upon this guano focused grey beard to add modest quantities of gold to Lothar's 401K. The marvel is that in this latest communique, he now recommends that more great albino bat guano be exchanged for gold upon future POG pullbacks! And he, who had never considered PMs in the past, has added gold to his personal portfolio!Such an omen as this must signify that we truly have entered a gold bull market.I am Lothar of the Hill PeopleFare ye well Rimh (9/25/03; 10:01:51MT - usagold.com msg#: 109349) Calgary - 1340cc See you there! cockerel1 (9/25/03; 09:48:59MT - usagold.com msg#: 109348) Democracy! Stumbled across this interesting quote:A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largess of the public treasury. From that time on the majority always votes for the candidates promising the most benefits from the public treasury, with the results that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's great civilizations has been 200 years. These nations have progressed through this sequence: from bondage to spiritual faith; from spiritual faith to great courage; from courage to liberty; from liberty to abundance; from abundance to selfishness; from selfishness to complacency; from complacency to apathy; from apathy to dependency; from dependency back again to bondage. --Sir Alex Fraser Tytler (1742-1813) Scottish jurist and historianMy humble interpretation and observation of the parts of the cycle I personnally have lived through.Here in the "Great White North" of Canada, we seem to be in the transition from apathy to dependency. Dependency has been imposed on the populace by Government policy, induced, IMO, by the continuous "want" created by the selfish "baby-boomers" (I am one). Government provided, by initiating huge Social programs that created complacency among the people, and deprived them of the ability to think and fend for themselves. Apathy, of course, was the next logical step. Government, upon seeing this, spent money (read: created debt), to ensure the people"s dependency on their policies. The "millstone" of the huge debts,together with the diminishing personal wealth IMO, is the "bondage" that we must endure.Well, if the profound statement holds true to form, the next one hundred and fourty years will be very interesting indeed! Socrates964 (9/25/03; 09:42:50MT - usagold.com msg#: 109347) Gold Essay If the forum will indulge me, the key test that I stipulated in my essay: a 2% close over the .786 Fib level has now been met. Hence, my NO conclusion is now a YESWe are now in a primary gold bull market! Official!on a short-term technical view, gold looks like it may top around $405 and come back to support around $380. At the same time, we are now in a bull market and a number of TA analysts whose judgement I respect have pointed out that gold could have a very fast move from $400ish to $500ish.From a trading perspective, this is a tough call - although a combination of inertia and patience is likely to be richly rewarded. 1340cc (9/25/03; 09:23:50MT - usagold.com msg#: 109346) Calgery Conference Got back from Ireland and didn't see hid nor hair of those little guys dressed in green and their pots of Gold! Darn.... Just wondering who from this forum will be in Calgery for the metlas Conference next week and would like to ask you to put your forum handle on your name tag. I would like to put a face to the wonderfyl informatino you all share with us rookies here. And thank you in person. DummyANI (9/25/03; 09:00:49MT - usagold.com msg#: 109345) @R Powell (9/25/03; 08:05:13MT - usagold.com msg#: 109339) Ifm sorry, I donft know whether Mitsui is such an agent or not. But I think that Mitsui mainly can trade in his own account for himself. Because todayfs total trading volume is 111,667 contracts, and Mitsui short was 52,583, and Mitsui long was 48,419. This indicates that nearly half positions are transacted only by Mitsui for everyday.If Mitsuifs trade is done mainly by commissionfs fee, a trading price is very volatile, and Mitsuifs order will be running from limit-up to limit-down at everyday Jing Zu (9/25/03; 08:49:24MT - usagold.com msg#: 109344) Levi Strauss to Close N. American Plants http://money.excite.com/ht/nw/bus/20030925/hle_bus-wen07497.html Thursday September 25, 10:35 AM EDT NEW YORK (Reuters) - Jeans maker Levi Strauss & Co. said on Thursday