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ARCHIVED DISCUSSION FROM 2/27/2003
All times are U.S. Mountain Time
(Yesterday's Discussion.)
slingshot
(02/27/03; 23:49:24MT - usagold.com msg#: 98555)
******** $385.4*********
Yes, I am the one who brought 30 tonnes of Portugal Gold and I did it because I COULD! Your forum is rapidly grasping the qualities of this Metal of Kings and I simply could not afford the lost of this opportunity. Oh,what an opportunity. Correct quanity at a reduced price. Not to mention that this purchase may make me a player on the world market. Tell me you would not have done the same if you had the chance, Inspector MK? Nothing personal,just business you see.
Topaz
(02/27/03; 22:17:44MT - usagold.com msg#: 98554)
****$336.5****
I bought the 30Tons because it's so CHEAP at the moment...anyone who has tried to win even an Oz from Mother Earth realises the effort required ... given the trend to a cleaner/greener Planet, large-scale mining operations (of the type currently employed to "profitably" mine Gold at these prices) will be increasingly frowned upon and eventually curtailed completely.
The true "worth" of Gold will then be realised.
Black Blade
(02/27/03; 22:11:24MT - usagold.com msg#: 98553)
As world waits for war, market melts
http://cbs.marketwatch.com/news/print_story.asp?print=1&guid={37AD67D2-E967-4452-A0E2-5700AE0A01E4}&siteid=mktw
Commentary: Lightning war theories not attracting buyers
Snippit:
SAN FRANCISCO (CBS.MW) -- So if everybody is expecting such a huge stock market rally once the war starts, how come nobody is buying now? The war is much more of a sure thing today then it was six weeks ago, when Hans Blix was still arguing for more time and the Dow Jones Industrial Average, the Nasdaq and the S&P 500 peaked for the year to date. But even with almost 200,000 troops poised to invade and some intelligence analysts saying the initial attack could come as soon as this weekend stocks continue to slip, day by tortuous day. The Dow is off more than 1,000 points since Jan. 14. The Nasdaq's down almost 160, and the S&P more than 100. Each has sunk between 10 and 12 percent from their short-term peaks. October's lows are approaching and trading volumes have evaporated.
Isn't anyone willing to bet on the prospect of this "lightning" quick war that the administration and the media are hyping? Just like happened last time? The fact is that after months of hand wringing, debating and in many cases protesting an invasion of Iraq, the U.S. economy, the consumer and the investor have all just stopped in their tracks, wearily awaiting the inevitable. Consumer confidence is at a 9-year low, suggesting heightened fear of terrorism. Companies are stalling on business expenditure decisions, and investors are selling stocks. Arguments that the market will take off once the uncertainty of war has been removed seem sound and logical, especially given what happened last time. But nobody is acting on them. Could it be that despite our immense superiority in manpower and firepower, investors this time are finally pondering the old postulate that past events do not guarantee future results?
Black Blade: No one should assume just because oil and gold plummeted once Gulf War I began the same will happen again this time. Last time the dollar was strengthening and there was a Bull Market, not to mention adequate inventory of oil and NatGas. This time we are in a recession with rising unemployment and a secular Bear Market with record low oil inventory and NatGas storage headed to critically low levels. Sure there may be a price blow off in some knee jerk reaction to the next invasion into Iraq but the fundamental case for solid gold and petroleum prices remain in place.
Black Blade
(02/27/03; 21:56:01MT - usagold.com msg#: 98552)
Many laid-off Silicon Valley techies work for free to brush up on skills
http://www.usatoday.com/money/industries/technology/2003-02-26-valley_x.htm
Snippit:
SAN FRANCISCO — Laid-off tech worker Henry Fan accepted a job offer last month from a Silicon Valley start-up — a rarity in the job-starved tech market. But it had a catch: Fan, 32, had to work for free. During the Internet boom, tech start-ups had to offer big salaries and stock options to recruit workers. Now, amid big layoffs and not much hope of a tech turnaround soon, a growing number of Silicon Valley tech workers are working for free, recruiters and employers say. "Many unemployed are leaping at the opportunity for any type of work," says Patti Wilson, a career counselor in Silicon Valley. Half of the 1,500 people on her e-mail list — most of whom are in tech — have recently expressed interest in working for free, she says.
Black Blade: How desperate do people have to be to work for free? I bet the BLS cunts them as employed too. Hmmm…
Black Blade
(02/27/03; 21:50:02MT - usagold.com msg#: 98551)
Bankruptcies forecast to stay near record
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1045511165284&p=1012571727304
Snippit:
US bankruptcies will remain close to record levels this year with further failures expected in the telecommunications and airline sectors, a study predicts on Thursday. Some 180 US public companies are forecast to file for bankruptcy this year, down only slightly from 2002's 189 filings, according to PwC's 2003 bankruptcy outlook. A record 257 companies filed for bankruptcy in 2001. No respite is expected for the beleaguered telecoms industry, which continues to suffer from overcapacity, nor the airline industry, which has been hit by weak demand and a fall in the value of their aircraft. Other sectors likely to see bankruptcies are electricity and gas companies, industrial metals producers and providers of business services like computer software and IT consulting, which are suffering the effects of cutbacks in corporate spending.
Black Blade: The trend will likely continue for a few years as the recession deepens. This should not be surprising as we enter the fourth year of economic recession. Personal bankruptcies are also at an all time record. It's going to get very ugly as the economic meltdown progresses.
Toolie
(02/27/03; 21:19:52MT - usagold.com msg#: 98550)
****** $377.8 *******
"Yes, I am the one who bought the 30 tonnes of Portugal Gold, and I did it because. . . . . . . because, because, stop the water torture PREASE! I did it because whole bank full of nothing but gween! So much gween drive me crazy! What you do with gween? Buy oil, HA! Today maybe, but what I do when Chairman Zemin say go to dock and pay sheik for oil, and sheik waugh at me? Sheik waugh, Chairman yell. I'm banker, I not want to pick wice west of wife! Wike Confuses say; "Man who builds house of paper, soon wiv in debasement"
P.S. No offense intended to the Chinese people, especially those that have taken the time to learn my language. It's a difficult task that deserves praise!
Daniel Druff
(02/27/03; 19:25:35MT - usagold.com msg#: 98549)
I'm not sure to whom I should address this apology...
...but here goes.
It appears that I've become a bit over zealous in singing the praises of silver's benefits, to say the least.
Sorry, I'll try to tone it down.
Thank you
canamami
(02/27/03; 19:14:23MT - usagold.com msg#: 98548)
Further to the Motley Fool
Some time ago, a stash of Roman gold coins was found in England, from the time just before the Romans quit Britain during the Empire's decline. Those gold coins held some value over 1600-odd years, even though the Roman Empire and its currency are long, long gone. Other Roman coins are apparently a commonplace in England, and do not hold great value to coin collectors because they are so common.
So too with gold coinage from the Empires which perished after the Great War (i.e., WW1). For example, German and Russian imperial gold coins held value when their currencies did not.
Daniel Druff
(02/27/03; 18:54:09MT - usagold.com msg#: 98547)
tes...
...t
Gandalf the White
(02/27/03; 18:46:08MT - usagold.com msg#: 98546)
"Not to WORRY", Alfred N. === The Chart "UP-Leg" is still intact ! <;-)
http://stockcharts.com/def/servlet/SC.pnf?c=$GOLD,P
Now the base has a DOUBLE BOTTOM !!