it would close its remaining North America manufacturing and finishing plants, leaving nearly 2,000 employees out of work.The job cuts and plant closures comes as the 150-year-old San-Francisco-based company battles growing competition in a crowded jeanswear and apparel market. Jing Zu> More and More of the work force in this country are loosing......Interesting times wouldn't you say? Jing Zu (9/25/03; 08:40:57MT - usagold.com msg#: 109343) Here we go again..... Up Up Up! Where it stops only some people know....What a nice beautiful day here in South Carolina....Cool, Crisp, Clean air.. Sun Shining and Gold Shining.... Jing Zu (9/25/03; 08:36:50MT - usagold.com msg#: 109342) COMEX Gold Opens Above 7-Year High http://money.excite.com/ht/nw/bus/20030925/hle_bus-n25228383.html NEW YORK (Reuters) - COMEX benchmark December gold futures surged $4.10 at the open Thursday to $392.50 an ounce, surpassing a seven-year high.The previous high at $391.00 on a continuing contract basis was exceeded overnight, when December gold scaled a peak of $393.70. At 0833 EDT, gold was $4.00 higher at $392.40.Gold rallied on a surprise output cut by the Organization of Petroleum Exporting Countries, effective Nov 1.Analysts said higher oil prices could curtail the global economic recovery. Traders said gold investors were buying gold as an inflation hedge as well as a safe-haven asset amid geopolitical tensions. Jing Zu> Looks like they have their reasons that they believe, or at least want you to believe. I am happy that I purchased more of the yellow substance yesterday morning..Thank you CPM! Thank you for being here! R Powell (9/25/03; 08:21:58MT - usagold.com msg#: 109341) TownCrier Just read your 109314. Wow! Before I even tallied the seconds, that was fast. DummyANI (9/25/03; 08:13:29MT - usagold.com msg#: 109340) @R Powell (9/25/03; 08:05:13MT - usagold.com msg#: 109339) Ifm sorry, I donft know whether Mitsui is such an agent or not. Ifm an independent small investor R Powell (9/25/03; 08:05:13MT - usagold.com msg#: 109339) Morning thoughts DummyANI: Thanks for the Mitsui reports, gold price discovery is a global affair so foreign exchanges must be monitored closely. Is Mitsui and agent for a great number of clients? Often, the news will report large buying or selling for someone- say Refco- and people will wonder about Refco's motives or opinion. In reality, while Refco does trade some managed accounts, the vast majority of their buying and selling is strictly the filling of customer orders. In these cases Refco couldn't care less about the price movements of the underlying commodities. Refco's motive is simply to collect commissions. Is Mitsui such an agent as Sundeck has suggested? Sundeck: You mentioned that large short Japanese positions in gold have you puzzled. I would suggest that for every long position there has to be a short. You can not buy if no one will sell and vice-versa. This is the basis of my disagreement with Butler's complaint that there is more silver currently sold on Comex than exists in Comex. Would Butler have the exchange prohibit any new buying? "Sorry, Rich, no one can buy any silver because there isn't enough." The market's function is to balance the forces of buying and selling through price discovery. Simply put, more buying pressure should result in a higher price until the two forces are again balanced. Any increase in delivery calls will tighten the already low available supply and drive prices higher. Supply and demand. However, the total amount sold must/does always equal the total amount bought. Obviously, the sellers think the commodity is overvalued. Although hard to believe, not everyone thinks of gold and silver as precious! Clink: ETFs buying to load up the warehouses in preparation for upcoming stock offerings? This sounds perfectly plausible to me, and they'll have to buy more as they sell more shares, yes? If there are restriction against leasing or otherwise encumbering with liens, then, I would think, this will really take physical off the market. Maybe not as secure as in the hands of private citizens, but still gold removed from the available pile. Wonderful! Thanks guys. Rich erayboy (9/25/03; 07:45:15MT - usagold.com msg#: 109338) Essay Contest Question When will the winners be posted? DummyANI (9/25/03; 07:45:05MT - usagold.com msg#: 109337) @Sundeck (9/25/03; 05:42:58MT - usagold.com msg#: 109334 Mitsui knows something I imagine that Mutsui can get a correct insider information from the notorious Gold Cartel, and if Mutsui wants to gain more profit from his gold-trade, he must first sell gold, because in a normal trade a big player is a small number, and a small traders is a very huge numbers. So that the big-players can easily cartel a short-group, and sell, sell, more sell strategy can defeat a long-group.In a normal case, a big player can win, and a small will lose. Because a total amount of funds determines a money-war.I trace on Mitsui-trading on everyday. From Jan. 27 to Feb. 7, 2003, I gained very interesting data.Mitsui net-short positions on TOCOMJan.27 55,373Jan.28 52975Jan.29 54160Jan.30 56583Jan.31 59851Feb.03 69850Feb.04 83295Feb.05 77511 This year top 1489yen/gramFeb.06 71615Feb.07 66554What happened ? Was this an accidental positions, that is net 83,295 contracts at Feb.04 ?No, I imagine that Mitsui correctly knew that COMEX gold exactly go down at Feb. 05, so Mitsui aggressively piled-up his short-positions very precisely.At present, it is evident that a new very big player is coming into this gold-war as a long-side player. Perhaps, Mitsui knows who he is, so Mitsui is very cautious to participate into a short-side.D-ANI: Buy a gold, sell a Yen cockerel1 (9/25/03; 07:23:32MT - usagold.com msg#: 109336) Investing in Gold and Silver! As yet, there are no provisions for holding "Real Money" within Registered Plans.The total monies in these plans must be staggering and the equivalent "applicable taxes" could represent a huge sudden windfall to the government.Stupid Question:Could this be one answer to tackling the enormous debt that is being incurred, or am I off base? (I have always thought that these huge supply of funds would eventually "burn a hole" in government pockets) Clink! (9/25/03; 06:37:53MT - usagold.com msg#: 109335) Putting two and two together Let's see. On the one hand we have a significant rise in the POG with rumors of a massive 'stealth' buyer - Bill Murphy is citing a player wanting $4.6B of physical. On the other hand, we have the ETF which seems to be being launched (finally) with almost indecent haste. I seem to remember last year the WGC said that that the ETF would suck up 500 tonnes a year. Could there be a connection ? Are they topping up the vault prior to opening the fund ?C! Sundeck (9/25/03; 05:42:58MT - usagold.com msg#: 109334) Gold Shorts Dummy ANI et al.Who in their right mind would be increasing short positions at the present time?Perhaps agents for those who want an "orderly" rise in the POG and who stand to lose none of their own i.e. those who are indemnified by public money, tacitly promised, covertly.The large Japanese shorts have puzzled me for a long time...Don't understand???:-( Cavan Man (9/25/03; 05:25:02MT - usagold.com msg#: 109333) A clear thinker should as WHY? From the BBC TODAY No WMD in Iraq, source claims No weapons of mass destruction have been found in Iraq by the group looking for them, according to a Bush administration source who has spoken to the BBC. This will be the conclusion of the Iraq Survey Group's interim report, the source told the presenter of BBC television's Daily Politics show, Andrew Neil. Downing Street branded the story "speculation about an unfinished draft of an interim report". Mr Neil said the draft report - which the source said is due to be published next month - concludes that it is highly unlikely that weapons of mass destruction were shipped out of the country to places like Syria before the US-led war on Iraq. The bottom line is that the team has found no weapons of mass destruction Andrew Neil It will also say that Saddam Hussein mounted a huge programme to deceive and hinder the work of United Nations weapons inspectors, he said. Mr Neil said that according to the source, the report will say its inspectors have not even unearthed "minute amounts of nuclear, chemical or biological weapons material". They have also not uncovered any laboratories involved in deploying weapons of mass destruction and no delivery systems for the weapons. CM comment: THE SCARY PART IS THE FREE PASS THE US ADMINISTRATION HAS ENJOYED. silvercollector (9/25/03; 04:34:10MT - usagold.com msg#: 109332) Red Alert !! The Feb. 5 pre-Iraq war