Still looking good with a $7.9 setback today.
VOLATILITY !
<;-)
Gandalf the White
(02/27/03; 18:40:10MT - usagold.com msg#: 98545)
ATTENTION Sir Kevin$ !!!!! RE: My two Cents worth !!!! <;-)
REVISION of POG Prognostication----
Kevin$ (02/27/03; 12:47:30MT - usagold.com msg#: 98535)
*******$348.52********
==
In accordance with CONTEST Rule #3, I have taken my two cents and made your Prognostication $348.5 !!!! Please all you other Newbies take note.
<;-)
pilgrims_gold
(02/27/03; 17:26:55MT - usagold.com msg#: 98544)
***** $368.50 ****** Yes, It was I who bought the 30 tons of Portugal Gold,
but only because I thought it was 30 tonnes of potable mold. I had planned on telling the French these were truffles and selling into the truffle market. But not even the French want 30 tonnes of gold, what am I to do?
Mountain Top
(02/27/03; 17:04:57MT - usagold.com msg#: 98543)
******$378.00******
Yeah, it was me that bought the thirty tons of Portugese gold. I had to, to preserve my happy home. My wife is a fussy housekeeper and she just wouldn't stand for all that loose cash all over the house any longer. Claimed that it clogged up her vacuum cleaner whenever she cleaned.
TownCrier
(02/27/03; 16:18:13MT - usagold.com msg#: 98542)
da2g -- the Neighborhood
Thank you for sharing your story [what better tribute could any man hope for?] and thanks for the kind words. Two kinds of gold.
R.
harryo
(02/27/03; 15:48:27MT - usagold.com msg#: 98541)
Gold contest
******365.40****** I hate to admit that I took the 30 Tons from Portugal's Bank. It was entirely unintentional. I am aware of gold's status as a barbarous relic. I know that it is not "money". The error was not mine. I contacted a friend at JPM and asked him to put all my money in a derivative transaction that would net me lots of money when gold went to $200 or less. Somehow or other he mistakenly put me into some program that bought gold instead of the one that drives the price down. It must have been some internal programming error. I am sure that JPM would not secretly want gold to cover positions or heaven forbid make a profit if gold should rise. Unforunately my friend no longer is employed at JPM and so I do not know how to exit the position. I am angry because the FRN's I would have made would probably have increased in value with the USD for an additional 15 or 20% when the USDX goes back to 121. Oh! Woe is me. I miss my FRN's.
TownCrier
(02/27/03; 15:06:13MT - usagold.com msg#: 98540)
Swimming in it. CASH!
http://biz.yahoo.com/rf/030227/economy_fed_moneysupply_table_1.html
Latest Federal Reserve statistics reveal the M-2 (i.e., cash, checking, savings) component of the nation's money supply grew by $30.8 billion on the week.
Latest money supply figures and change from the previous week are as follows:
M-1 is $1,235.3 billion, up $16.5 billion
M-2 is $5,891.8 billion, up $30.8 billion
M-3 is $8,571.2 billion, up $20.7 billion
(the money supply report can be found at the url given above)
Meanwhile, adding water to the sea, the Federal Reserve today in open market operations added additional cash reserves to the banking system as the market in fed funds was frisky this morning, trading at 1.31 percent, 0.06% above the FOMC target. The Fed used overnight repos to add a temporary $7.5 billion, and topped it off with another $3 billion via 28-day repurchase agreements.
Still, not everyone was happily treading water at that level of ongoing temporary intervention, so the Fed pumped in an extra wave of "permanent" reserves with a $680 million coupon pass, the outright buying of U.S. Treasuries.
As the tide rises, call Centennial to diversify your portfolio with a lifeboat of gold.
R.
sector
(02/27/03; 14:44:27MT - usagold.com msg#: 98539)
U.S. Draft Resolution On Iraq Defeated
Islam Online
"The majority do not think it is time to go to war," de La Sabliere said
UNITED NATIONS, February 27 (IslamOnline.net & News Agencies) – In a new defeat to the Anglo-American war scheme, the French ambassador to the United Nations stressed Thursday, February 27, that the majority of U.N. Security Council members do not believe that the time for war is ripe.
"The majority do not think it is time to go to war and it is possible to disarm Iraq by peaceful means," Ambassador Jean-Marc de La Sabliere said after more than three hours of consultations on a U.S.-British draft resolution.
"This a very defining moment for the Security Council," he told reporters.
"This is a resolution about war. It asks the council to authorize the use of force," Agence France-Presse (AFP) quoted him as averring.
Mexico, Chile do not want new Council resolution
"The inspections should continue because it is a peaceful way of achieving Iraq's disarmament," said Zinser
The U.N. ambassadors of Chile and Mexico said Thursday that they do not want a new Security Council resolution on Iraq until the divided council can find common ground.
"As long as we cannot find common ground that bridges the different positions, we will not support rushing towards a resolution or an agreement in one way or another," said Chilean ambassador Gabriel Valdes.
"The inspections should continue because it is a peaceful way of achieving Iraq's disarmament," said Mexican ambassador Adolfo Aguilar Zinser.
"We believe that Iraq's disarmament is the main objective, and we are working towards that goal with the Chilean delegation."
Valdes and Aguilar spoke to reporters while council members were discussing a disputed U.S.-British draft resolution which seeks U.N. authority to disarm Iraq by force.
Valdes earlier complained that the divided council "is throwing the decision on the shoulders of the elected members while the permanent five stick to their positions without making an effort to approximate their views."
++++++++++++++++++++++++++++++++++++++++++
Note the Mexican stance against the Bush UN Resolution. They are the world's largest silver producer and doubtless have been the mystery seller all these years that has kept silver down. This signals an end to that deal.
Today's oil fall and gold drop should be viewed in the light of a temporary move to try and nudge the markets in conformance with Wall Street propaganda just ahead of tonight's or tommorow's military invasion of Iraq. The crucial point is to measure the markets two to three weeks into the war. If the US isn't marcjhing through the streets of Baghdad then... "Houston--We have a Problem".
R Powell
(02/27/03; 14:34:20MT - usagold.com msg#: 98537)
BIS information
This can be downloaded in PDF form if anyone is interested......
Personal notification for Richard Powell from the BIS e-mail alert (http://www.bis.org/alert.htm) on 26.02.2003 18:46 (GMT)
************************************************************************
Your current news on phrase "gold(any word)" at a glance:
************************************************************************
1 new document(s) found since 19.02.2003:
1. BIS Papers No 14: Guide to the international financial statistics (26.02.2003 11:08)
Full text of 'Guide to the international financial statistics' - BIS Papers No 14 - February 2003
http://www.bis.org/publ/bispap14.pdf (PDF, 329884 bytes)
..provided: ? Market risk category: foreign exchange, interest rate, equity and commodity with a further breakdown into gold, precious metals and other commodities. ? Type of instrument: forwards, swaps and options. ? Type of...
*****************************************************************
ha_tey_o
(02/27/03; 13:26:50MT - usagold.com msg#: 98536)
***************** $417.30 ************************
Yes, I am the one who bought the 30 tonnes of Portugal Gold, and I did it because I needed to fill up my "pot at the end of the rainbow." Yes, I'm a leprechaun. For centuries, you humans have tricked us and stolen our gold. We were having a very hard time keeping our gold safe. However, for some strange reason, during the past decade, you folks no longer want gold, but prefer pretty pieces of paper. Well, pretty pieces of paper are easy to make and we have been quite happy to take "our gold" back in exchange for our artwork. And believe me, if for some reason, you decide that you want our gold again, well, we won't be tricked as easily in the future!
(P.S. And if you believe that I'm a leprechaun, well that has as much chance of being true as the announcement of the sale of 30 tonnes of Portugal gold representing more than a fiat settlement of prior leased gold by Portugal.)
Kevin$
(02/27/03; 12:47:30MT - usagold.com msg#: 98535)
*******$348.52********
Yes, I am the one who bought the 30 tonnes of Portugal Gold, and I did it because Ferris Bueller said I couldn't! Ferris recently started poking fun at my portfolio and after I learned that even Cameron had a coin or two stuffed under the seat of his dads repaired Ferrari I decided to go overboard and show him a thing or two! I even thought that maybe Sloane would see the ways of the future and decide that the glisten of gold would be hers. Yep, I'm the one but unfortunately Sloane would still rather party down the streets of Chicago with Ferris Bueller on his day off and I'm stuck with 30 tonnes of precious metal landscaping my living room. So while Ferris lives by his moto: "Life goes by so fast that if you don't stop and look around, you might miss it", I'll be content with my new landscape.
ElGordo
(02/27/03; 12:46:14MT - usagold.com msg#: 98534)
I bet the Japanese bought the US Dollar
Last night I read the dollar was down to 117 Yen. The break
even for Japanese corporations on exports is 115 Yen.
The Japanese are desperate to defend the 115 level.
I'm sure they stepped in and bought.
Pizz-the article was about streching car loans from 4 to 6
and even some talk about 7 year loans. This is to help less
qualified buyers get into a new car. Buyers who would go
for a longer loan to save a few bucks on monthly payments
are more likely to be buyers with shaky ability to borrow.
I think that was the point of the article. More easy credit.
USAGOLD / Centennial Precious Metals, Inc.
(02/27/03; 12:25:40MT - usagold.com msg#: 98533)
In the final analysis -- in times of stress -- paper is only paper.
http://www.usagold.com/gold-coins.html
Why should YOU buy gold from USAGOLD - Centennial?Because no one else will do it for you.We're here to help.
1-800-869-5115
USAGOLD / Centennial Precious Metals, Inc.
(02/27/03; 12:17:30MT - usagold.com msg#: 98532)
Big Picture: Daily fluctuations within trading ranges of the primary trends
http://www.usagold.com/gold-coins.html
The Ups and Downs of Primary Trends
The primary trend in gold is up as shown above,
the primary trend in stocks is down.Gold to diversify your portfolio is an easy phone call away.
1-800-869-5115
ElGordo
(02/27/03; 12:15:56MT - usagold.com msg#: 98531)
Greenspan talks about baby boomers and soc sec-trouble ahead
http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=2300437
WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan said on Thursday an aging U.S. population presents "daunting challenges" for the future that potentially imperil the country's Social Security safety net.
He said the government "will inevitably need to make a number of changes to its retirement programs" and there will be "significant effects" on government finances.
In testimony before the Senate's special aging panel that was short on specific recommendations, Greenspan said the levels of promised Social Security and Medicare benefits were high relative "to the capacity of the economy to essentially support them" -- effectively suggesting benefits might need to be cut at some point.
"We have to make judgments as to whether or not we are capable of ratcheting up the growth rate to ... say we can afford it and if not -- and I must say to you I expect not -- we have to review what the nature of those commitments are and make them far more capable of being fit into the capacity of this economy to service them," the Fed chief said.
In his formal remarks, Greenspan said Europe and Japan faced more formidable problems because of faster aging rates.
"The changes projected for the United States are not so severe as those projected for Europe and Japan, but nonetheless present daunting challenges," Greenspan said.
Greenspan has warned for years that an impending wave of retiring "baby boomers" -- born between 1946 and the mid-1960s -- will put a heavy strain on the government's legal obligation to pay retirement and health care benefits after about 2010.
While he offered few solutions, the Fed chief spoke bluntly about the potential implications and the wrenching adjustment that Congress and the country might face to deal with it.
"In particular, it makes our Social Security and Medicare programs unsustainable in the long run, short of a major increase in immigration rates, a dramatic acceleration in productivity growth well beyond historical experience, a significant increase in the age of eligibility for benefits or the use of general revenues to fund benefits," he said.
Greenspan said it was vital to "put everything we can do to improve economic growth." Otherwise, "I don't think there's a solution here, period, in what we're dealing with.
Gandalf the White
(02/27/03; 12:14:10MT - usagold.com msg#: 98530)
ATTENTION all you LURKERS and Newbies !! --- COME ON IN !
http://www.usagold.com/cpmforum/tools/guideandsignup.html
There may be FREE GOLD and Silver to be given away for your ESSAY and/or POG Settlement Prognostication. Enter the COMBINATION POG and ESSAY CONTEST and be eligible to WIN any of the Prizes.
BUT, to do so, you need to have a USAGOLD Forum "FREE POSTING PASSWORD".
THANKS to USAGOLD, you can get your "FREE POSTING PASSWORD"
from the Town Crier at the LINK above ! He makes it easy and painless too.
GOOD LUCK !
<;-)
Gandalf the White
(02/27/03; 11:20:28MT - usagold.com msg#: 98528)
SINGLE COMBINATION CONTEST clarification ! <;-) and Thanks Sir GnS
TAA TAA TAAAAAAAAAAAAA, TAA TAA TAAAAAAAAAAAAAAAAAAAAA !
USAGOLD has issued a "CALL to CONTEST" --- this time a COMBINATION Essay and POG Guessing Contest !! (Please note that there is not a separate ESSAY contest !) THIS is a COMBINATION CONTEST !!
TWO separate groups of Winning Prizes to be awarded to the WINNERS, rolled TOGETHER in ONE CONTEST !!!
The COMBINATION CONTEST is a POG (Price of Gold) COMEX Settlement Prognostication with an ATTACHED short ESSAY statement of at least thirty words.
The POG CONTEST rules are set forth below and the WINNING PRIZE will be a GOLDEN "Napoleon the First" (Bonaparte himself) French 20 Franc piece, with 0.1867 ounces of Gold, (and carried at many battles by --guess who), worth about $100. The two "Runners-up's" will each get an one ounce PURE silver Canadian Maple Leaf.
(Rich, Did you see that?)
The ESSAY statement PORTION of this POG CONTEST, must complete the "confession" ---- (30 + words)
"Yes, I am the one who bought the 30 tonnes of Portugal Gold, and I did it because. . . . . . . . . . . . . ."
The "best, most clever, and most devastating" short ESSAY statement attached to the POG Prognostication, wins a The Netherlands GOLDEN "King" (King Willem) 10 Guilder gold coin containing 0.1947 ounces of GOLD, while the "Runner- up" gets an one ounce PURE silver Canadian Maple Leaf.
(OK Rich, Did you see that?)
===
THANK YOU Sir GoldnSilver for "BREAKING THE ICE" !!
PERFECT entry !!
---
GoldnSilver2002 (02/27/03; 10:57:23MT - usagold.com msg#: 98525)
****$$$$ 381.50 $$$$$ ******* I bought the 30 tons because.....
---
NOW, let the CONTEST continue!
<;-)
Boilermaker
(02/27/03; 11:06:05MT - usagold.com msg#: 98527)
Motley Fool - It's the inflation, stupid
Here's the (last) line on that comparison that was missing:
not adj. adj. for inflation for infl.