high (spot) of $388 (& change) has been broken.Spot at this moment is $391.90. seeker (9/25/03; 04:13:29MT - usagold.com msg#: 109331) CHINA NEWS IS VERY BULLISH http://www1.chinadaily.com.cn/en/doc/2003-09/25/content_267390.htm China's gold rushThe introduction of individual traders in the gold market will, according to gold experts and officials:-- invigorate flagging consumption;-- slash the foreign trade surplus;-- trim conspicuous foreign exchange reserves;-- ease international pressures on China to appreciate its currency.As much as 300 billion yuan (US$36.15 billion) in private money is estimated to flow into the gold market, creating demand for about 3,000 tons of gold. A market demand for 300 to 500 tons of gold will be created by individual traders in the initial stages. Gold prices in China have risen more than 15 per cent since the Shanghai Gold Exchange started operating last October. Prices of gold jewellery in Shanghai and other major Chinese cities increased by 2 to 3 yuan (24-36 US cents) per gram this month. The implications are staggering --- seeker Black Blade (9/25/03; 04:11:27MT - usagold.com msg#: 109330) ODJ Gold Driven By Dissatisfaction With Other Assets - Analyst http://www.futuresource.com/news/news.asp?story=i4392831285901918272 Snippit:WHO ARE THE COMMERCIAL SHORTS IN THE MARKET, AND CAN THEY DELIVER? So who are the commercials with the "mammoth short positions who can sit with painful paper losses and deliver if they have to?" Friedberg's asked. "We speculate that many of the so-called commercials, designated by the exchange as such, may be commercials, but are not natural selling hedgers, and cannot deliver the gold that they have contracted to sell." With a rising market, "the pressure is on the shorts, and analysis of open interest readings must be revamped for this particular situation," it said. "The 'commercial shorts' may very well be speculators who will need to cover one day and who do not have the advantage of being able to sit through substantial price movements against them," Friedberg's predicted. "We've tightened up our stop to $370 per ounce, because if our theory is wrong, a liquidation would be powerful given the overwhelming size of the open interest," it said. "In the meantime, the market is poised to take out the highs and sprint past the $400-per-ounce level." Black Blade: Now if the shorts are forced to make good it's going to be very "interesting". The Invisible Hand (9/25/03; 03:52:33MT - usagold.com msg#: 109329) Caradoc PPS "A L L P A P E R W I L L B U R N " Black Blade (9/25/03; 03:43:36MT - usagold.com msg#: 109328) Who Are The Mystery Buyers? I have looked all over and nothing yet except a rumor of a "very interested" buyer on the prowl for gold. Funds are diving in again as well. The Response:Japanese authorities threaten intervention but no sign of it yet.Huge US Market index futures buying suggesting either a play on a rebound of yesterday's lows or some very frightened investment banks.Data releases today:Durable goods orders, used and new housing, and first time unemployment caims.Meanwhile the US dollar is weaker and some expect that foreign investors are skittish enough to bail out of US bonds and stocks on any rally. So far spot Gold has punched above $391. It should get quite interesting to see how this plays out.- Black Blade Caradoc (9/25/03; 03:03:44MT - usagold.com msg#: 109327) $392????? Looks like another "interesting" day coming up. Good fortune to all!CaradocPS: Been spreading the word. Sister's first Eagles and MS64 St. Gaudens were locked in yesterday afternoon. Boss and best friend are afraid of physical but have been in my favorite mining stock for a whole week now ($13.57 to $14.82 in five market days. Less progress with brother: he'll be buying gold as soon as he can unload General Motors stock without losing anything. (You can't win them all.) Me? Just a few more MS64s and options on my favorite mining stock. Wouldn't normally have anything to do with options, but haven't yet received cash from unloading half my overpriced California real estate. Tell you one thing: if all option buyers were like me, no one on the other side of the counter would need to calculate the "minimum pain" point where the greatest number of options expire as worthless, because those options are going to be