Stocks $8.8 million $599,605.00
Bonds 13,975.00 952.00
Bills 4,455.00 304.00
Gold 14.38 0.98
--------------------------------------
US$ 1.00 0.068
As a store of wealth gold held its value over the last 200 years the way it had for the 5000 years before that. However the US$ goes ever more quickly down the tubes since disengaging from gold. Much of the growth in value of stocks, bonds and bills reflected above occured during the long period of relative stability of the dollar when it was linked to gold. More recently the US economy was supercharged by virtue of a "strong dollar" policy that is being implemented by suppressing gold prices.
Boilermaker
a nation of one
(02/27/03; 10:59:58MT - usagold.com msg#: 98526)
Yap yap
To MK
You say: "I haven't met too many people willing to pull a $20 gold piece out of their pocket and plunk it on the table for the tip at a fine San Francisco restaurant. Not lately, but then again your typical gold owner is neither Motley nor a Fool. . . . I've tried dropping an Enron share on the table a few times but no one would take it. I wonder if I might get the same rejection if I dropped that $20 gold piece on the table??"
--Well if you'll plunk your twenty dollar gold piece down on my table, I'll make sure you get supper, and I'm not even a waiter.
GoldnSilver2002
(02/27/03; 10:57:23MT - usagold.com msg#: 98525)
****$$$$ 381.50 $$$$$ ******* I bought the 30 tons because.....
Ok i'll admit it i'm the one who bought the 30 tons of gold from the bank of portugal because i put a call into ol Brownie over in jolly ol england and asked him for more on the cheap.He told me "never again,they will lynch me!".I called all the other banks looking for a sucker and finally found one.It is getting harder and harder,ill admit what with the canadian govt down to 400,000 oz's and the germans not really sure how much they really have.Ok off to find another sucker lol.
Gandalf the White
(02/27/03; 10:48:59MT - usagold.com msg#: 98524)
TAA TAA TAAAAAAAAAAAAA, TAA TAA TAAAAAAAAAAAAAAAAAAAAA !
2nd CALL --- in case you missed it last night ! <;-)
Get your thinking hats on and win BOTH contests at the same time !! <;-)
---
The Master of the USAGOLD Castle, SIR MK, has issued a "CALL to CONTEST" !! --- This time, a COMBINATION essay and POG Guessing Contest !!
TWO separate contests in ONE with TWO sets of PRIZES to be awarded to the WINNERS !!!
The ESSAY contest writer must confess (in Thirty words or more)
"Yes, I am the one who bought the 30 tonnes of Portugal Gold, and I did it because. . . . . . . . . . . . . ."
The "best, most clever, and most devastating" essay wins a The Netherlands GOLDEN "King" (King Willem) 10 Guilder gold coin containing 0.1947 ounces of GOLD, while the "Runner- up" gets an one ounce PURE silver Canadian Maple Leaf.
(Did you see that Rich?)
The POG CONTEST rules are set forth below and the WINNING PRIZE will be a GOLDEN "Napoleon the First" (Bonaparte himself) French 20 Franc piece, with 0.1867 ounces of Gold, (and carried at many battles by --guess who), worth about $100. The two "Runners-up's" will each get an one ounce PURE silver Canadian Maple Leaf.
(OK, Rich, Did you see that?)
====
THE RULES -- (We MUST have RULES !!) --- PLEASE READ !!
1) THIS Contest consists of TWO Portions --- An ESSAY CONTEST "Discussion Statement" (confession), and a Price Prognostication!
2) The Winner is the Price Guess closest to the Settlement price of the COMEX (most active) APRIL 2003 Gold Contract (GC3J) on the date of THURSDAY, the 13th of March, 2003.
3) Price "Guesses" shall be stated in Dollars and tenths !
(Such as $345.6)
4) "Guesses" shall be SHOWN in the SUBJECT BOX location AND enclosed in markers of "STARS" so as to be OFFICIAL !
(Such as ****** $345.6 *******)
5) ONLY one "Guess" per Knight or Lady is allowed, and once that "Guess" has been "taken" -- no one can duplicate it !! FIRST COME has rights to that "Guess".
6) HOWEVER, All "Guesses" MUST be posted before the clock in Denver strikes HIGH NOON (12:00) on Tuesday, March 11th, 2003.
7) AND MOST IMPORTANTLY as this part MUST accompany the Price prognostication --- YOUR confession as an entry in the ESSAY contest !
---
ATTENTION all you LURKERS and Newbies !! --- COME ON IN !
http://www.usagold.com/cpmforum/tools/guideandsignup.html
To be able to enter either or BOTH of the new CONTESTS, (IF you do not have a FREE POSTING PASSWORD) --- you can get one from the Town Crier at the LINK above ! He makes it easy and painless too. There may be FREE GOLD and Silver to be given away for your ESSAY and/or Prognostication.
---
LET the CONTESTS begin !
<;-)
Daniel Druff
(02/27/03; 10:45:30MT - usagold.com msg#: 98523)
Felix the Cat
oops
You're the man.
Thanks for the link.
Daniel Druff
(02/27/03; 10:41:34MT - usagold.com msg#: 98522)
An omen?
http://www.sge.sh/en/en_default.asp
Which coin is certainly "counterfeit"?
Thanks for the link, Sir Rich.
Sundeck
(02/27/03; 10:19:03MT - usagold.com msg#: 98521)
Sector #98519 -Could be stress testing?
Could be "stress testing" the markets to see what effect arises from given impact?
Note that the price variation in gold today is very similar to that two days ago (Kitco) - sharp drop starting at 1000, local minimum at about 1100 and now rallying somewhat. Will it get caught in a down-draft at 1230 NY time?
R Powell
(02/27/03; 10:16:49MT - usagold.com msg#: 98520)
Shanghai exchange
Felix, thanks for the link (98488). I found the following which confirms that silver will be traded but saw nothing about when. However, at least we know that they are intending to include silver. I also asked David Morgan about confirming Captainhook's reported April 1st date. He replied that he will look into it for us. Thanks, David.
I'm curious as I do think Asian buying has greatly supported gold and may do the same for silver. Much of the silver deficit for 2002 has been reportedly filled with silver from China. If Chinese citizens absorb this excess in the future, then where will the necessary silver come from to fill the gap this year?
This is from the Shanghai Exchange site...Thanks to Felix the Cat.....
Brief Introduction of Shanghai Gold Exchange
I. General Situation
Basic Function and Organization:
ˇˇShanghai Gold exchange (SGE thereafter), approved by the State Council and founded by the People's Bank of China, performs the regulated functions stipulated by Management Rules of Gold Exchange and orga-nizes gold transactions with the principle of openness, fairness, justness and honesty. As a non-profit and self-managing legal entity, SGE carries out the following fundamental functions : 1) provide place, facilities and related services for gold transaction; 2) draw up and implement business regulation of SGE and normalize the transaction; 3) organize and supervise transaction, settlement, delivery and transportation of precious metals including gold, silver, platinum, etc.; 4) set up the system of risk management to control risk of the market; 5)set reasonable price and issue market information; 6) supervise the normal operation for its members' gold business and the timely fulfillment of contract, investigate and treat its members' violations of laws or regulations of SGE; 7) supervise gold business of assigned delivery warehouses; 8) connect international gold market with domestic gold market and strengthen the communication with international gold industry; 9) other functions stipulated by the People's Bank of China.
sector
(2/27/03; 10:05:40MT - usagold.com msg#: 98519)
@Sundeck Not only selling gold...
...but selling yen and euros too
...as both currencies are down and the dollar up.
The US has ooodles of yen and Euros with which to diddle the FOREX "Markets" so the US could easily cause this temporariy situation itself.
Seeing this in currency movement combination with the $10.5 Billion Fed repurchase injection today leads me to think that tonight's the war balloon night.
Launching a rally today makes no sense if the war is to start in two weeks time as the pundits say. Similarly, spending lots of gold today to hold $350 only to turn around and do it all over again in two weeks time is stupid tactics.
If the shooting does start tonight expect a dense fog of propaganda about swift "Coalition" penetration and sweeping troupe successes over the weekend...setting up Monday for a rally in the DOW.
The clear headed investor will ignore all Iraq war reports and buy gold on each and every pull-back. As the beautiful Sigourney Weaver so eloquently said as she nuked the beast in "Alien"...
It's the only way to be sure.
Sundeck
(2/27/03; 09:49:45MT - usagold.com msg#: 98518)
Present dollar rally and gold slump
Looks like someone is selling gold and buying dollars for all they are worth. Sharp 0.7% rally in the dollar, sharp 1.7% slump in gold. They'll regret it...
MK
(2/27/03; 09:42:11MT - usagold.com msg#: 98517)
Nation of One: Consider, if you will, the stone money of Yap and other things I have learned over the past 300 years. . . .
Which stock on the Motley Fool's list was around 200 years ago? I don't know about you but I still have the shares in the Mississippi Land Company John Law sold me in 1720. Unfortunately that was the first of many stock companies that went bust on me after I bought them over the last 300 years. The certificates look nice in my record book though. . . . .I wonder though if Motley included the first Bubble stock in his list (??). Can't recall how many times over the past 300 years my gold coin holdings went to zero, but I remember talking with Dr. Robert Jastrum one time about this. He assured me that gold has always held the same approximate purchasing power over the past 300 years or so. Those of us who spend time thinking about things like this usually end up, in the spirit of fairness, comparing gold to the currencies (even if it's the stone money of Yap) before we take a stab at stocks, or real estate, or government debt. To go back three hundred years when comparing any currency to gold becomes problematic. Anything remotely suggesting financial utility must blend devaluations against goods and services into the currency side of the equation -- something the modern super-computer would have fun digesting, but even most economists would find the exercise tedious. Such analysis assumes, of course, that the currency was being issued continuously over that period -- I emphasize "continously." Currencies are notoriously short-lived in terms on history's timeline. And then you have the problem of definition when it comes to currency. Today's dollar is not the same dollar as the one issued in 1915. . . .the name is the same but the face has changed. I haven't met too many people willing to pull a $20 gold piece out of their pocket and plunk it on the table for the tip at a fine San Francisco restaurant. Not lately, but then again your typical gold owner is neither Motley nor a Fool. . . . I've tried dropping an Enron share on the table a few times but no one would take it. I wonder if I might get the same rejection if I dropped that $20 gold piece on the table??
Stocks have their portfolio station and so does gold and the reason why both are in a large number of portfolios is because of the hedging effect. What you lose in one you gain in the other as the cycle turns. The world is full of uncertainty, but portfolios shouldn't be.
Good luck to all in the new contest!!
Sundeck
(2/27/03; 09:41:42MT - usagold.com msg#: 98516)
Contrarian #98503 - Enduring value of gold over time and space
Yes, the figures in Siegel's book are probably correct, but they need to be very carefully interpreted. Much is left unsaid - largely to do with the PRACTICAL PRESERVATION and REALISATION of ones investment at the end of the day.
1. The first thing to note is that the purchasing power of an ounce of gold has not changed much over 200 years. It is very stable. But the most important thing to realise is the simplicity with which your wealth could be preserved. All you have to do is to hold a piece of gold (it won't tarnish, get eaten by cockroaches, burn etc and everyone recognises its value). This is kind of what Alan Greenspan was saying in his recent talk in which he mentioned the price stability during the gold standard era.
2. Sure, "stocks" and "bonds" appear to be a great investments, but think of the practicalities. The writer is probably thinking of a major stock index (constantly balanced and modified over time as companies rise and fall, come and go) in a stable country (like the US or the UK) over the last 200 years. But what if the country was not stable and went through major upheavals, wars, internal strife, environmental catastrophe, major act of god, etc. What if you had bought Russian bonds before the Bolshevic revolution? What if you had a balanced portfolio of stocks in Germany in 1932? What if you had invested in a "balanced" portfolio of companies in the US in 1950, but had failed to "rebalance" your portfolio very often by removing some companies and adding new ones? What if you had been hasty or unwise in your new stock selections and had bought a major supplier of snuff instead of a major cigarette company, or the biggest maker of covered wagons instead of the right railroad company? You almost certainly would not have seen the manifold increase in your investment reported by Mr Siegel... On the other hand, with an equivalent amount of gold you could have gone anywhere in the world at any time and bought any stocks or bonds you desired - or real estate or clothes or a car or....
3. Take real estate. If you had invested in prime residential land in Sydney, say, or in Boston, or London 200 years ago, I am sure you would be doing pretty well today. But what if you owned a villa in Pompei before Vesuvius erupted, or five acres of prime land in Palestine before 1948, or a dairy farm near Chernobel in 1980. In all these cases, if you had instead owned gold of equivalent value, you could have left with your wealth intact and bought an equivalent piece of real estate at any time in the future and at any location in the world.
4. In summary, Siegel's little chart showing the comparitive merits of different investments does not deal with the practical reality of investing. Gold is wealth no matter where or when you are. Stocks , bonds and real estate are wealth if you are fortunate enough to be in the right assets at the right places at the right times - but you can never be sure if you are!
Other comments?
:-)
Sundeck
a nation of one
(2/27/03; 09:33:22MT - usagold.com msg#: 98515)
an underlying fact
It should be clear -at least so far- that gold's runup in the last part of 2002 is still more significant than its recent declines. And when that happened, the probability of war was known. Now it has fallen back. That's its nature. It goes up or down, and then it does the opposite. The primary trend is unchanged: up. Those whose actions are influenced by a speech, or by minute-to-minute 'news', won't effect the long haul.
(Thanks, Zhisheng, for sharing your objective point of view.)
Zhisheng
(2/27/03; 09:14:51MT - usagold.com msg#: 98514)
Gold versus stocks and bonds.
To judge the reliability of Motley Fool's statistics about stocks and bonds, one would have to know his method.
Statistics on stocks and bonds in the early 19'th century may be somewhat sketchy. Those companies which went bankrupt and those entities who defaulted on their bonds likely left fewer records than those who throve and survived.
If in the 20'th century the Dow or S&P average is used to compute stock returns, then this is misleading, since failing corporations are regularly replaced by up and coming ones on the lists.
Furthermore one would have to subtract Federal and State taxes on bond interest, and on stocks when such were sold to buy other stocks (owning stocks requires one to sell and buy from time to time since most corporations have a finite life).
And then there is the problem of which stocks and bonds to buy when one is not an insider: gold is gold.
slingshot
(2/27/03; 09:12:57MT - usagold.com msg#: 98513)
Markets
Is this the Battle of the Bulge in the market today?
Have to knock down Gold below $350.00 and bring the dollar above 100.00. Let's not forget to have the Stock market reach 8000 again.
All you have to do is SMILE and it will be a good day.