exercised. TownCrier (9/25/03; 02:14:49MT - usagold.com msg#: 109326) GLOBAL MARKETS - OPEC output cut sinks shares, gold soars http://biz.yahoo.com/rf/030924/markets_global_3.html SINGAPORE, Sept 25 (Reuters) - OPEC's decision to cut oil production sapped the dollar and Asian share markets, which were already reeling from the yen's strength, and sent gold to a fresh seven-year high on Thursday.The Organisation of Petroleum Exporting Countries (OPEC) removal of 900,000 barrels a day from supply limits for 10 members from November sparked concerns that higher energy costs would stifle an economic rebound in the U.S.Japan's Nikkei average fell more than two percent to four-week lows...Exporters have suffered since a G7 communique this weekend appeared to encourage Asia's top exporters to stop intervening to weaken their currencies to make their exports cheaper....Oil futures surged more than four percent in New York. Analysts expressed surprise over OPEC's decision to tighten the taps together instead of letting the world's top producer, Saudi Arabia, quietly trim production.November crude jumped $1.11 in New York ... to $28.28 -- well above a four-month low of $26.65 set just last Friday.Spot gold was at $388.75 an ounce after surging to $389.25, the highest since September 1996."Falling stocks are having a negative effect on the dollar," said Tim Mazanec, senior currency strategist with Investors Bank & Trust in Boston.-------(see url for article)------As a global asset gold is rare, immutable; while money is prolific, rotting from the head down.How are YOU saving for the future? Choose wealth that can stand the test of time -- choose gold.R. DummyANI (9/25/03; 02:08:03MT - usagold.com msg#: 109325) Mitsui Gold-trading Report at TOCOM:- corrected Im sorry, I used Yesterday data Im sorry, I used Yesterday data at DummyANI (9/25/03; 01:41:15MT - usagold.com msg#: 109324) Message. A right data is as follows.Date: Net short changes Pre.COMEX-closeSep. 11 27,754c plus0512 c 381.1(Dec.2003)Sep. 12 27,810c plus0056 c 380.8Sep. 15 .. nilc ..cnilc cc....376.9Sep. 16 28,672c plus0862 c.375.6Sep. 17 32,011c plus3339c.. 374.6Sep. 18 26,405. minus5606c...377.3Sep. 19 29,971c.plus3566c...377.7Sep. 22 29,705. minus0266c...382.9Sep. 23 .. nilc ..cnilc cc....388.3Sep. 24 27,807. minus1898c...387.0Sep. 25 31,971. c plus4164c...388.4Comment: Todays Mitsui is up his short-position. In the case of Feb. 2003, Mitsui increased his net short-positions from 55,000 to 83,000 aggressively according to a gold-price-rise 380$ and over. Sep. 17 is also up 30,000 contracts. In the case of Feb. 2003, Mitsui increased his net short-positions over 30,000 at a gold-price 333$ Dec.13,2002 and held its positions over Feb. 04. If the bull trend of this spring is again played, at least gold will be to jump up 55 dollars, that is 443 $/ounce.I think that Mitsui assumes a strong-bull trend continues to jump up at a new-high level against a strong Yen-trend in a very near futures. This is very promising to a dollar-gold price.D-ANI: Buy a gold, sell a Yen DummyANI (9/25/03; 01:41:15MT - usagold.com msg#: 109324) Mitsui Gold-trading Report at TOCOM: Mitsui is different with COMEX commercial-shorts Date: Net short changes Pre.COMEX-closeSep. 11 27,754c plus0512 c 381.1(Dec.2003)Sep. 12 27,810c plus0056 c 380.8Sep. 15 .. nilc ..cnilc cc....376.9Sep. 16 28,672c plus0862 c.375.6Sep. 17 32,011c plus3339c.. 374.6Sep. 18 26,405. minus5606c...377.3Sep. 19 29,971c.plus3566c...377.7Sep. 22 29,705. minus0266c...382.9Sep. 23 .. nilc ..cnilc cc....388.3Sep. 24 27,807. minus1898c...387.0Sep. 25 25,972. minus1898c...388.4Comment: Mitsui is diminishing their short-positions very rapidly. In the case of Feb. 2003, Mitsui increased his net short-positions from 55,000 to 83,000 aggressively according to a gold-price-rise 380$ and over. In the recent gold-trend, Mitsui-strategy is that the higher the gold-price rises, the lesser his short-positions against Yen-rise. This is very different with COMEX commercial-shorts. Mitsui is a true professional-trader.I think that Mitsui assumes a strong-bull trend continues to jump up to a novel-high level against a strong Yen-trend in a very near futures. This is very promising to a dollar-gold price.D-ANI: Buy a gold, sell a Yen ViewYesterday's Discussion.
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