Good morning Forum.
Slingshot---------------------<>
darkhorse
(2/27/03; 09:12:51MT - usagold.com msg#: 98512)
@contrarian, et everybody else
IMHO, the guy that wrote that article, as well-intentioned (or not) as he may have been, doesn't seem to have done his homework on how OR why to invest in gold. He regurgitates the worn-out CW. His comparison of a single $ invested in 1802 is pile of buffalo chips...when was the last time you talked to someone that old? His argument of "metalheads" being poor prognosticators doesn't hold any water either... does the name Abby Jo (et. al.) ring a bell? I could go on but none of this is new here, I just had to rant against a bit of stupidity! I'm done now.... :)
mikal
(2/27/03; 09:12:06MT - usagold.com msg#: 98511)
Re: Durable goods
This indicator cannot be so above board as it once was. What does it reveal?
I think weapons get obsolete and contribute the least to economies using any time reference.
mikal
(2/27/03; 09:04:39MT - usagold.com msg#: 98510)
Correction
"Even still, it has TO soon. Not "has too".
mikal
(2/27/03; 09:02:04MT - usagold.com msg#: 98509)
@Truthcaster
Re: "someone doesn't want gold to go up this week..."
Looks that way, but maybe it'll spike up near the close.
Even still, it has too soon.
But it just feels like a war thing now, because the proximity of the event is an irresistable magnet, pulling all indices in the "critical" direction needed for the greatest good of the "system" and its many players.
While that means U.S. stocks have maintained an even keel, in a tight range, along with gold, bonds and the dollar these past two weeks, that'll be about it for the "war premium". In a week or two, at the very most, war, market fundamentals, cyclic and other effects should combine for "interesting times".
Black Blade
(2/27/03; 08:56:08MT - usagold.com msg#: 98508)
Weekly Natural Gas Storage Report
tonto.eia.doe.gov/oog/info/ngs/ngs.html
Storage Highlights:
Working gas in storage was 1,014 Bcf as of Friday, February 21, 2003, according to EIA estimates. This represents a net decline of 154 Bcf from the previous week. Stocks were 948 Bcf less than last year at this time and 508 Bcf below the 5-year average of 1,522 Bcf. In the East Region, stocks were 359 Bcf below the 5-year average following net withdrawals of 95 Bcf. Stocks in the Producing Region were 167 Bcf below the 5-year average of 458 Bcf after a net withdrawal of 42 Bcf. Stocks in the West Region were 18 Bcf above the 5-year average after a net drawdown of 17 Bcf. At 1,014 Bcf, total working gas is within the 5-year historical range.
Black Blade: The graph looks very interesting as NatGas supply is falling fast ensuring continued high energy prices. Next week's draw is expected to be even stronger adding pressure to energy costs. Oil also hit 12 year highs this morning. We can write off any hope of an "economic recovery" this year and certainly next year. The equities markets are trading on more dubious claims coming out of Iraq that they will destroy their illegal missiles. Actually they did not say that they will destroy the missiles but will respond to the UN. Gold is trading lower after a Commerce report that durable goods orders increased 3.3% as well as the Iraq news. However, jobs are disappearing as first time claims rose 417,000 and the prior week's claims were revised higher as usual. Housing sales also plunged sharply. But hope springs eternal on Wall Street only to be dashed when reality sets in.
a nation of one
(2/27/03; 08:55:41MT - usagold.com msg#: 98507)
Motley Fool is aptly named
How many people are there that have been able to hold onto an investment for 200 years? Is data that suggests a 200 year investment time span seem to you appropriate for human individuals? What matters is not what a dollar would be worth now, if invested in crabgrass seed six thousand years ago, but what is happening right now, and what will probably happen in coming months and years. Sure, goldbugs are notoriously bad prognosticators. But anyone recommending stocks is even worse. And at least it can be seen, by anyone who is not a fool, that there are strong reasons to be holding gold. If you have no brain you cannot see this. Therefore it is good of these two men, by so openly referring to themselves as fools, to so clearly warn us of their incompetency.
Clink!
(2/27/03; 08:37:08MT - usagold.com msg#: 98506)
@ contrarian
I'd hesitate to bash the Fool too much as I think they make a major effort to try to educate the average stock buyer. It is perfectly possible that the statistics quoted are correct.
However, as has been said many times on this forum, gold is not, per se, an investment, but a store of wealth. What we suspect is :-
1/ We are about to experience a dollar breakdown which makes the one mentioned look small by comparison. This would make gold currently not just a store of wealth but also a good investment.
2/ The 'true' value of gold has probably gone up much more than 15 times in dollar terms in the last 200 years, but its dollar price has not, due to suppression.
Another datapoint was quoted yesterday on the forum from Mr. Greenspan, who said that the original FDIC account insurance limit was $5,000 now represented $60,000. This represents an increase of x12 in only 70 years. As I recall, gold was around $35 an ounce before FDR intervened, so this is probably not far from the mark. Of course, it can then be asked what the size of the money supply is now compared to 70 years ago, but that would be the start of a very long discussion.....!
Truthcaster
(2/27/03; 08:18:06MT - usagold.com msg#: 98505)
New home sales down
Just thought you all might like to know
that new home sales in the US were down
the most in nine years Bloomberg is reporting
falling to 914,000 annual rate stocks droped
fast on the news but then started climbing
again as the st. boys put some nice bright
lip stick on that pig again. Gold did pop up
for a bit but is sinking again, It will get
hammered today again might go below 350 which
is wild with all the bad news. Someone somewhere
dose NOT want gold to move up this week and is doing
a great job of playing it..
canamami
(2/27/03; 08:11:20MT - usagold.com msg#: 98504)
reply to contrarian - role of physical
That information from the Motley Fool may be correct. Advocates of physical gold, if I understand correctly, tout gold more as a form of savings rather than an investment. Remember, physical gold never gets delisted, nor does it go bankrupt, nor can it be printed/hyperinflated. That being said, physical gold is a particular form of savings/insurance; it should not be the entirety or even the plurality of one's asset mix, IMHO. It serves its specific role, other forms of investment/savings serve their role(s).
contrarian
(2/27/03; 07:52:15MT - usagold.com msg#: 98503)
Questionable Article from Motley Fool
http://www.fool.com/News/Take/2003/mft/mft03022602.htm
I don't believe this article. And the data seem very suspect. I wonder if anyone has any thoughts to counter the idiocy in this article? In my gut, it feels completely wrong. It's probably making the fallacy that stocks only go up.
Here it is:
With the world mired in geopolitical and economic uncertainty, investors' thoughts turn to gold, which may seem like a smarter investment than stocks.
And recent corporate scandals make gold that much more appealing. (After all, gold's CEO won't treat himself to lavish compensation while destroying gold's value.)
But inform yourself before you sell everything you own to buy a chunk of Fort Knox. All does not glitter in the world of gold.
Gold used to be the backbone of many national currencies, but for several decades now, that connection has been severed. The price of gold now reflects just supply and demand.
Gold doesn't have an impressive history as a great investment, either. From Jeremy Siegel's seminal book, Stocks For the Long Run, here's what a dollar invested in various things would have grown to, from 1802 to 2001 (Yes, just about 200 years!):
not adj. adj. for inflation for infl.
Stocks $8.8 million $599,605.00
Bonds 13,975.00 952.00
Bills 4,455.00 304.00
Gold 14.38 0.98
Over 200 years, through many wars and economic times even more troubling than those we face today, gold didn't prove to be a great long-term investment. In Fortune magazine, David Rynecki writes, "Gold investors are notoriously bad forecasters. From 1985 to 1987, for example, a collapse in the dollar boosted gold 76% and had many metalheads predicting an extended rally. Instead the price fell 15% the very next year." He adds: "Even bullish gold pros caution the average investor to put no more than 5% of a total portfolio into gold-related holdings and say it's safest to invest through funds."
da2g
(2/27/03; 07:23:52MT - usagold.com msg#: 98502)
TownCrier: A sad day in the neighborhood
Mister Rogers’ Neighborhood was filmed at WQED in Pittsburgh. WQED's studios are adjacent to the campus of Carnegie Mellon University, where I performed my undergraduate studies.
I had the occasion to see Fred from time to time as he walked across campus. He was always greeted with a tremendous amount of enthusiasm. Almost without exception, we students walked away from his greetings with a smile that would last until our next class.
Perhaps it is fitting that his passing should be noted on a forum whose purpose is the discussion of gold matters. Fair play, honesty, and integrity were the bywords of Fred's Neighborhood.
Good Bye Mr. Rogers.
Pizz
(2/27/03; 07:06:03MT - usagold.com msg#: 98501)
Financing Scams?
Re: 6 year financing on auto's vs. 5 year financing
Nothing like a chief economist publishing negative news on domestic car manufacturers with a bunch of BS data.
"Car buyers are more than twice as likely to default on a six- year loan than on five-year financing because these less-affluent borrowers may run short on cash, Comerica Bank Chief Economist David Littman said."
------------
First, the difference in payments on a 20,000 loan @ 1.9 for 6 years vs. 5 is about 56 dollars (350 vs 294). Well, if the buyer starts to run short on cash, which position forces a default first? The one with the lesser payment???? I don't think so. So, where is the risk? The buyer loses his job in year six and the car is not paid off - Ok. But with the car that close to payoff, it is still more than likely the vehicle will be worth at least the loan value.
Reposessions (default) in the last year of a loan are so rare - I've maybe seen less than 1% of loans default in the last year in my 30 year career in the auto business. The bulk of repos happen in the first 3 years, and the term or payment has little or nothing to do with why. It's usually a job loss and a bankrupsy.
Are there more defaults on 6 year loans rather than 5? Yes. But the reason has more to do with the odds of job loss over the term which is roughly 1/6 greater - not twice.
As far as less credit worthy borrowers, it takes better credit for longer term loans than short term loans in most cases.
Competing with Japansese car manufacurers? Heck yes they are, and by offering more affordable payments is one way to do it. Last time I checked Sears made it thru the depression of the 30's by keeping credit open for customers, reducing payments, and helping their customers thru the bad times with lower payments and credit until things got better. I find no fault with keeping people in your product with less payments than the competition.
The negative on 6 year financing is the fact that the product may wear out before the loan is up - but that's a customer use issue, not financing terms. The other is the fact that it cuts down the turn time on sales, and thats a decsion the company has the right to make. Customers tend to stay in the cars longer.
Now Mr. Littman, I'm a CPA with 30 years industry experience. Let's get our facts straight before we start slamming corporations. I don't like to see people with credentials mislead the public. - Sheesh - get a job on CNBC, you'll fit right in.
El Gordo - you're interpretation is just what he wants to imply - I'm just trying to set the record straight a bit.
Pizz
DummyANI
(2/27/03; 04:41:31MT - usagold.com msg#: 98500)
The value of BOJ is nearly 88 percent down
http://quote.yahoo.co.jp/q?s=8301.q&d=ay
Bank of Japan is a listed share. In 1991, the top price of BOJ was 395,000 Yen/share.
Today, its close price is 47,000 Yen/share. The value of BOJ is nearly 88 percent down. But Japanese account deficit is over 8 percent of GDP, BOJ inevitably undertakes more and more Government-Bond.
ElGordo
(2/27/03; 04:08:32MT - usagold.com msg#: 98499)
HealthSouth being investigated
BIRMINGHAM, Ala. (Reuters) - HealthSouth Corp. confirmed on Wednesday that U.S. securities regulators had issued a formal order of investigation into the company, and said it was cooperating fully with the investigation.
HealthSouth, a provider of outpatient surgery, diagnostic imaging and rehabilitative services, said the Securities and Exchange Commission (SEC) issued an "Order Directing Private Investigation and Designating Officers To Take Testimony," commonly called a formal order of investigation.
The Birmingham, Alabama-based company said it did not believe it or anyone associated with it had violated any securities laws.
The SEC has been looking into stock sales that HealthSouth Chairman and Chief Executive Richard Scrushy made in May and July. HealthSouth is also the subject of an investigation by the U.S. Attorney's Office for the Northern District of Alabama.
TownCrier
(2/27/03; 03:41:28MT - usagold.com msg#: 98498)
Thanks Belgian
http://story.news.yahoo.com/news?tmpl=story2&cid=496&e=5&u=/ap/20030227/ap_on_en_tv/obit_rogers
That is what I wanted to hear... essentially a confirmation of "business as usual". That is to say, within reasonably expected parameters of deviation from the original "best laid plans" which we all know are always vexed by the real world's various socioeconomic and geopolitical curve balls.
As you rightly sensed from my post, I had a suspicion that with the German and Portugal sales perhaps, just perhaps, we were seeing a bit of natural(?) (in the eye of the beholder) maneuvering due to the no-bailout clause of the Maastricht Treaty together with the excessive debt procedures and requirements under the current Stability and Growth Pact. You're right, of course. The name of the player at bat (CB seller) is all peanuts against the larger scheme of the rules of the new (euro) game they play by.
Thanks.
R.
PS. (see link) On an unrelated note, I'm not embarrassed to pause for a moment to admit that I always admired Fred 'Mister' Rogers, host of a long-running children's show here in the States. I bring this up because the news networks are now reporting that he's taken the last great trolley-ride during the early hours this morning. Fred, for decades you kept it real, and it was always a 'Beautiful Day in the Neighborhood'. Thanks for the years of dedicated service to the betterment of the next generation. You will be missed.
A simple fan,
Randy
ElGordo
(2/27/03; 03:29:48MT - usagold.com msg#: 98497)
More financing scams
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_topfin&T=markets_box.ht&s2=ad_right1_topfin&bt=ad_position1_topfin&box=ad_box_all&tag=financial&middle=ad_frame2_topfin&s=APl2dGhUMR00sIEZv
Ford, General Motors Corp. and DaimlerChrysler AG's Chrysler unit are extending more of their loans to six years rather than five, and taking on a greater default risk. They're trying to avoid losing sales to overseas makers such as Toyota Motor Corp. and Honda Motor Co.
Car buyers are more than twice as likely to default on a six- year loan than on five-year financing because these less-affluent borrowers may run short on cash. Automakers earn as much as $3,300 less on each car they sell at 1.9 percent interest than they would with rates of about 6 percent charged by banks, Comerica Bank Chief Economist David Littman said.
``They're doing a financial juggling act,'' said Lynn Yturri, a fund manager for Banc One Investment Advisors, which owns 100,000 preferred General Motors shares and sold 100,000 Ford shares in December. ``Every time we look at these stocks we come up with another big problem. I'm looking to get out of my General Motors shares.''
________
This is another example of the debt bubble out there that
keeps growing. And the band played on.
ElGordo
(2/27/03; 03:15:00MT - usagold.com msg#: 98496)
@Golden Bear
Thanks for the link.
I'd give anything to see Cramer being led
away in handcuffs some day.
We can always dream.
Golden Bear
(2/27/03; 03:00:42MT - usagold.com msg#: 98495)
ElGordo (msg#: 98487)
http://www.capitalistpig.com/2003-02-21.html
"Kudlow and Cramer were whining tonight about all the class
action law suits lined up against Wall Street firms."
Ahhh the lovely irony... Cramer is being sued by Jonathan "Capitalist Pig" Hoenig for making false statements about him and damaging his reputation. Couldn't happen to a nicer person...
Cramer was doing his usual pump and dump on a show, and Hoenig criticized his selections. Cramer spat the dummy and fired Hoenig from TheStreet.com.
Belgian
(2/27/03; 01:22:30MT - usagold.com msg#: 98494)
@ Towncrier
Difficult times, need extra-ordinary measures and exceptions that confirm the rules. Remember the ECB statement, months ago, that Germany and Portugal, were out of sync, have serious budget problems (not perverse), and risked fines ! Dear Randy, You have answered your (our) own
question to some extend.
But the clue of the whole story lies into the question : Qou Vadis with the 12,000 tonnes of EMU gold-exchange-reserves ? Not in the altering "small" details of internal reallocations/adjustments/exceptions and other little fantasies. In other words...the management of 12,000 tonnes EMU goldreserves, today, in function of "what" future purpose(s) !
Explanations for (temporary) confusing paradoxes might be found in the fact that the EMU-12 have very dis-proportionate (national) goldreserves. Some of the management is done according to altering circumstances.
Allow me to keep this FWIW, rather short, for obvious reasons, Randy. Thank you Sir.
Wky_Woodsman
(2/27/03; 01:06:54MT - usagold.com msg#: 98493)
CoBra(too): re Argentina & Afghan pipeline
Thank you for your original translation. I have found all the info I need on the subject.
For now, back to lurking and tanning.
Wky
Black Blade
(2/27/03; 00:59:02MT - usagold.com msg#: 98492)
Coming soon to a pump near you: higher gas taxes.
http://money.cnn.com/2003/02/26/pf/taxes/gastaxes/index.htm
Gasoline taxes on the rise
Snippit:
NEW YORK (CNN/Money) - The threat of war in Iraq, civil unrest in Venezuela, tight inventory controls by oil companies, alleged price gouging by station owners. It's a perfect storm at the pump, and another wave may be about to crest. Now, politicians across the nation are trying to raise fuel taxes. In Washington, D.C., as well as in more than half the state capitals, there are proposals to increase the levies governments charge on gasoline, diesel, and other automotive fuels. If the plans become law, they could add more than 25 cents a gallon in state and federal taxes, on top of the 40-to-50 cents a gallon most Americans already pay.
Black Blade: It is inevitable I guess.
ElGordo
(2/27/03; 00:45:14MT - usagold.com msg#: 98491)
Iraq moving missiles
http://www.boston.com/dailyglobe2/057/nation/US_troops_in_range_of_Iraq_s_missiles+.shtml
The NATO secretary general, Lord Robertson, had warned last week that Iraq was deploying missiles to near the border of Kuwait, where the bulk of the 180,000 US troops in the region are deployed. ''It clearly had displayed an intent by Iraq to perhaps get involved in preemptive strikes,'' he said .
A defense official described the missiles posing a threat to US troops in Kuwait as the Astros-2 rocket system, with a range of more than 50 miles.
''That would suggest that [Hussein] figures the balloon is going to be going up pretty soon,'' said John Pike of GlobalSecurity.org, a Virginia-based defense think tank. ''He may not have anticipated the relative ease with which the US would be able to target them, but that sounds like he's getting ready to go.''
GoldnSilver2002
(2/27/03; 00:24:34MT - usagold.com msg#: 98490)
feb gold 360 is bullish
I dont know about you guys but i think i heard Bush say we are going to war tonight.Black Blade has done a good job of keeping us aware of the festering cancer that permeates wall st.They thought if they just ignored it and waited it out,the lemmings would return and the new superbull would begin.Well they were half right,their superbull did step it up and the new bull did begin...in Gold.If the Down jones sinks hard tomm. gold could hit 360 which looks extremely bullish considering how hard the cabal tried to suppress it.
No matter how you slice it, 2003 is shaping up to be one ugly year and just think,the world still thinks there will be no war,there is no recession,no inflation and the gas,oil and gold will all go down after the war.This will get crazy when the masses figure out all of those are false as the dow plunges 800 points in one day!Hold onto your gold!
ElGordo
(2/27/03; 00:23:54MT - usagold.com msg#: 98489)
Deloitte Touche Tohmatsu is the 2nd largest accounting firm
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_topfin&T=markets_box.ht&s2=ad_right1_topfin&bt=ad_position1_topfin&box=ad_box_all&tag=financial&middle=ad_frame2_topfin&s=APl2dqBbYQWhvbGQg
New York, Feb. 27 (Bloomberg) -- Dutch retailer Ahold NV, the world's biggest food distributor, overstated profit by $500 million over two years using an accounting method common in U.S. retailing, accountants said.
-----
``If there was ever an area that is ripe for problems, this is it,'' said Mark Tuniewicz, senior vice chairman of the National Association of Credit Management, a group of corporate credit executives. ``Vendor allowances at some companies seem to have been turned into profit centers.''
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Two former Kmart Corp. vice presidents were indicted by a U.S. grand jury in Detroit yesterday on charges of lying about a $42.3 million vendor payment from American Greetings Corp. The payment was to ensure prime shelf space in Kmart stores and shouldn't have been booked as revenue, the government charged.
____________________
Another accounting firm in deep.
Felix the Cat
(2/27/03; 00:20:22MT - usagold.com msg#: 98488)
Re: R Powell
http://www.sge.sh/cn_default.asp
Try this link!
F. C
P. S. --- It is quite a different between the Chinese and English versions.
ElGordo
(2/27/03; 00:08:57MT - usagold.com msg#: 98487)
Analysts walk the plank
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%20News&s1=blk&tp=ad_topright_topfin&T=markets_box.ht&s2=ad_right1_topfin&bt=ad_position1_topfin&box=ad_box_all&tag=financial&middle=ad_frame2_topfin&s=APl2y0RWbR29sZG1h
New York, Feb. 27 (Bloomberg) -- Goldman Sachs Group Inc., the world's third-largest securities firm by capital, suspended research on more than 40 companies, including AOL Time Warner Inc., Walt Disney Co. and Fannie Mae, amid a reorganization of its analysts prompted by regulators' probes into misleading advice.
Goldman dismissed U.S.-based media analyst Rich Greenfield, financial analyst Howard Shapiro and paper analyst Mark Weintraub. Goldman spokesman Ed Canaday confirmed their departures.
Institutional investors use the research generated by securities firms such as Goldman to guide investment decisions and gain insight into companies. The largest U.S. securities firms in December agreed to pay $1.4 billion to settle allegations they misled investors with biased research aimed at winning investment banking fees.
____________
Kudlow and Cramer were whining tonight about all the class
action law suits lined up against Wall Street firms.
The $1.5 Billion settlement will not buy closure. There are
other scandals coming like IPO laddering. The market will
have to digest another wave of corporate scandal. This time
its Wall Street firms. Some firms may not make it.
ViewYesterday's Discussion.
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